Tuesday, October 06, 2009
Pro City but in favour of bank reform
I keep reading that City voices are arguing against tighter regulation and financial reform. The City in fact has many different voices. Fund managers, for example, are distinct from traders or bankers. A fund manager will vigorously support the market system but hold a healthy scepticism, having in mind sustainable returns to shareholders ie his or her clients. So it is possible to be pro City but argue strongly that banks should not be allowed to risk billions of pounds of taxpayers' funds and the country's future again.