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Wednesday, 23 September 2009

FSA Chairman Shocks City Along Change Curve

Lord Turner has reiterated his assertion that much activity in the City is ‘socially useless' and 'of no real use to humanity’. Why? Because he knows it draws blood:
'Quite honestly I am appalled, disgusted, ashamed and hugely embarrassed that I should have lived to see someone supposed to be held in high esteem and who already commands a senior and crucially important position as effective head of the UK regulatory regime making such damaging and damning remarks.' Howard Wheeldon, senior strategist, BGC Partners, 27 August 2009.
And so it's clear that such remarks from the City's regulator are just the sort of shock the City needs to begin its journey along the curve towards the cultural change the taxpayer wants to see. The anger exhibited by Mr Wheeldon, a 30 year City veteran, is merely a step in that journey. The chart says 'Depression' is next, which may be right in more ways than one...
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