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Buster banka


Simon Jenkins puts it into words in The Guardian;

What we await is the remotest idea as to why bankers, or the institutions they represent, should still be trusted with rescuing the British economy from recession. They yesterday presented themselves as like the lame-duck carmakers, shipbuilders and steelworkers of the 1970s. They had been beaten by the market and run out of money. They wanted more. So what was new?

The FT’s Alphaville has a rather damning extract from The Financial Services Authority – the regulator of the financial industry set up by Tony Blair and Gordon Brown when they came to power in 1997. In it we discover just how incestuous the relationship between banks, regulators and accountants and auditors has been. This is a must read.

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