Responsibility Moves Closer To Brown

Responsibility for the banking crisis is moving closer and closer to Gordon Brown all the time. The allegations of the HBOS whistle-blower Paul Moore may or may not stack up. In the end, it doesn't really matter. The facts are already quite clear. Brown created the regulatory system, and it clearly failed. At the very least, it now has to be admitted that the FSA is a failure, and responsibility for banking supervision needs to be handed back to the Bank of England. The UK has the worst banking crisis of the major world economies, and sooner or later Brown will have to own up to that.