The head of the Financial Services Authority, Lord Turner, has said that it was not bonuses that caused the financial melt-down, but under-regulation.
Isn’t that a bit like a burglar blaming the lack of police presence for his anti-social habit?
Implicit in Lord Turner’s statement is that without regulation bankers would naturally behave as a bunch of psychotic and rapacious bastards. I’ll remember that!
1 comment:
Not to mention that Lord Turner and his chums have spent the last ten years warning against the over-regulation of the financial sector as it might drive firms away from the City.
Post a Comment