Fixing banks' boards
On the face of it, the independent review of the UK banking industry commissioned by the Treasury should be radical.
In explaining why it needs a review, the Treasury identifies grave failings by non-executive directors of banks and by the owners of banks.
Boards and shareholders allowed remuneration practices which bestowed vast riches on individual bankers for taking risks that subsequently hobbled their banks and the economy. .
This was the result, or so the Treasury implies, of boards being given inadequate information and also being stocked with directors lacking the skills to assess banks' complex operations.
As for the big institutions which own the banks shares on behalf of those of us saving for our retirement, they failed to monitor what was going on inside the banks.
It all represents a terrible indictment of our stock-market based system of owning and managing big companies.
But anyone hoping for revolutionary recommendations from the Treasury's review is likely to be disappointed.
The Chancellor has appointed Sir David Walker to chair the review. - and he is seen in the City as one of them.
Based on his track record, Sir David is expected to try to fix the current governance system rather than declaring it bust and in need of replacing.