It’s pretty incredible that Mervyn King has survived thus far. I suspect it’s because the mad, tripartite system of financial services (non)accountability invented by Messrs Ball and Brown was so complex and untransparent that the Bank of England’s errors in the last decade were partly hidden from view. No longer. Yes, the Treasury was useless. Yes, the Financial Services Authority bungled. But, boy was the Bank of England culpable – and not just most members of the Monterary Policy Committee. King was at the heart of the matter. Read more »
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