Remember those off-the record comments by "top executives from Goldman Sachs and Standard Chartered" which indicated that the era of contrition had come to an end? Well, they're on the record now, splashed all over the front page of this morning's FT. Goldman's Gary Cohn is coming out swinging, saying that the real danger to the global economy is now posed by unregulated non-banks, while Peter Sands of Standard Chartered reckons that most bank regulations will no more prevent another crisis than seatbelts on airplanes will prevent a plane crash.
It's true that bankers are not contrite these days: Bob Diamond is standing tall in the halls of Davos, seemingly emboldened by his performance in front of the UK parliament, at which he said that "there was a period of remorse and apology for banks and I think that period needs to be over".
Looking at the bankers as just one of the many species of plutocrats and power brokers in Davos, it seems to me that they're taking full advantage of their present profitability (thanks, Mr Bernanke) to consolidate their position as much as possible in a world which is evolving in a fast and unpredictable manner.
Nouriel Roubini had a nice little soundbite yesterday, which I think touches on something important:
“There is complete disagreement and disarray. That’s the sense of the G Zero,” Mr Roubini said, explaining the new buzzword at the World Economic Forum’s annual conference in the Swiss resort of Davos.