Moral Hazard

Amid collapsing banks, yo-yoing share prices and widespread insecurity it is natural to look for a culprit. The difficult bit is choosing the villain. Did the banks - particularly the de-mutualised building societies - completely lose touch with reality in their hunger to expand market share? Should their senior executives shoulder all the blame, or is there such a thing as political responsibility?

Croydon or Coventry: Iceland's new dilemma

Iceland: which is worse, Croydon or Coventry?

You would have thought Iceland's woes were already bad enough. With the krona plunging more than 30 per cent in value in one day, its main banks teetering on the brink of disaster and residents of the once-lauded ‘Arctic Tiger' experiencing one of the worst ‘morning after the night befores' imaginable, they are now faced with a terrible attack of identity crisis.

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