ALEX BRUM­MER

The Jewish Chronicle - - Business -

this with the United States, where there has been a full scale Con­gres­sional Com­mis­sion (which sub­poe­naed hun­dreds of pages of doc­u­ments) and a Se­nate in­ves­ti­ga­tion into fi­nance. This led to charges and set­tle­ments with bankers Gold­man Sachs and J P Mor­gan and fur­ther in­quiries into the roles of the credit rat­ing agen­cies.

So far, the only ma­jor player to ar­gue that such a tri­bunal is nec­es­sary is the for­mer Chan­cel­lor, Alis­tair Dar­ling, in a soon-to-be pub­lished book. As the per­son at the helm dur­ing much of the fi­nan­cial cri­sis, Dar­ling has more rea­son that most to want a non-par­ti­san in­quiry which can be trusted.

One of the odd­est as­pects of these events is the will­ing­ness of the authorities to place the cart be­fore the horse. The nor­mal process in gov­ern­ment is to have an in­quiry and then pro­pose re­forms.

In the case of bank­ing, the shakeup of the reg­u­la­tory sys­tems, giv­ing the Bank of Eng­land pru­den­tial

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