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There are two ancient proverbs that deserve to be revisited in these times of economic turmoil, both of which were spoken in a single sermon on the lust for money.

‘The love of money is the root of all evil’ goes one, while the other states, ‘You cannot worship two masters.’

It’s fascinating, then, that boldly declared on each US dollar bill are the words ‘In God we trust’. The declaration does indeed beg the question, which god?

It would appear that the attempt to forge an unholy alliance between God and money has led to more than just a crisis of faith.

It can hardly be denied that the unfettered love of money is what motivated leading financial institutions to throw caution to the wind in such a dangerous and irresponsible fashion.

In greedily devising ever more reckless ways to make a fast buck, the worshippers at Wall Street seemed to be getting away with it and even began to believe in their own infallibility. But worst of all, governments on both sides of the Atlantic turned a blind eye.

One has to ask why? Why did the US government, and our own, fail to rein them in? The answer lays in an unquestioning faith in liberal, free market economics and the ability of the market to regulate itself. Why bother with hands-on regulation when the god of the market, aka ‘Hidden Hand’ will do it for you? Clearly this is an unwise strategy for directing one’s economic affairs. And now, it’s the hard pressed American taxpayer that will have to foot the bill.

As the freed slave, author and social commentator, Ottobah Cugoano wrote in 1787 of the careless management of the British economy and resultant national debt; “And it is not likely , by any plan yet adopted, to be paid or any part of it, without a long continued heavy annual load of taxes.” He then went on to quote an old proverb; “It seldom is the grandchild’s lot to share in wealth unjustly got.”

And so, alas, innocence lost. The hidden hand turns out to be nothing more venerable than the sticky mitts of the Wall Street fat cats.

Now, I do sympathise with those employees who have suddenly found themselves frantically looking for alternative employment. But at least they may have been spared the moral bankruptcy of their superiors. And this may be an opportunity for them and the fallen mighty to amend their ways.

The moribund economic philosophy that allowed the banking system to collapse under the weight of its own corruption needs replacing with a little honesty. The real problem is, however, that effective regulation is going to require a much more sophisticated regulator. And in the UK, one certainly has to question the ability of the FSA to provide this more sophisticated regulatory approach.

Having endured board membership of a government regulator, I know that regulatory bodies rarely have the in-house skills or knowledge to provide effective regulation of their respective sectors. And the reliance on the old boys network of advisors only offers more of the same old, same old. The regulator is usually the last to know, happily oblivious in a forest full of regulatory returns, neatly ticked boxes and familiar soothsayers.

The most knowledgeable and wily candidates tend to be put off by the bureaucratic machinery of the public sector and attracted to the promise of big bonuses in the private sector. But, with the carrots now hastily withdrawn and replaced by the axe, penitent fat cats and their followers may wish to be saved from the burgeoning queues at the Job Centre Plus, Canary Wharf.

Perhaps these three little steps to redemption might help:

1) Repent of your greed! We all need money but don’t need to pursue it to our own moral bankruptcy and the harm of others.

2) Accept your fallibility: You’re only human really. The illusion of infallibility that comes with the promise of vast wealth is just that, an illusion. Embrace openness and accountability, it may keep you from further disaster.

3) Stop being a taker and give something back: Get your CV off to the FSA. If the regulator is going to become anything like fit for purpose, it’s going to need the help of the odd poacher turned gamekeeper.