“In retrospect, it was a fool's paradise – the band playing oblivious to the dangers ahead"

Business quote of the day.

A banker in London. Photograph: Getty Images

In retrospect, it was a fool's paradise – the band playing oblivious to the dangers ahead

Lord Turner, head of the Financial Services Authority, criticises the City of 2009 as “socially useless” his final Mansion House speech last night. Lord Turner, who has been seen as one of the front-runners for the next Bank of England governor role, said many lessons had already been learned from the financial crisis, but warned there was still much more to do.