Sunday, August 23, 2009

Moron Wankers -- Oops sorry More On Bankers

Its seems that even Larry Flynt of Porno/Hustler fame has taken to arms on this issue, see his editorial here. Its very true what he has to say about the history of banking.

Even now here in the UK the parliamentary report on banking has some interesting views not least: 'It (the government) should also review the wisdom of allowing a banking market to be dominated by firms whose balance sheets are larger than the national economy.'



Another interesting one was: 'We recommend that the FSA assess whether bank executives should possess relevant qualifications.' Aha so they failed their economics A levels then... Its nice to know that many of the people in charge of our money are unqualified louts but maybe we guessed that when six bankers ran up a £44,000 wine bill at Pétrus in 2002. They drank a 1982 Montrachet at £14,000 and followed with a 1945 Pétrus at £11,600, a 1946 Pétrus at £9,400, a 1947 Pétrus at £12,300, a 1900 Chateau d'Yquem at £9,200. The food was thrown in for free. Mind you even this pales into insignificance compared to the middle aged investment banker who spent £32,000 on a single bottle of whisky - a Dalmore 62-year-old malt - and drank it with friends in one night at a Surrey hotel in 2006.

The 'tough new measure to reform banking' decided on by Gordon Browns committee actually boils down to ... 'If they continue to gamble and pay huge bonuses then we may decide to restrict how much of their capital they can lend by a few percent.' Since banks typically are allowed to lend 10-15 times their capital this is hardly even a slap on the wrist so its business as usual.

Worse. We have now found that the tax payer has subsidized the generous final salary pension schemes enjoyed by many banking staff at the failed banks... in order to compensate for the slowing down of the economy... when are we going to stop supporting these parasites?

When are we going to learn?

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