Sunday, 16 August 2009

Small but important difference

Georgie boy:

Large City bonuses should be outlawed in banks that have received any sort of government guarantee, according to the shadow chancellor, George Osborne.

Badger Brows:

ALISTAIR DARLING is ready to legislate to curb City bonuses amid mounting public anger about the return of huge rewards for bankers.

The chancellor has signalled that he will change the law to ensure executive bonuses are not paid to employees whose transactions put banks at risk.

The new rules would cover the whole British banking system rather than just those institutions that have been partly nationalised, such as the Royal Bank of Scotland (RBS) and Lloyds.

See, now this is just fucking stupid. I thought Osborne was out of line, until I read the bit about government guarantees. I agree entirely, if you're sucking at the taxpayer teat, then flamboyant bonuses are not appropriate. This will have some rapid consequences: the brightest and best of the bankers won't go anywhere near state-owned banks and thus they will either wither and die or they will move heaven and earth to get away from government support so that they can continue as before.

However, as to the badger-browed fucking Trot twatspaz, what you really want to do is to tell the banks that if they fuck up again, they're going to go to the wall by themselves. You can't fucking create an enormous moral hazard like you did by bailing out the useless fuckers and then expect them not to take the piss. You really deserve to spend the rest of your miserable life in a fucking gibbet with crows pecking at you for your complicity in that.

You fucking retard.


Mark Wadsworth said...

It's not the bonuses that are the problem, it's the guarantees, bail-outs and so on*.

The banks could easily have been sorted out at nil cost to the taxpayer with debt-for-equity swaps, and nobody would have lost money (or at least, not lost any more than they had already lost).

* It's like blaming World War 2 on people smuggling cigarettes and alcohol into the UK - you have to look at 'cause' and 'effect'.

captainff said...

The chancellor has signalled that he will change the law to ensure executive bonuses are not paid to employees whose transactions put banks at risk.

Surely every transaction is a risk, however minor, therefore no bonuses at all for anyone in the banking sector?

Badgerly Twat

wv: glection .. .. .. so close to what we need!!!!!

Dick Puddlecote said...

I think you were right first time about Osbourne. He said no bonuses if working under guarantees from government.

As Captainff says. Every transaction has risk, and every bank is now guaranteed by the government following Northern Rock (IIRC), so therefore no bonuses unless the banks undertake not to take up government guarantees should they fuck up.

If Osbourne is planning an opt-out for banks, all well and good. If not, he's attacking bonuses in the same way as Darling.

That's as I understand it anyway.

Anonymous said...

Regulation is the problem.

What are they all proposing? More regulation. Oh goody.

Big Banks want regulation. They don't care twopence for anything else. Even before becomming part of government they were an executive agency of the same in all but name: now government owns the banks, they are government in disguise - and remember it's your money in the banks.

Solution? Burn the rule books. Sack the regulators.

Anyone can open a bank tomorrow without any permissions, licences, certificates or whatever.


But the banks, the regulators, the politcos, the bureaucrats will not allow that to happen.

I recently attended a seminar where the only worthwhile speaker raised a big appreciative laugh when he put a photograph of a fat moggy when his talk turned to banks.

His comapny has an American operation: he has no worries about his US bank - they are a 'Mom and Pop' bank in Connecticut. It's his heavily regulated, licenced, certificated and authorised UK bank which is causing him problems.

He also slagged off SEEDA (South East England Regional Development Agency = the EU's executive agency in waiting), Business Link, and the local 'economic' partnership, as a waste of space.

Happily a significant proportion of the audience were from those organisations. They had all laughed at the fat cat picture.

AsYouLikeIt said...

"If you want lubrication with that, you're going to have to buy it yourself - sucker!"

Unfortunately, you'd be supplementing your treatment. Grounds for the NHS to kick you out.