Accounting to us all

"One of the great differences between banking, financial services generally, and other activities, is that you can increase the profits of the outfit simply by changing the risk profile … And [you] will wind up short term with very big profits, and if you gear up the remuneration system appropriately, become rich quite quickly." Guardian

Note: fantastic "liberal sistem"...

Adair Turner calls for limits on speculation

THE chairman of Britain’s financial watchdog fired a fresh shot across the City’s bows last night, calling for tough limits on financial speculation by bank traders and hedge funds.

Arguing for a dramatic break with three decades of conventional wisdom, Lord Turner advocated a tax on financial transactions and said proprietary traders should face strict capital and borrowing rules. cityam