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Crisis watch

Too few top bankers have walked the plank. And why is monetarist Tim Congdon in favour of quantitative easing?

By Jonathan Ford   June 2009

Where are the Admiral Byngs?

The acute phase of the banking crisis is apparently over. As we survey the wreckage—the sorry roll-call of failed and semi-nationalised banks—a thought occurs. Why have those at the top not been held more vigorously to account?

True, one or two senior bankers have left. Fred Goodwin received his P45 from Royal Bank of Scotland, although he was allowed to leave under his own steam with a golden goodbye. Victor Blank, the disastrous chairman of Lloyds, has finally been dislodged (though he will stay on to ensure a smooth handover).

But it’s not enough.…

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