At an Editorial Intelligence panel discussion here at the FT in London on Wednesday evening, I was astonished to hear a former City editor, someone well-known for his robust and solidly pro-market views, condemn the levels of some City bonuses as “nauseating”. He also decried what he saw as the “grotesque inequality” of modern society.

When such a distinguished and experienced commentator is prepared to speak publicly in this way, we can safely say that times are changing. Public unease about the behaviour of certain people in financial services is growing. Politicians and regulators talk tough. What will they do?

And what will ordinary decent businesspeople do when they find themselves being harangued for the excesses of others? This is not healthy. Nor is it reassuring. The historian (and FT contributor)  Simon Schama, also speaking at this event, predicted massive social unrest and a real threat to democracy itself.

Is that wildly over the top? Or a reasonable forecast?

November 6, 2009 5:32pm in Management | Comment