Sir Win Bischoff is superman. The Citigroup chairman has 50,000 people to sack this year. He has to reform the biggest, most complex bank in the world. And he has the Augean-stables task of cleaning out a rotten corporate culture that has betrayed its shareholders. Yet London's most senior banker evidently has time to spare, guest-editing BBC Radio 4's Today programme this week.

His verdict on the causes of the financial crisis? Bankers were “partly to blame”. Hmm.

Actually, Sir Win's approach of allotting a blame score has a certain appeal. He argues that bankers should “carry the can” for only about 50 per cent of the catastrophe.

It's hard to disagree. There are so many others deserving of censure. Policymakers, led by Alan Greenspan, deserve a 10 per cent score for allowing the debt bubble to inflate over the past ten years. Bank supervisers, including our own Financial Services Authority, must get at least 10 per cent for their blindness. No one in the Alice in Wonderland chain of sub-prime madness was innocent. I award the borrowers themselves 2 per cent, mortgage brokers 3 per cent, and the credit rating agencies 5 per cent.

Two other parties have got off much too lightly in the blame game. Institutional investors were guilty twice over - not only unquestioningly buying the packaged-up debt in a moronic chase after yield, but also failing to exercise any restraint over the banks as their largest shareholders. So 10 per cent to them.

And 10 per cent too to remuneration consultants, the mechanics at the dark heart of the bonus culture. Their pay formulae, deliberately opaque and outrageously generous, encouraged the recklessness that ended in such ruin.

That's 100 per cent, so no blame left for financial journalists. In this kangaroo court, the judge has immunity.

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