Of course he's right, but why the constant big talk from those in power without backing it up? Whether in the US or UK, politicians and others in power have had a steady stream of blistering remarks but to date, there has been so little action. All of this has been in view for quite a while but they hope against hope that it's simply going to work itself out. It won't. People are expecting leaders to lead. They don't. There's no argument out there about how shameless the bankers have been but some day, someone with political clout is going to have to actually do something. It's only going to get worse.
The Governor of the Bank of England launched a stinging attack on the behaviour of the banking industry last night, just hours before a leading economic think-tank prepared to publish figures showing the total bonus payouts to City workers in January will soar to £6bn.
Mervyn King described the £1 trillion of support given to banks by the taxpayer as "breathtaking" and "unsustainable". He said: "To paraphrase a great wartime leader, never in the field of financial endeavour has so much money been owed by so few to so many. And, one might add, so far with little real reform." Mr King argued that banks took huge risks because they knew they would be bailed out and because they were seen as "too big to fail". He called for sweeping reforms to the way they are supervised.
