Archbishops attack 'bank robbing' share traders

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Archbishop of Canterbury Dr Rowan Williams called for fresh scrutiny and regulation of the financial world, arguing that governments should not lose their nerve when deciding when to intervene.

Writing in The Spectator, he said: "It is no use pretending that the financial world can maintain indefinitely the degree of exemption from scrutiny and regulation that it has got used to."

Archbishop of York Dr John Sentamu, meanwhile, branded the traders who cashed in on falling share prices in troubled bank HBOS as "bank robbers" and "asset strippers".

In a wide-ranging and critical speech at the Worshipful Company of International Bankers' annual dinner, Dr Sentamu spoke of an "Alice in Wonderland" market, in which "the share value of a bank is no longer dependent on the strength of its performance but rather on the willingness of the Government to bail it out".

Sharp falls in the price of shares in banks have been blamed on short-selling by speculators hoping to drive the prices down further. A temporary ban was introduced on the practice by City watchdog the Financial Services Authority last week.

Dr Sentamu also spoke of the contrast between the bail-outs being given to beleaguered investment banks, and the lack of funding for the United Nations Millennium Development Goals being discussed in New York today. Prime Minister Gordon Brown will be among the world leaders meeting in the US to mark the halfway point in the 15-year project to reduce global poverty.