Action, not words, needed on banks
THE new head of Financial Regulation, Mathew Elderfield, talks a great fight. He says the banks need to believe in the threat of enforcement and he is going to set up a special investigations unit to police the sector.
You can't referee a Premier League match with one linesman and no red card in your pocket, he said. Given past delinquencies by banks, a more relevant metaphor might have involved Elliot Ness and machine guns.
But we know what he means and we hope he can deliver.