PAUL MYNERS on markets after subprime

Part 1, Dec 4: Paul Myners, the chairman of a clutch of organisations both in finance and the arts tells Charlie Pretzlik of the irrational exuberance he senses in the markets. "Investors stay with risks too long," he says, describing an "inbuilt moral hazard". Elswhere, he says emerging markets won't be decoupled from a downturn in developed economies.