Thursday, August 27, 2009

City is too big and socially useless, says Lord Turner - Telegraph

City is too big and socially useless, says Lord Turner - Telegraph: "'I think some of it is socially useless activity,' he said, referring to the complex financial instruments that have largely been blamed for triggering the biggest global financial crisis in decades."

Some would argue that the most socially useless activity was the responsibility of one major US institution at 1 Curzon Street.

If the regulator had been awake we would not have suffered so much harm in the UK and beyond. We don't need buck passing Mr Turner, we need action.

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