Much has been written about why the financial system collapsed on its heavy feet.

Opportunism replaced by vulgar greed is one popular theme. American, British and other financiers convinced most of us that their paper money was worth more than…paper.

Then of course there are the politicians. It is not just that they were prepared to believe the first category. They institutionalised the grab for money. Governors in America have lost poitions of power. Members of Parliament in the UK have used taxpayers money to build a moat, to buy manure, to pay off mortgages that did not exist, and..well, I gave up reading.

In Israel, Hirchson, the former head of the Kenesset finance committee was ripping off millions from blue collar workers, as he was preaching financial purity. (He later became Finance Minister!).

And there is one last part of the picture; the regulators. Until now, we have let them off the hook, even epathised. Many have commented that their freedom of action was curtailed by their bosses, the politicians.

Let’s be honest. That has not always been true. Last month, a shocking example came to light of mismanagement on the part of regulators in America. To quote a stockbroker friend of mine in the UK, this is  “absolutle financial market horror”!

Inspector-General Coleman of the Federal Reserve admits at a public hearing that she has not investigated what happened to a trillion dollars of American taxpayers’ money. She ain’t got a clue where it has gone.

No transparency. No accountability……except for the fact that she and many others receive a handsome salary to know nothing.

By the way, the las person to claim that “I know nothing” was Manuel, a Spanish waiter in a John Cleese comedy show. Maybe one of them should be appointed to run the world’s financial systems.