Rarely has a resignation been so conveniently timed. The exit of Sir James
Crosby just before prime minister’s questions this lunchtime spared the really
awkward questions about this banker turned gamekeeper.
The former HBOS boss was fingered yesterday as someone who, in the words of
Vince Cable, was perhaps more part of the problem than the solution when it came
to the banking crisis. Yet he became one of Gordon Brown’s most important
advisers and was appointed to the position of number two at the body charged
with regulating the conduct of banks and the financial sector.
Tonight, more on the allegations against James Crosby and his insistence
that he has done nothing wrong. But perhaps more importantly, where it leaves
us. His exit can be seen as perhaps distancing the government from the spread of
blame and culpability when it comes to the banking crisis. Yet it was the
treasury who decided on the level of regulation and appointed the key
So given that bankers, regulators and government are all part of the what
might be seen as a systemic failure, who is best placed to look into all this?
Indeed, is anyone doing so? Well, not really.


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