Bankers and lawyers, stand up and be heard

The real scandal on view in the UK Parliament’s debate on Northern Rock last week was not the Granite securitisation vehicle but the appalling ignorance of most people who attacked it. Politicians are cynical but lazy media reporting also fuels a culture of misinformation that is genuinely dangerous for the UK’s stability as a financial centre. The capital markets urgently need to find some eloquent and telegenic champions who are willing and able to restore some sanity to the credit crunch debate.