Vince Cable in the New Statesman:
Banks should either surrender their protection and compete like other firms, or be protected and have their profit regulated like utilities.
And since there is not a bank that is not benefiting from pubic guarantees right now, there is only one answer, which is profit regulation.
For those who wish to break free a UK Glass Steagall Act should provide that option. But woe betide those who invest in them: there will be no safety net.
Why the heck can’t the Treasury get this? And Alistair Darling too?