Nice article..... interesting.
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One-eyed, partisan nonsense, Mr Eaton. Those long, dark, deceitful years under Labour were so besmirched with the foul odour of incompetence, graft, spin and dishonesty that what has recently come to public attention is no surprise to some of us who were trying to convince people that it really was this bad for years.
I suspect Cameron wants to avoid a public enquiry because it would take longer and there is a lot of dirt still to come out and he naturally fears lasting damage to The City. Given that I understand Britain's balance of trade has effectively been in the red for nearly a hundred years but for the profits of The City that is something that should concern everyone in this country.
Like most people I want it sorted out, that's all, and double-quick too. That is what most people want and we don't much care how. Especially, we want those people who have clearly been guilty of wrong-doing and illegal activity to face the full force of the law, just like anyone else, including rioters who got long prison sentences (rightly so) for stealing litle more than a Mars Bar. I would personally go further: where anyone has clearly massively benefited financially from their wrong-doing I would sequester their wealth and even their house(s). They can have no complaints. And that would include any Labour minister at the time who was involved in manipulating the Libor rate and hence global markets.

All this has rightfully made Britain look in the eyes of the world like a bunch of crooks. Heads must roll. But please, George Eaton, don't start with petty point-scoring so typical of the Left when Labour and the Left have eschewed all responsibility, to wit:
'Advantage Balls. Separately, Balls has confirmed that Labour will vote against the government's proposed parliamentary inquiry..... '
If you and other members of the Left (I am non-aligned personally) had any sense of decency and justice you would not habitually resort to such hypocrisy and petty point-scoring and get behind the search for truth and justice. Too many people on the Left are so gullible and so unwilling to take responsibility for anything that they will always insist that the total mess Labour left the country was all the fault of 'someone else'.
We know there was a small but deeply malign, avaricious and corrupt element in banking that has caused much harm. Also that this was global and the rot first set in over the pond in America. It's rich indeed that some Yanks, after the Enrons and Anderson Consultings and Savings & Loans and Bernie Madoff and Fannie May and Freddie Mack scandals to name but a few, should now be so critical of Britain and The City. If the Gulf oil spill was regarded as Britain's fault because they kept erronously referring to British Petroleum when in fact it has long since been the international energy giant BP, then Bob Diamond being a Yank makes all this their fault, right? Not the sharpest pencils in the box, are Americans. But I digress...
Little of this however excuses Gordon Brown and his then long-time cohorts in the Tresury Ed Balls, Ed Milliband, Yvette Cooper, et al. They were there and charged with responsibility for overseeing such matters. In accepting the offices and trappings of power they became responsible. They put in place the pathetic regulatory framework, and whether or not the Tories did or did not think it was too strong or too weak should be irrelevant. 'Responsibility' - the word that Labour knows not the meaning of, being so morally inarticulate. If you are in power then the buck stops with you!
Here is text from the BBC News website this evening: 'Labour voted against the creation of a parliamentary committee to investigate the scandal after their bid to launch a judge-led inquiry was rejected by 320 votes to 239, a government majority of 81.'
So there be a Parliamentary enquiry but the Labour Party will NOT support it. Apparantly Labour not only failed miserably to oversee things properly but it having gone so badly wrong they now want to run and hide. I hope it is ruthless and that it leads to major regulatory changes very fast. Whether it all comes out in the wash or not we will have to see. It is in nobody's interests that the reputation of The City of London is so tarnished (any more than is necessary anyway) that hundreds of £ billions of business goes elsewhere, so there may be some compromises.
My gut feeling is that - and this should surprise no one given Brown's reputation - that Labour government were so dishonest that they would do anything - and I mean anything - to gain advantageous headlines and retain power. They would cook the books and break the rules; truth and honesty were strangers to them. They were not just like this about matters concerning The City but about everything. It was all spin and no substance. Even the decrepid state of the nations's finances now is not enough for them to act in the national interest and back an inquiry - frankly any inquiry. I hope what comes out sinks the lot of them for good.
As an aside, I think Labour were likely to concede even more ground to the crazed and corrupt EU following Tony Blair's capitulation over Britain's EU rebate. Also that many within the Labour Party were gleefully working closely with their EU counterparts in the interests of the egotistical plan for a single European state (under German domination of course) and not in the sole interests of this country!
There is much more still to come out. I doubt many on the Left in Britian will show the moral courage to flay Labour for its errors, nor perhaps even be concerned at the march towards 'Germania', given that some probably agree with that aim anyway. Perhaps that is why Labour lost and will never regain the support of some people in Britain. It is no longer the party of old, nor one whose aims and conduct I would wish to be associated with, and the senior figures leave me utterly unconvinced that they have learned a thing from past mistakes, any pronouncements are just political manoevering and are not backed up with any commitment to acting differently in future. How can you trust people like that?!

Just another u-turn.