To have ever allowed the banks to merge their high
street and investment operations was a move of such rank stupidity, it beggars
belief. The lessons of the 1930’s conveniently
forgotten, we have waved goodbye to Glass–Steagall.
As the profits rose (and the tax take rose), we
increasingly pinned our country’s colours to the mast of Mammon, at the expense
of everything else. Successive
governments dropped their trousers and bent over, diluting regulation over and
over again, until it was no more than weak swill at the bottom of the glass.
Now we have to suffer righteous indignation and
buck-passing. Party politics and
blame. And best of all, we get to pay
for it too.
So, why are we surprised at the behaviour of those
who manipulated Libor? Traders are
treated like prize-fighters by their employers, existing in a rarefied bubble
of cash with no connection to the outside world.
They are selected by measures of aggression,
testosterone and capacity to take risk.
Should they be held accountable?
Undoubtedly; they knew what they were doing and didn’t care. Are they ultimately responsible? I don’t think so.
Danny Boyle has missed a trick. If he really wants the Olympic opening
ceremony to reflect this country, he should transform the stadium into one big
trading floor. As people enter, they
could have their pockets blatantly picked by arrogant yobs in sharp suits and braces,
while fountains of Bollinger pour down a drain...
...I am sure the banks would sponsor it.
Posts
