Worse, the UK Government proposes to do nothing of any import, as posted here Monday. The FSA is fine, the Bank of England is fine and so on. Minor changes needed, biff those nasty hedgies etc.
No mention that the Labour Government might cave into Europe and see the City (and thereby the Country it supports, like it or not) ruined. No mention that Obama and the Tories think radical change is needed.
No mention that the Banks themselves are in favour of an overhaul to Basle 2 regulations and the imposition of rules for pro-cycliality (that is, fixing the roof while the sun is shining in bank lending terms).
Nope, we have finger in the ears government today. After all none of this is our fault, it all started in America.