No-one could accuse Hector Sants, outgoing head of the Financial Services Authority (FSA) of inconsistency: his belief that everyone else is to blame never fails.

In his swansong interview, Sants suggested last week that the financial crisis might have been avoided had Alistair Darling only listened to him and allowed Lloyds TSB to buy Northern Rock in the run-up to its collapse in September 2007: "I think things would have been different if the government and Bank [of England] had taken my recommendation."

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