It all makes sense if you start to think about what Nick Clegg plans to do when his political career is over (circa 2015) - get a well paid job in the corporate sector. And how do you get offered a well paid job in the corporate sector? Well, not by reforming the banks, penal tax rates on bonuses, and help for the poor, that's for sure.
This raises a broader question: How much is the general shift towards pro-rich policy over the past decades explained by the failure to generate a political elite that actually responds in any serious way to popular demands? This angle certainly sounds more plausible than the alternative - that somehow median voters became convinced of the need to line the pockets of the 1%.