Why is David Cameron refusing to blame the bankers for the present financial crisis? Perhaps one reason is that the Tories are being bankrolled by a group of hedge fund managers who have been making vast sums of money from plunging bank shares. Channel 4 has unearthed evidence that a small group of City financiers - who have made fortunes from falling stock markets - are paying at least £50,000 a year to Mr Cameron's 'compassionate' Conservative party. These donations entitle the donors to membership of an elite supporters club called the 'Leaders Group' and are given regular access to Mr Cameron and members of the shadow front bench.

If David Cameron wants to convince us all of his compassionate and progressive credentials he should publicly acknowledge that one of the main reasons for the recent failure of the financial markets relates to the greed and moral abdication of those in the City (some of whom are close to Team Cameron) who demanded less regulation and restraint and then ended up abusing it.