On the first anniversary of the collapse of Lehman Brothers, politicians, bankers and commentators were queuing up to pass judgement on the financial services sector yesterday. The bankruptcy of the investment management firm marked the start of the financial crisis, creating a domino effect across the world as the extent of financial institutions’ sub-prime exposure was uncovered. The prime minister said we need ‘more responsible banks’. So clearly he’s on board with our calls for responsible finance….errrm, maybe? However the PM seemed to be talking as if his government were passive observers of the financial services sector, not the ones responsible for reforming the way banks operate. If Gordon Brown is so ‘appalled’ by the bonuses that are returning to the City, why is he so reluctant to take action? (though please, let’s stop thinking remuneration is going change the system! – http://www.urbanforum.org.uk/community-reinvestment-blog/stop-attacking-bankers-bonuses). There is apparently ‘unfinished business’ to be … (To read the full article, subscribe below)
Toby Blume is former chief executive of Urban Forum. He now divides his time between working for Lambeth Council helping to implement their Cooperative Council vision, for the Design Council as a Built Environment Expert and on setting up a new free school, the Archer Academy, in North London.
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