“Banks are being threatened with a windfall tax on profits amid mounting criticism from across the political spectrum of a return to huge bonuses.”
http://www.timesonline.co.uk/tol/news/uk/article6880249.ece

In the present context, readers will probably be fascinated by an article on the front page of the FT on Wednesday under the headline:

One in five hedge fund managers found to be misrepresenting facts

” . . Using confidential data taken from 444 due diligence reports commissioned by investors between 2003 and 2008, academics at Stern analysed the extent to which hedge fund managers’ representations about their funds differed from reality. . .”
http://www.ft.com/cms/s/0/fc7d2e7e-b859-11de-8ca9-00144feab49a.html?nclick_check=1

I don’t know about London media, but the news stories certainly made the EU media”

“But advocates of greater regulation [of financial institutions] fear recent indications that Europe may be clawing its way out of recession could put the breaks on the proposed initiatives.

“In particular, they worry that the banking sector’s substantial influence will end up silencing attempts at real reform.

“‘My fear is that nothing will happen. This is dangerous because if we look at the costs of the financial crisis, we can see that in Europe we have lost six to seven percent of GDP,’ said MEP Poul Nyrup Rasmussen, who is also president of the Party of European Socialists.

Mr Rasmussen says many in the financial sector are working overtime to see the hedge fund proposals watered down, referring to a recent visit by the mayor of London, Boris Johnson.

“‘In that last two weeks, you even saw the mayor of London here in Brussels. We looked into his campaign funding and it looks like more that 60 percent of his campaign costs were covered by hedge funds,’ said the former Danish prime minister.”
http://euobserver.com/9/28814

In the meantime the hedge funds are happily playing the commodities markets without a care for the consequences for ordinary consumers who have to deal with the price volatility which arises. Even those Conservatives who believe in rational and efficient markets recognise that the type of market manipulation performed by hedge funds doesn’t help their cause – but not our Dave and little George.

Did you know that all the world’s tim stock are now in the hands of a single investor – perhaps a free marketeer could explain how this promotes market efficiency, and give a credible explanation as to why the investor concerned has intentions other than market manipulation?