Tuesday, August 2, 2011
Sympathy for the Devil.
Back in 2009, Lord Turner, the former Financial Services Authority chairman, controversially deemed some banking activities â€œsocially uselessâ€. He also claimed the City had grown â€œbeyond a reasonable sizeâ€, accounting for too great a share of Britainâ€™s output and attracting too many of our brightest graduates. â€œIf you want to stop excessive pay in a swollen financial sector you have to reduce the size of that sector or apply special taxes to its pre-remuneration profit,â€ he said at the time.