We are in the grip of an ideology that disowns our genius, denounces our success, disdains merit.
A few years ago the then-boss of Goldman Sachs explained to me the main reason he thought the firm had risen to such a dominant position in global investment banking over the previous half century. At the start of that period, banking was still dominated by a blue-blood class. In London especially, where I began my career in finance, the City was a place in which, in a still heavily regulated market, a slot in one of the big institutions was a coveted ticket to a life of riches.
