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from FaithWorld:

Former top London banker sees moral disaster in market economy

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(Former Lazard International Chairman Ken Costa listens during a Future of Finance Initiative conference in Horsham, southern England, December 8, 2009. REUTERS/Stefan Wermuth)

A former top London banker, weighing into a protest movement in Britain against abuses and excesses of modern capitalism, said on Sunday the market economy had lost "its moral foundations with disastrous consequences."

Ken Costa, a former chairman of UBS Europe and Lazard International, spoke out after being appointed by Bishop of London Richard Chartres to lead an initiative aimed at "reconnecting the financial with the ethical."

Britain has become preoccupied with the ethics of elite financiers since a group of protesters, unhappy at the excesses of modern capitalism and its huge inequalities in wealth, pitched tents outside St Paul's Cathedral in London last month.

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