When the FT runs an editorial titled "Too much of a very good thing", and includes things like "So, the view expressed by Lord Turner, chairman of the Financial Services Authority, in an interview published last week that parts of the British financial sector might be larger than is “socially optimal” is uncomfortable. He is, however, right, and his intervention is symbolic of the welcome change in attitude at the FSA since he took charge at the supervisor."
"during the boom, British banks were allowed to bloat"
"Now that the banks are returning to profit, many in the City would like to return to the status quo ante. Let us be clear: this would be unacceptable. The sector must realise, as Lord Turner has, that real reform is essential. "
i have to wonder if they've been taken over by lefties. Or if lefty ideas are just the right thing to do according to financial journalist types, which i'd tend to agree with. Interesting times.