Bankers bonuses of £7bn
Discussion
Way to go bankers. Thanks to the SLS you borrow at 0.5%, lend out at 2-6% and make billions on the spread. Then give a slice back to the taxpayer.
Thanks to various mortgage rescue schemes you have no worries about the crap you invested in going bad.
As a taxpayer i feel so honoured you'll give some back to me. Not that i'll ever see it.
Why cant the govt just lend out directly and stop either overcharging people to borrow, or underpaying people to save? or are the banks risk models just so fantastic the Govt cant do better. Although recent events suggest even Gordon would have had a difficult time doing worse.
Thanks to various mortgage rescue schemes you have no worries about the crap you invested in going bad.
As a taxpayer i feel so honoured you'll give some back to me. Not that i'll ever see it.
Why cant the govt just lend out directly and stop either overcharging people to borrow, or underpaying people to save? or are the banks risk models just so fantastic the Govt cant do better. Although recent events suggest even Gordon would have had a difficult time doing worse.
12gauge said:
Way to go bankers. Thanks to the SLS you borrow at 0.5%, lend out at 2-6% and make billions on the spread. Then give a slice back to the taxpayer.
Thanks to various mortgage rescue schemes you have no worries about the crap you invested in going bad.
As a taxpayer i feel so honoured you'll give some back to me. Not that i'll ever see it.
Why cant the govt just lend out directly and stop either overcharging people to borrow, or underpaying people to save? or are the banks risk models just so fantastic the Govt cant do better. Although recent events suggest even Gordon would have had a difficult time doing worse.
The Government Thanks to various mortgage rescue schemes you have no worries about the crap you invested in going bad.
As a taxpayer i feel so honoured you'll give some back to me. Not that i'll ever see it.
Why cant the govt just lend out directly and stop either overcharging people to borrow, or underpaying people to save? or are the banks risk models just so fantastic the Govt cant do better. Although recent events suggest even Gordon would have had a difficult time doing worse.
Have you ever seen a government run anything efficiently? I guess you can't have been alive in the sixties and seventies or early eighties, I guess you didn't live through nationalisation, you probably didn't try to get a phone connected in the days of nationalised telecoms, probably have only heard of the joke that was British Leyland.....
Believe me the one way to really screw something up is to get a bunch of people with no experience of what they are doing (aka politicians) to try and run something important.
king do. 12gauge said:
Why cant the govt just lend out directly and stop either overcharging people to borrow, or underpaying people to save? or are the banks risk models just so fantastic the Govt cant do better. Although recent events suggest even Gordon would have had a difficult time doing worse.
I absolutely agree with you - but sadly governments have an appalling track record with money. In particular they can't tell the difference between spending and investing. Just like the modern banker seems unable to tell the difference between investing and gambling.Our last government was so bad (you remember, "ten years prudent management of the economy" and "the end of the boom bust cycle") that even their regulator failed to regulate!
It's no use, I'm addicting to trolling:
"Warren Buffett, the billionaire investor, has hit out at pay practices on Wall Street, attacking the lack of reform despite two years passing since the financial crisis struck.
"People have a propensity to gamble, and it gets made easier and easier for them," Mr Buffett told a conference in Washington DC yesterday. "One of the problems we still have is we have unbalanced incentives for managers of huge financial institutions."
In future, chief executives of banks who need government assistance should "go broke", said Mr Buffett. Their wives "should go broke, too", he added.
http://www.telegraph.co.uk/finance/newsbysector/ba...
"Warren Buffett, the billionaire investor, has hit out at pay practices on Wall Street, attacking the lack of reform despite two years passing since the financial crisis struck.
"People have a propensity to gamble, and it gets made easier and easier for them," Mr Buffett told a conference in Washington DC yesterday. "One of the problems we still have is we have unbalanced incentives for managers of huge financial institutions."
In future, chief executives of banks who need government assistance should "go broke", said Mr Buffett. Their wives "should go broke, too", he added.
http://www.telegraph.co.uk/finance/newsbysector/ba...
AJS- said:
No objection to the bonuses being paid, but for banks that are or were funded by the tax payer then people are bound to get angry, and rightly so.
They should have let them go bust.
Even the banks that didn't nearly go bust have had an easy ride with paying out low interest on savings and then not passing on the savings to anyone else and cutting back on lending to small business.They should have let them go bust.
Someone will be along soon to reel out the usual nonsense about at ALL being Bill Clinton's fault. Nothing to do with credit default swaps or anything.
GeraldSmith said:
12gauge said:
Way to go bankers. Thanks to the SLS you borrow at 0.5%, lend out at 2-6% and make billions on the spread. Then give a slice back to the taxpayer.
Thanks to various mortgage rescue schemes you have no worries about the crap you invested in going bad.
As a taxpayer i feel so honoured you'll give some back to me. Not that i'll ever see it.
Why cant the govt just lend out directly and stop either overcharging people to borrow, or underpaying people to save? or are the banks risk models just so fantastic the Govt cant do better. Although recent events suggest even Gordon would have had a difficult time doing worse.
The Government Thanks to various mortgage rescue schemes you have no worries about the crap you invested in going bad.
As a taxpayer i feel so honoured you'll give some back to me. Not that i'll ever see it.
Why cant the govt just lend out directly and stop either overcharging people to borrow, or underpaying people to save? or are the banks risk models just so fantastic the Govt cant do better. Although recent events suggest even Gordon would have had a difficult time doing worse.
Have you ever seen a government run anything efficiently? I guess you can't have been alive in the sixties and seventies or early eighties, I guess you didn't live through nationalisation, you probably didn't try to get a phone connected in the days of nationalised telecoms, probably have only heard of the joke that was British Leyland.....
Believe me the one way to really screw something up is to get a bunch of people with no experience of what they are doing (aka politicians) to try and run something important.
RYH64E said:
Am I missing something here? If city bankers get £7bn in bonuses this year, won't 50% of that go straight to the taxman? Good news surely?
Sorry if a repost.
Not really if it costs many times more to bail them out every few years. Is the bad news the complete lack of reform in the banking sector?Sorry if a repost.
anonymous said:
[redacted]
If banks were left to go bust would there have been no damage to the 'other' banks?I thought banks are interlinked and having some large banks to go bust combined with a complete lack in customer confidence would have caused much larger damage to the banking sector.
anonymous said:
[redacted]
You believe and/or accept what a politician says?! The coalition members can always make sufficiently large additional voluntary tax payments to satisfy their supposed moral superiority and demonstrate to the world that they live by their own maxim, while mere mortals need to do the same to show that this supposed moral outrage isn't fake and hiding a desire for successful people to pay for others' mediocrity or failure.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff