PCP car deals seem dangerously risky

It is natural, but not wise, to push the memory of the chaos caused by sub-prime mortgages to the back of a dark cupboard. The greed and stupidity behind that whizz did trans-generation damage to public finances. Despite that it must be hoped the relevant lessons were absorbed — but were they?

The culture behind that pillaging played out this week when it was announced Australia is preparing criminal cartel charges against that country’s third-biggest bank and underwriters Deutsche Bank and Citigroup over a $2.3bn share issue. It is not necessary to travel to the antipodes to see another example of what seems to be fast-and-loose lending.