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In 1237, Buchan goes on, the bankrupt Latin government of Constantinople mortgaged [what it believed to be] Christ's crown of thorns to a syndicate of Venetian and Genoese merchants. Making a loan of 13,134 coins of exceedingly pure African gold known as hyperpyroi, the syndicate had the crown of thorns sent to Venice. But the French king, Louis IX, then stepped in and offered to repay Constantinople's debt in return for the holy relic.

On its arrival in Paris on 18 August 1239, the crown of thorns was paraded through the streets of the city with King Louis barefoot and in a hair shirt leading the procession. He then spent 20,000 marks building the church of Saint Chapelle to house it. Writes Buchan, the religious essence of Christ's crown that it was of thorns, not of gold turns out to have been an illusion.

It is of gold, after all. An entire doctrine begins to turn to powder.

All this fretting might seem arcane, irrelevant, utterly pointless today. In the proudly secular world of Western finance where, trying to accommodate the Islamic sharia ban on usury (taking interest payments), the British government simply created a loophole that let commercial investors and banks avoid $40 million ($79.2m) in UK real estate taxes over two years who cares about theology?

Yet the arguments over evil lending, immoral profiteering, and who's been good or bad with money still go on. We've delegated them to a new class of theologians, that's all the lawyers.

The subprime blame game is shifting to the courts, says the Houston Chronicle. Mortgage mess becomes prime territory for law firms, adds the Chicago Tribune.

Societe Generale named in class action, reports a newswire. UBS hit by another lawsuit, BusinessWeek says...

Merrill Lynch sues bond insurer, reports The Times of London. Cayne risks law suit as he seeks counter offer for Bear Stearns, it notes elsewhere.

Usury, rebitha, who's been good or bad at lending money...all the finer points (and pay off) may have changed. But the everyday clatter of money's morals rattles on. And while Bear Stearns didn't quite make it to investment bank heaven last weekend, the rest of the industry is certainly going through hell.

The lawyers will see to that.