King: policymakers not 'bad' bankers caused crisis

He said the crisis was down to these mistakes, not the bad behaviour of bankers, the Telegraph reports. Speaking at the government's Global Investment Conference in London, King indicated for the first time that he is partly to blame for failing to act before the crisis took hold in 2008. He said: "Of course there was bad behaviour [by bankers]. But this was a crisis which emanated from major mistakes in macroeconomic policy around the world, and fundamentally the inability to successfully coordinate macroeconomic policy so that globally you wouldn't get the imbalances, the capital flows...