Credit to some of the best radio journalism around

If you care to understand the ways of money better then I heartily recommend the Planet Money podcast from National Public Radio in the US.

Twice a week they approach money issues with a fresh, creative, professional approach that is both entertaining and informative.  It's the sort of programme that could inspire people to become journalists.  For example, others have talked about Toxic Assets.  They actually went and bought one with their own money, and went to the trouble of tracking down some bad loans and meeting the people behind them.

They are a credit to the profession of journalism and my admiration for them is very high indeed. 

Revolution in the air - even the Bank of England and the FT

After 41 years some of the people in Libya have decided they've had enough of Colonel Gaddafi.  After more or less putting up with his antics all these years, many in "the international community" have come to the same conclusion.  It had to happen, sooner or later.  Nobody really liked him except the people he bankrolled.

More surprising are the recent musings of Mervyn King, governor of the Bank of England, speaking to the House of Commons Treasury Select Committee on March 1st 2011.  As the Daily Telegraph wrote, "He laid the blame for the financial crisis, the bailout and subsequent austerity cuts directly on banks."  Quoting him, the paper wrote "Now is the period when the cost is being paid. I'm surprised the real anger hasn't been greater than it has,"  

I could find any reference to this in the Financial Times.  But I was surprised to see a video discussion on the FT website between Lex column stalwarts John Authers and Edward Hadas in which Hadas said current levels of bankers' pay were too high.  " Most investment banks aim to earn a 15% return on equity, well above the last quarter’s 10-11%. Quite bearable pay cuts for bankers would get them there."

Even Morgan Stanley's CEO John Mack has said said investment bankers are overpaid.

So it's not just the plebs and rabble rousers and lefties who are worked up about pay in the financial sector.  However, the system as a whole is unlikely to change of its own accord, any more than the "international community" was going to say "enough's enough, Colonel Gaddafi.  Time for a change."  There were too many vested interests in keeping things stable and keeping the oil and the revenues flowing. 

Now it has changed in Libya.  What will it take for the financial sector to have its own Gaddafi moment?