If Karl Marx had been alive in 2007, he would have been working for a bank. Banks had reached a state of communist perfection. The workers took home everything; the capital holders were left with nothing. Shareholders of banks were raped by the staff, who paid themselves extravagant sums out of illusory profits. Labour had found a far more effective device than trade unions for destroying capitalists, by duping the shareholders that higher pay was essential to retain Talent. They were assisted by the accountants, who allowed them to declare profits before they received any cash. Marx would have been laughing all the way from the bank.
We should hardly be surprised that the beneficiaries of the communist banking system are squealing. There are many siren warnings of the consequences of more regulation. Don’t kill the golden goose, they say. Many in banking seem not to have noticed that they recently brought the world economy to its knees.