The news today that Barclays CEO Bob Diamond has resigned has been greeted in many areas with unbridled euphoria. Those who blame “greedy bankers” for the current crisis are rubbing their hands in glee.
They may, however, be missing the point. All the talk about a culture of greed and lax morals is no more than politicians & moralist’s hot air.
If you put the kids in charge of the sweet shop then pull the blinds down and let them get on with it it’s not much of a surprise when you return much later all the sweets are gone & the shop is in disarray.
The current legislative framework is a result of persistent deregulation since the early 1980’s presided over by Labour & Tory and is the root cause of the Banking Crisis.
The system is broken & needs to be fixed.
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