In a searing critique of the industry, Lord Turner described much of the City's activities as "socially useless" and questioned whether it has grown too large.
Before we get too excited, this isn't a call for a society of common ownership, production for use and free access. Lord Turner is merely calling for taxation to prevent bankers' excessive profiteering (sic) if they continue to take risks.
Lord Turner is correct, though: banks are socially useless. They don't feed people, care for people, build homes or anything else of use.