Who speaks for the financial world?

It is interesting to note the inability of senior figures in the US and UK financial community to stand up and be counted, even in these difficult times and take part in the intense debate and discourse which is happening across the media about the future of the industry. After all one of the narratives is the end of capitalism.

This might be contrasted with France where David Rothschild was interviewed by Le Figaro about the developing crisis last week and as well as analysing it also managed as one would expect from one of the scions of a great banking family to give messages of reassurance and comfort to readers and highlighted the virtues of traditional banking and the strength of most European and Asian banks. There has been no similar interview which I have come across from US or UK leading financial figures over this last week.

Plenty of comments from regulators and politicians and commentators, but I am not conscious of a senior financial figure providing industry leadership in the US and UK or participating in the debate such as the head or Chairman of one of the major banks. I would argue that this crisis has really brought a new generation of financial thought leadership to the fore with online media playing an important role in bringing a wider range of voices to the debate.

Several figures who have gained particular prominence in recent weeks are:

Robert Peston of the BBC. His comments on BBC News, the Today programme and his blog have made him perhaps the most influential financial commentator in the UK. He has broken some major stories (Northern Rock and HBOS and LloydsTSB) but his commentary has also given ordinary viewers and readers a deeper insight and a level of personal perspective which we have not seen before from a financial commentator on the BBC. It has certainly given an added dimension to the debate in the UK.

Bill Gross of PIMCO, the world's largest bond dealers, a regular commentator on CNBC is a masterful commentator and although he may have used his postings and interviews to promote his trading position has also been a a thoughtful analyst of the situation. Note that CNBC, according to Hitwise has become one of the new media success stories in recent weeks with significant increase in readership and participation.

Another leading figure in the gathering debate online is Nouriel Roubini whose blog last week was gathering over 600 comments on some topics. Roubini, Professor of Economics at SternBusiness School in New York and known as a leading sceptic for over six years about the current discredited financial regime has established a powerful position in what might be called an online financial counter-culture.

This failure to participate by leading players is important for the legitimacy of the industry. It is interesting to note that the hedge funds and asset funds seem more active in the process. Yes, the finance industry can do deals in smoke filled rooms and get bailed out; but a modern online democracy requires participants legitimacy to be constantly topped up in the public sphere (Habermas). It will be interesting to see how long it takes before they realise the need to do so.