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    King warns bankers they need to reform

    The Bank of England 's Governor Mervyn King has launched an attack on the banking industry's failure to reform, despite "breathtaking" levels of taxpayer support. The Governor warned that the public would be paying for the financial crisis "for a generation", saying there was no reason why guarantees could not be limited to traditional banking rather than casino-style trading. Mr King said: "To paraphrase a great wartime leader, never in the field of financial endeavour has so much money been owed by so few to so many. And, one might add, so far with little real reform." His comments come as City firms prepare for bumper bonus payouts, a year on from the near-meltdown, helped by rising stock markets and a lack of competition. Last week, investment bank Goldman Sachs said it had earmarked a mammoth £10.3 billion in compensation and benefits for staff for the first nine months of 2009 alone. Speaking to business leaders in Edinburgh, the Governor said the current arrangements were impractical and added that banks should not be encouraged to earn their way out of state support by "resuming the very activities which got them into trouble in the first place", calling for a "serious review" of how the banking sector is regulated. "Although there are no simple answers, it is in our collective interest to reduce the dependence of so many households and businesses on so few institutions that engage in so many risky activities," the Governor said. The Bank of England will later this week lay out details of policy tools which it hopes will "turn down the music just as the dancing gets a little too wild".

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    King warns bankers they need to reform

    Grading Management with ROE

    10/20 Economic Data Overshadows Positive Earnings

    10/20 Oil Prices Slide After Trading Above $80

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