Hedge Fund managers of the world unite. City reform: is this an emerging dividing line?

Gordon Brown on City reform (BBC):

Gordon Brown has pledged to “clean up” the financial system following the rescue of Britain’s biggest mortgage lender HBOS by Lloyds TSB.

The prime minister said he had taken “quick action” to “maintain the stability of the financial system”. But he also had plans to tackle “irresponsible behaviour” by banks in the future.

David Cameron on City reform (FT):

“David Cameron has called on centre-right leaders across the world to unite to defend capitalism, warning that the left could use the banking crisis as an excuse to “wreck” the financial services sector.

“The Conservative leader said the UK and other countries should not overreact to the turmoil on world markets, and that “sensible” steps to improve transparency and regulation were the correct approach.”

UPDATE: Interesting point from Janet Daley who thinks that the actual issue is the lack of Conservative response.

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