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It takes a crapweasel with unbelievably huge balls to suggest that God thinks it's great CEOs to make more money than - well, God. John Varley, CEO of Barclays Bank, has had an epiphany.

We are emerging now from a long dream- boom, built on a mess of financial trickery rather than on producing anything worthwhile. In the Nineties and the noughties we didn't become more efficient or more productive - we simply became better at being conned. All the "triumphs of deregulation" bragged about by market fundamentalists from Ronald Reagan to Tony Blair were built on a nitroglycerine- base of credit default swaps and subprime mortgages. The profits went almost entirely to the richest one per cent, while the bill after the burst goes to all of us.

Some seem surprised that Wall Street's outrageous behavior continues unabated, which is about as insightful as saying they never saw the meltdown coming. Astronomical compensation, uber-risky investment behavior, and sales of new, more exotic investment instruments is still in vogue in Gordon Geckoland.