David Hellier
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LORD Turner, chairman of the Financial Services Authority, last night accused those who plan to ignore lessons from the “near death experience” of the market meltdown of being the real enemies of the City.

In a controversial speech to the Lord Mayor’s banquet at Mansion House, Turner repeated his previous claim that “not all financial innovation is valuable, not all trading plays a useful role”.

The crisis was “cooked up in trading rooms, where not just a few but many people earned annual bonuses equal to a lifetime’s earnings of some of those now suffering the consequences... not everything that a financial system does is socially useful; sometimes bits of it can get too big and it would be better for society if they got smaller,” he added.