Quote of the year

“Never in the field of financial endeavour has so much money been owed by so few to so many. And, one might add, so far with little real reform.”
Bank of England Governor, Mervyn King,
proposing that banks should be split up.
He argues that high-risk trading activities should be split off from low-risk utility banking (eg payment systems). Then, next time the investment bankers go bust, only their shareholders will suffer. The blog imagines most people in the chemical industry would support the Governor’s argument.