Sandra De Andrade's blog

New statesman magazine last week has published an article written by Alex Brummer a city editor of the Daily Mail (right-wing newspaper: anti-eu, pro-capitalist...).

"Adair Turner had begun to question the morality of super-sized banks, the usefulness of the regulator and the privileged role accorded to the City by New Labor."

"He also questioned the City social usefulness and went as far as to proposal a revival of 1970's idea - the Tobin tax"

"Turner's radicalism came as a huge surprise. It placed him at odds with a government still unwilling to alienate the City and hoping that it can be revived as a source of tax revenues."

What revival there has been among the banks, notably at Goldman Sachs and Barclays, has largely been in "casino" dealings in the wholesale markets. Loans for businesses and individuals remain as restricted as ever, in spite of the billions in subvention from the government.

To read the article:

http://www.newstatesman.com/economy/2009/09/turner-city-brown-fsa-pensions