Ed Balls was economic secretary to the Treasury, working alongside chancellor Gordon Brown, in 2006-7. In that role he was responsible for banking regulation. He was economic adviser to shadow chancellor Brown in 1994-7 and chief economic adviser to H.M.Treasury in 1997-2004.
As economic secretary to the Treasury in 2006-7 Ed Balls’ priorities were (1) champion the right of bankers to do whatever they wanted (he didn't seem to care about potential economic destruction or fraud) (2) ensure that the government and regulators kept off the bankers’ backs 
All the visits that Royal Bank of Scotland chief executive officer Fred Goodwin had made to Ed Balls’ Westminster office were paying off...
It wasn’t just Ed Balls. By 2007, the New Labour establishment had fallen so hopelessly in love with bankers (hence the “Ks” and other baubles for Goodwin, Crosby, etc), they had allowed the apparatus of government to be more or less entirely “captured” by the banking sector.
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