Something odd seems to be happening on the other side of the Atlantic. It's almost as though people are looking into the crystal ball at the new world order as described by politicians and getting a bit worried about what they see. And without full confidence that they'll have a working flux capacitor in a few year's time to get the DeLorean up to 88 mph to undo today's damage, they're starting to speak up.
First there was the proclamation that derivatives did not single-handedly bring the world to its knees. Now the CEO of the British Bankers Association, Angela Knight, is bringing some truly revolutionary thinking to the table in light of Adair Turner's social usefulness campaign.
"If we continue to demonize our own banking industry, there is no shortage of other jurisdictions which will leap at the chance of taking the business," Knight, who heads the U.K. banking industry's main lobby group, said in remarks prepared for a speech in London yesterday. "Those who have the opportunity for public platforms also have a duty to use that opportunity advisedly."
"The manner of our criticism is not helping our negotiating position," Knight said. "If the price of gaining headlines and column inches in the short term is the cost of jobs, and our country's economic prospects in the long term, then their price is simply too high," she said.
It's good to see the winds of change are starting to blow in the UK. Unfortunately for the US, the wind tends to blow from west to east in this part of the world.
U.K. Banks Risk Losing Business After FSA's Criticism, BBA Says [Bloomberg]