Failure to regulate the financial sector properly also has its rewards. Treasury permanent secretary John Kingman has been knighted"for public service particularly tò the economy"-even though in 2007 he was one of the treasury geniuses promoting the private finance intiative for public services and light regulation for the city. True the bank bailout he later helped design stabilised the economy, but it did so using vast public subsidies and in a way that allowed bankers to go on overpaying themselves while ripping off customers.As the eye has revealed,kingman enjoyed many agreeable lunches with grateful bankers and then took two years out of the Treasury ti work for one of them Rothschild's.