The great banking stitch up

So a while ago I wrote up a golden opportunity about to be missed and it looks like, indeed, it shall. Despite Bank of England Governor, Mervyn King, calling for exactly the same change, for exactly the same reasons, the Gubmint are going to give the FSA some illusory powers to interfere with bankers’ employment contracts. These powers won’t be used and would be shot down in court if they were. It’s also an after-the-fact measure: The system is buggered already once you have your bonus because you get your bonus after you buy lots of risky debt / sell lots of unsustainable mortgages. It looks like Darling & Brown are more interested in landing a fat bribe consultancy post from the bankers for themselves rather like Tony Blair than making Britain any better a place to live or do business.