I am beginning to be more and more suspicious of the carefully orchestrated defence of the banking industry. On Radio 4 this morning Angela Knight of the British Bankers Association (BBA) admitted that there had been mistakes in the past. "Mistakes" seems to me to be an gigantic euphemism for what was actually massively catastrophic trading practices of an allegedly fraudulent nature. However reducing the past behaviour of banks to "mistakes" makes the bonus culture more acceptable.
Mr Hester is defended as a very experienced banker and therefore vital to the rescue of RBS. I am sorry but if he has past experience in banking was he not then part of the system which made those so called "mistakes"?
This is very much a work in progress as I will continue to be alert for other helpful euphemisms as the current economic crises unfold.