what a bunch of bankers

[TurkeyWithaSunburn]

Everytime I see this thread title on the main page I see "what a bunch of wankers".

 

[dandelion]

Everytime I see this thread title on the main page I see "what a bunch of wankers".

and not in a good way

 

[Qua]

Everytime I see this thread title on the main page I see "what a bunch of wankers".

Hahaha I think that was the idea.

And to Sergeant Torpedo, you raise a good point, there are plenty of young people interested in entering that industry. I go to school with a lot of them. I can assure you as a whole they're of no better mindset when it comes to greed and compassion. In fact it's the promise of high salaries/bonuses that drives people there, not some passion for finance. I know plenty of grads who absolutely hate their jobs for what they know they're doing to people. That and they find it utterly unrewarding outside of the pay.

 

[123scotty]

again this hits headlines. bankers paying themselves big bonus payments by taking the same risks that caused it all in the first case. why is it really annoying because people who are struggling on minimum wage are being taxed to pay for the bail out to keep the banking system going. this needs addressed big time.

 

[freyasworld]

I read a report, (still trying to find the link) in 2008 there was a concerted effort from local authorities and the government to try and reduce the prices of homes accross the UK, the reason, local authorities were getting priced out of the market for affordable homes, in the 80's under Maggie, a lot of the social housing was sold off. Every local authority has large waiting lists for affordable housing, council houses etc. The government wanted to reduce the value of all houses accross the country. Now the mortgage lenders and their valuers placed a value on these homes and offered mortgages accordingly, when the crash eventually came, and properties were devalued by 15-20% this left the banks with a huge problem, left many home owners with negative equity, and the prospect of millions of homes getting repossessed. Once they started this, they were unable to put the brakes on it, couple this with the banking collaspe left the economy in the shit it is in now. However, here is the kicker, the banks were well aware of the government interference in the housing market, all the talk all the information in the news etc. they basically manufactured the housing collaspe, this in turn led to the banks almost going under, hence why the government had to bail them out, and the guys at the top still getting tax payer money for their bonuses.

How true that is only time and history will tell, but there has to be some reason why a private company goes into liquidation and is not allowed to fail, afterall, if you have a mortgage with a bank and the bank goes to the wall, who's fault is that, the management, if it does go bankrupt, guess what, no more mortgage payments! the house is yours unencumbered!

If you have savings, then only £50k is protected, so the rich get stiffed, seems a good plan to me!

 

[midlifebear]

So far, dandelion is winning my vote.

 

[lucky8]

What about non-compete agreements? I mean, they make millions a year and are much more valuable than my 24 year old self, yet I have to sign a non-compete in an effort to protect my employer from myself and encourage retention, yet these allegedly irreplacable execs don't have to sign them? I know this is America and yadda yadda yadda...but something needs to be done about all of this fucking greed already. It's disgusting

 

[dandelion]

So. After years of waiting a committee finally comes up with a report about what we should do to the banks to make them safer. The government (big half, conservative) immediately announces it will postpone implementing it until after the next election. The government (small half, liberal) squeaks and protests this is ridiculous and it must be implemented immediately. I assume the point is to make banks safer so that when the next crash arrives it will be easier to separate those parts which are essential and must be kept going from those parts which are just gambling with others money. But the banks protest any new regulations now will prevent them lending and jeopardise the recovery.

I presume we are making the changes because we believe a further crash is possible.

I presume the last crash was because of the practices bankers were following, and still are.

Why on earth would anyone believe that a reform is not absolutley urgent?

Except perhaps a banker who gets his pay from turnover, not result.

Oh and guess what? Someone just reported a statistic that in the last 5 boom years before the crash the top 10% of earners saw their incomes rise, the rest of us did not.