In our greed for ideology, we gorged on light-touch regulation

THE MORE I listen to the ‘Anglo tapes’, and the commentary about them, the more I think we’re falling into a trap.

The tapes are deeply depressing, even disgusting. They betray no shame whatever, no hint that the people involved feel they have let others down.

Yet, they let down their customers, their shareholders, the wider community. They let down their own boards. There’s no acknowledgment of that. Nowhere do you hear any of the people involved saying ‘we got it wrong, we’ve screwed up’.