Is the moral outrage against bankers justified?

Chief executive of the British Bankers' Association Angela Knight told Today presenter James Naughtie that "whipping up a hysteria" against bankers would not lead to a "reasoned outcome".

"The whole discussion has got itself well out of control", she said.

But Guardian columnist Polly Toynbee said that the people at the top "are simply paying no attention" to the hardship caused in Britain by the banking crisis. It looks like there is "no austerity for them", she said.

Top pay in the financial sector "warps the whole of the values of society", she argued.

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