Gillian Tett looks beyond yesterday's Today item on "jurisdiction shopping" by banks. She warns there is an unintended consequence of the current worldwide desire to bash the bankers. Legislators in key countries are busy unilaterally changing internationally-agreed rules. Unfortunately, Tett says, this makes it more likely that practices illegal in one country but legal in another will be used to cover up looming catastrophes in the capital markets.
That was the rebuttal issued by Peter Mandelson on the Andrew Marr show this morning in response to allegations in the new-look Observer.
The paper is serialising a book by its chief political commentator Andrew Rawnsley - The End of the Party - which charts the fortunes of the Labour party under both Tony Blair and Gordon Brown.
Chief among the allegations is that Sir Gus O'Donnell, the cabinet secretary, became so concerned by reports of Brown's explosive temper that he looked into the matter and told the PM: 'This is no way to get things done'.

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