The dominant economic approach of the last 30 years is now on its last legs. Letting the market rip and an indifference to inequality are now seen as important causes of the greatest economic crash since the 1930s.
The LIBOR rigging scandal was the story of the last week, but this tale has some surprising parallels with the demise of Rangers. Of course the original crimes were very different, but both their supporters cited the 'greater good', as arguments for the continuation of the status quo.
Only a financial elite that thinks it is above the law could have thought it could get away with rigging a key interest rate for years on end. It is clear that too many bankers think that laws are for the little people.
The majority of people are still puzzled why they were able to book two holidays a year in 2007 and then found themselves struggling with mortgages from 2008 onwards.
In a society that values winning above everything else, we should not be surprised that a culture of cheating has become endemic. So much so in fact that it is now entirely possible to enjoy a successful career without achieving anything at all, without ever being involved with a successful company or project.
Worldwide, 2.5billion people are excluded from financial security and the fruits of sound advice on how to better their material condition. The partner is Barclays, beset by problems at home yet doing amazing work here and elsewhere.
They say a week is a long time in politics, but what about sport, not to mention finance? The past seven days have been remarkable if for nothing more than their volatility, with headlines changing faster than terrorism alerts on British motorways. Is mentioning the tennis a bit like mentioning the weather? So obvious a topic as to make this entire blog worthless, and likely to jinx any chance of a sunny outlook?
If a newspaper were to report that a bank had been involved in activities that increased profits and, in a time of crisis, somewhat disingenuously gave a favourable impression of its strength, we may roll our eyes and say that we expected little less, but we would most probably not withdraw our money from it. Familiarity has bred quite a large amount of, well, familiarity in the past five years and the general public's expectations of the banks are low.
It seems like there is a new banking scandal everyday now. Every time I think we have heard it all, a new scandal pops up.
What those who are trying to regulate banking don't fully grasp, is the kind of person who tends to reach the top of finance, often has a particular attitude to money, liable to land it in trouble.
If concerns about Europe and exposure to the amount of bad debt on European banks balance sheets weren't enough for the banking sector to think about,...
Bankers used to synonymous with boring. They used to be the most dull people on the high street, and by dull mean dependable, stolid, trustworthy. The most uptight, emotionally constipated and risk averse character in Dad's Army was a bank manager.