Let us think about the need for a new generation of bank regulators, and financial journalists too.

Sir in “Restoring trust in the banking sector”, November 5, you argue that if current bankers cannot reform “a new generation will have to be sent for”. That sounds reasonable, but why do you not apply the same principle to bank regulators? 

The regulators still insist in Basel III on capital requirements based on perceived risk, thereby allotting regulatory subsidies to “The Infallible”, and imposing regulatory taxes on “The Risky”; and that can of course only guarantee that banks will keep on following a model that brings “precious few social benefits”

And by the way, besides thinking about a new generation bankers and regulators, we should perhaps also think about the need for a new generation of financial journalists. I mean they, you, have refused to understand or to report on the shameful and outrageous manipulation of interest rates in favor of “The Infallible” and against “The Risky” that the current regulators produce.