FT.com / Columnists / Lombard - FSA’s change of tone will warm bankers
"A year ago, the Financial Services Authority’s chairman was “Red” Adair Turner, the scourge of complacent banks, unearned bonuses and “socially useless” financial products. An audience of City worthies at the Mansion House gave his criticisms a very chilly reception.
The warmth is back. Speaking on Tuesday night, the financial regulator issued a sharp warning not chiefly to banks, but to policymakers and to society at large:"
Lord Adair Turner, what are you like? More U turns than Maggie Thatcher!! Are you now saying the socially useless activity was useful in as much as they were only 'drug dealers'?
Well, I suppose he does need friends in the City if he needs another stepping stone to his next big job and a new platform to pontificate from.
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