Sants says Brown contributed to economic crisis - papers

Hector Sants, chief executive of the Financial Services Authority (FSA), said that the pro-debt view of government ministers was one of the structural failures that led to the crisis. He said one problem was "a prevailing mindset of Government and society promoting the benefits of credit and asset inflation, notably in housing". The comments appear to be the first time that the FSA has directly criticised the Government for its role in creating some of the imbalances that led to the banking catastrophe of the past two years. Standard Chartered has become the latest financial instituti...