Politics is a pretty unpleasant business.

The British media and political establishment have been beating themselves up about supposed corruption in finances surrounding politics for years. Fifteen years ago Neil Hamilton, never quite the sharpest tool in the box and perhaps a fool, was made to resign for failing to declare £667. It was a grubby episode, and was perhaps the start of the demise of the great British public trusting their elected politicians as "Honourable members".

Now Derek Conway, a tough north-easterner by origin, has seen his political career crash to the ground in one of the fastest tail-spins in British political history. His arrogance and rank stupidity for "employing" his contemptible son as a "researcher" when no work was being done and paying him from the public purse is inexcusable. It further undermines trust in politics and makes achieving any substantial political change extraordinarily difficult.

Fund raising and employment in politics must not only be "transparent" - the phrase of the moment. But it must be honest. There is nothing wrong with an MP employing his wife as a secretary or PA. MP's work unconventional hours and are based in at least two locations. It puts considerable strain on families from whom so much is expected.

In the financial services industry, where I work, the principle behind all financial actions is "maximum disclosure". In politics this is how it has to be too. Any money raised and spent, any gift given or received, any staff employed, everything needs to be clearly expressed and open to public scrutiny.

But don't lets beat ourselves up too badly. The major British political parties spend about £20m each year. The General Election campaign costs about £50m. And, yes, it sounds a lot. But in America the whole election process in 2008 will cost nearly $5bn. Now that is obscene. It means that the only people who can get elected in the world's greatest democracy are millionaires and the friends of millionaires.

In January 2008 Hilary Clinton and Barack Obama raised $57m. Funds come from big business backers, from tycoons on Wall Street, and from those with a political point to prove. It leaves a very unpleasant taste in the mouth.

So before we get too critical of our own elected representatives, the vast majority of whom work selflessly on our behalf, cast your eyes across the seas and see how much worse it is almost everywhere else.