The cult surrounding Fred Goodwin is an example of capture. Around Northern Rock. Around the Irish banks, even more. A lot of analysts will admit in retrospect that somewhere in their minds they knew things were dodgy all along. But everyone bought into the myth. Remember, for four, five years these banks produced only good news. It takes some balls to call up 50 guys every morning and tell them the entire stock market is wrong.
An anonymous banking equity analyst talks to The Guardian.