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The venerable bank of Tubal & Co is in trouble. It’s not the first time in its 300-year history, but this time will be the last. A sale is under way, and a number of rather important facts need to be kept hidden, especially from any potential buyer. Hundreds of millions of pounds are being diverted - temporarily - to shore it up, masterminded by the bank’s chairman, Julian Trevelyan-Tubal. His aging father Sir Henry would be horrified, but fortunately he is in the early stages of dementia.

The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.