A certain form of thieving: the US banksters strike again

The Oracle of Omaha, Warren Buffet, suggests that US banking directors should put their heads on the metaphorical chopping block. At the very least, they "should suffer" some form of retribution, though what form this takes is not entirely clear. Not making them do so "teaches the lesson that if you run a bank and screw it up, you're still a rich guy, the world goes on … That is not a good lesson to teach the people who are holding the behaviour of the economy in their hands."

Charlie Munger, who also serves as vice-chairman of Buffet's investment firm Berkshire Hathaway, does not disagree. "I don't think having a bunch of bankers, all of whom are trying to get rich, leads to good things. I think bankers should be more like an engineer, avoiding trouble rather than trying to get rich … It's a contradiction in values."

Such a contradiction continues to exist with vengeance, fed by an unspoken conspiracy between the banking sector and government officials who regard regulation as unbecoming to the buccaneering spirit. A certain form of thieving is always to be encouraged, and it might even be subsidised too.