Come on City banks senior management set the tone for their traders – make a substantial profit for the bank otherwise you are out of a job. The common term being “Infectious Greed”. It is the likes of the Diamonds who set the tone of todays capitalism. When they talk about a few rogue traders they are lying through their teeth. It is the senior management who are responsible.
Turner for governor of the B of E? You must be joking! He cannot even run the FSA. How many FSA staff have desks on the cities trading floors? Zero, otherwise they would have hard evidence of senior management instigated trading malpractice. For light touch regulation read zero regulation!