Mayor Boris still does not get it!

One nearly has to feel sorry for Goldman Sachs - though I would hazard a guess that the people there would not give a fig for our sympathy. But when even politicians such as London's mayor Boris Johnson who do not really have a say in banking regulation start taking aim at banker's bonuses we have to take a stand. Fact number one two and three in the sorry saga of the credit crunch is simply the total failure of banking supervision. And Boris and his fellow-travellers in the political class are barking up the wrong tree. All the politically-inspired interventions in the banking crisis poured oil on the fire and if anything made matters worse (apart from being arbitrary and discriminatory in their treatment of the various banks involved). And even more regrettable is the failure of the 'International Community' to agree on improved and effective rules and regulations.