This from a blog containing a lot of good stuff on Naked Capitalism:
And still the likes of Boris Johnson say they want to reduce regulation to allow greater 'financial innovation'.
Let's be clear. Financial innovation is a euphemism for means in which an elite (corporate management) strip the wealth of others (pension and other fund holders) under the guise of fees for their 'mastery of the universe'. It's disguised fraud by any other name.
It's why we can do without most of what the City does.