Archbishops attack 'bank robbing' share traders

The bankers and traders responsible for the recent financial crisis came under fire today from both of England's Anglican archbishops.

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.