Mervyn King, the governor of the Bank of England, on Tuesday issued a stark warning to the British banking industry that its pre-crisis excesses would be stamped out by the authorities.
In a strongly-worded speech delivered in Edinburgh, King called for reform to go beyond regulatory change and fundamentally alter the structure of the British banking industry.
Putting the cost of the British bailouts at £1 trillion ($1.63 trillion) - two thirds of national GDP - an impassioned King noted that "n
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