THE TELEGRAPH: The scale of our problems is at last being recognised by the Bank of England, says Jeff Randall.
In China, they have show trials. The Communist Party's disciplinary inspection group doesn't mess about. Those it suspects of involvement in bribery and corruption are ritually humiliated, forced to confess and shot.
The process is often put on video tape. Alleged culprits can be seen crying on cue, apologising to the people and reciting an ancient saying, the rough translation of which is: "One mistake and sorrow for a thousand years."
In Britain, we do things differently. Which is just as well for the nine bankers (seven Britons, one American and a Spaniard) who this week appeared before the Treasury Select Committee, accused of wrecking the economy. Had the inquiry occurred in Beijing, it is likely that firing-squad rifles would have been loaded even before the chairman's opening remarks.
For, in addition to destroying shareholder value and causing mayhem in the markets, bankers have embarrassed the Government. By their folly, they have helped expose, albeit unwittingly, the ignorance of ministers, flaws in the Financial Services Authority and impotence at the Bank of England. This will never do. What's more, they have established beyond dispute the Prime Minister's inability to pick a winner. Or, put another way, the Curse of Brown. >>> Jeff Randall | Thursday, February 12, 2009
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