Snooty bankers: Pride goeth

For Peer Steinbrück, the current credit crisis is a morality tale. The German finance minister told the Financial Times that the «snooty» attitude of bankers has «ended in disaster». Once proud bankers are now lining up meekly to beg the authorities for cash. Steinbrück shows some wounded pride of his own, complaining that his pre-crisis warnings and suggestions were «mocked». But he should also admit that hedge funds, which he identified as the centre of market risk, have actually caused littl...