The financial crisis was either the result of too much capitalism or too little, depending on your point of view. Where one stands in this debate will determine what one thinks of Lord Turner's call for accounting standard setters to reflect the concerns of regulators when they define new rules for the banking sector.

The chairman of the UK's Financial Services Authority is a former McKinsey partner, ubiquitous government adviser and ultimate establishment insider, so perhaps it isn't surprising he fears mere investors cannot be trusted with the truth and need protecting from their own irrationality. But those who believe the financial system failed partly because of distortions created by too much government interference, such as the implicit guarantee over bank funding, will rightly resist Lord Turner's conclusions. Accounts should be for investors.