Myners attacks fund managers for failing companies

Lord Myners, the former City Minister, has condemned lobbying of the government by the financial services industry, which has made fund managers rich at the expense of companies.

Myners told a House of Commons committee he saw how the industry lobbied Gordon Brown's government for preferential treatment, which it received at the expense of private investors, the Times reports.  The peer, who was City Minister in Gordon Brown's government between October 2008 and May 2010, said the public company ownership model was "failing in its primary economic purpose". He argued institutional investors are too big and passive in their involvement with companies, creating thousands of "ownerless corporations". "I am less concerned about internationalisation of ownership...