Frank puts it well

Frank Field posts:

One understands why Ed is trying to spread the blame again internationally. But who was it, Ed, that set up the present regulatory machinery, who was standing on the burning deck of developments?

What the Government also has not realised is that failure to act decisively here will see the anger of voters against bankers being transferred to politicians.

The post is worth reading in full.

All I can add is, exactly Frank.  Well put.