Dave Hart, the fictitious investment banker, has been elevated to the House of Lords. The Chancellor of the Exchequer has asked Lord Hart of Hartless Common to share his views – “I think he said ‘Come clean’” – on the credit crunch. And this treatise on the industry is the result.

Below are extracts from Why Investment Banking May Be Broken, But Doesn't Need Fixing, by Dave Hart (as told to David Charters).