Inhabitants of a community often agree that “something must be done.” Thus after the BCCI scandal, the various pensions scandals, the Barings scandal, the Morgan Grenfell scandal, the NatWest derivatives scandal-and minor scandals obscured by more distinguished ones-the City of London’s consensus has been that something must be done about financial regulation.
The government not only said that something must be done, it launched the Financial Services Authority (FSA) and made clear that this will not much resemble past practice. Such activism erodes consensus, revealing that the City disagrees considerably about what ought to be done. Indeed, some of its…
Register today to continue reading
You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.
You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.
Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.
Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.
Already a subscriber? Log in here