Wednesday, 21 April 2010

So, this is what happened ...

I was intending to do a piece on another topic, when an article in last Sunday's Observer gripped me. Will Hutton, a respected writer on economics, is saying, in the words of his headline, "Now we know the truth. The financial meltdown wasn't a mistake – it was a con".
This is a story about the implications of the pending prosecution against Goldman Sachs, 'the world's most famous investment bank'. The allegation is that they were selling a dodgy product, while at the same time supporting a hedge fund which was betting on the stock in that product collapsing. The question is, why have no allegations of bankers' misconduct emerged from the UK?
He makes the point, 'We have to live with the fiction that our banks and bankers are whiter than white, and any attempt to investigate them and their institutions will lead to a mass exodus to the mountains of Switzerland. The politicians of the Labour and Tory party alike are Bambis amid the wolves'.
Greens want to regulate this lot - with vigour.


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