Leader: Time to investigate the banksters

It was a combative, Sicilian-born US lawyer called Ferdinand Pecora, tasked by the Senate with investigating the causes of the Great Depression of 1929, who is said to have coined the expression “bankster”. Four years on from another financial calamity, we have yet to hold bank bosses to account. Ed Miliband is right to call for an “independent inquiry with hearings to find out what is going on in the dark corners of the banks”. It is absurd that the Prime Minister has ordered a judge-led inquiry into media ethics but refuses to sanction one for the financial sector. Whatever one thinks of News International, its alleged crimes pale into insignificance in comparison with the misdeeds of Britain’s banksters.