“Directors who were running the banks Northern Rock, HBOS, Royal Bank of Scotland and Bradford & Bingley when they were rescued by the taxpayer should be disqualified from sitting on company boards, Nick Clegg said yesterday.
On the eve of the Liberal Democrats’ conference in Harrogate, Mr Clegg told The Times that these directors had shown that they were not fit to oversee companies.” This strikes me as very clever politics. There is a phenomenal amount of anger, much of it justified, at the fallen masters of the universe who seem to have paid no price for their actions. Politicians of all parties have been trying to tap into this but few of their ideas have cut through. Clegg’s proposal is eye-catching enough to do so. It is also that rare combination, just and populist.