I left my house to a breakfast meeting this morning - before heading to Hayward (see below) - with a spring in my step on hearing the news, just breaking, that Bob Diamond had quit as chief executive of Barclays. Is it wrong to hope that a criminal conviction for fraud will follow?
And at lunchtime, his right hand man followed him. There's a need for clear-out at the top of a lot of the financial institutions that took the world to the brink five years ago and whose reckless actions have thrown millions into poverty and uncertainty.
It isn't just the criminal fixing of the Libor - a little known but crucial financial instrument - nor the miss-selling of payment protection or small business insurance, nor even the iniquitous bonuses these guys pay themselves. What is truly reprehensible about these investment banks is their role in jacking up commodity prices and throwing millions into food insecurity and worse just so they can enjoy another bottle of bolly.
There needs to be a root and branch enquiry into all this followed by wholesale reform. It needs to look at how these banks operate and how the regulators - both central bankers and politician - fell asleep as they lined their own pockets. It will be painful for politicians all the way back to Thatcher and her cabinet. It will be especially painful for New Labour and the present shadow cabinet. But without it, we will never lance the boil and clean the wound at the heart of our financial system and so never move out of the current recession.