GB: … I’ve just explained Julian what light regulation that you were talking about meant. It meant that where companies were doing well and there was no problem associated with them why should we be heavy handed? Where companies were doing badly the FSA was under responsibility to be heavy handed …
JW: But the judgements were wrong, look at where we are now.
GB: … in some cases the banking crisis that spread right across the world affected good banks as well as bad banks, they couldn’t escape being polluted by what was happening across the world. So I’m happy to take responsibility but if you do not understand and others don’t understand what the problem we’re dealing with, we’ll never solve it, we’ll never solve it.
JW: Let me go back to Melanie Abbot.
You can listen to the programme HERE. The rag losing comes from 24.56 minutes into the programme.