Mr. David McWilliams:

It is an enormous issue. However, what is much more important is to say it at the time and not to say it now, when everyone knows. I mean having the balls to say it when it was not popular and was not what everyone was saying. I mean saying "Hold on a second, I do not mean to rain on your parade but I feel this is wrong". The regulator should scare the daylights out of bankers. The regulator is the Elliot Ness of the gig and should swagger in. The regulator should be able to say "Come in lads and lock the door; I am worried about this". Once one gets a situation where they perhaps are all a bit too cosy, the institutions - I am not talking about individuals - become part of the problem.