Sir Hector Sants, CBE

Dear Hector from the FSA has got his knighthood:

Hector Sants has been an outstanding leader of the Financial Services Authority during the most challenging of times. Following the failure of Northern Rock, he launched a fundamental transformation of the FSA's approach to prudential supervision and enforcement, with a far more robust use of civil and criminal powers to achieve credible deterrence. He is also a former member of the Board of the Nuffield Orthopaedic Centre, Chair of the Board of the Said Business School, University of Oxford and a benefactor of a number of Oxford based charities including the Art Room, a charity providing art therapy to children with behavioural and learning difficulties.

Whatever happened to "no rewards for failure"? "Credible deterrence", don't make me laugh.