Some more good news; how soon can we cap their bonsuses? Could we get it done by the end of next week. Only half of bankers would leave? Perhaps we could encourage the other half to depart. After all, these jokers have done a great job destroying the UK economy. We can do without them.
The poll by jobs website eFinancialCareers.com found that 49 percent of British-based bankers would consider voting with their feet such a limit to their income were introduced. That figure rose to 71 percent among financiers with six to ten years experience.
"Were bonuses to be capped unilaterally in the UK, the country would run the risk of an exodus of top financial talent," said John Benson, chief executive of eFinancialCareers.
However, where would they go? Wall street has already fired legions of bankers. The Swiss banking system is also in trouble. Things aren't that rosy in the far east.
Does that mean that these talented financiers are going to stay?
Its understandable, when there are so many opportunities for highly skilled personnel to earn their fortune in the modern British economy. We need more popstars,celebrities and footballers.
ReplyDeleteWhat car plants will they be starting on the line of when they quit?
Hot air!
Bankers and Company Directors have been using the "WE have to pay the tops salaries to keep the top brains" argument for years. It must be clear to everyone now that we haven't had the top brains running our banks and businesses. These people have been stuffing their pockets with cash without regard to the state of the companies that they have been running. Perhaps some sanity will return to the business world after this......We can dream ...Can't we?
ReplyDeleteThese hot shot monkeys should acrualy be paid all the peanuts they deserve ,based on their past records and achievments .
ReplyDeleteAh, wonderful news! Perhaps they will retrain as horticulturists. We're going to need a lot more people growing food in this country! Regardless, there are lots of productive jobs that need doing - electrician, plumber, whatever.
ReplyDeleteWell, given the shit they have left us in, that has to be a good thing, surely? All the evidence is that they are no good at their jobs. Any other industry and they would have been long gone. What is it about banking that it has protected status, especially for the grossly venal and incompetent?
ReplyDeleteIn a nutshell - what use are these people?
"bankers would consider voting with their feet"
ReplyDeleteWith their heads so far up their own arses, I'm suprised they can walk at all.
Ah, wonderful news! Perhaps they will retrain as horticulturists.
ReplyDeleteI sincerely hope not: Then we would have food shortages and all manners of crop infestations that the government would have to bail them out of!
These people are not productive, period! Should they leave their job in a collective fit of narcissistic rage over not getting their entitlement then recovery would be swifter and more certain.
AC: "After all, these jokers have done a great job destroying the UK economy. We can do without them."
ReplyDeleteI don't think you understand.
The bankers made money available at below the cost it would have been if the bankers were not being pressured to do so by the Politicians.
Low cost money lead to mis/mal investments, which were economic while the free (or below cost) money was available. Eventually the Ponzi scheme that financed it collapsed, the result is the cash dried up which should lead to higher interest rates, given that cash is scarce therefor its cost should rise, but again the Politicians want the party to go on, so here we are with next to zero % interest rates.
Over five to ten or fifteen years - take your pick - the low cost money has led car manufacturers to build more in more production. Airlines to add more capacity. In fact all sectors of the economy have been distorted.
But it is not the bankers, they are just the dogs body. The politicians did this.
The boom of the last decade has brought forward demand from the future. Now, industry and the economy will have to deal with the massive overproduction capability, and the misallocation of resources.
Blaming the bankers is shallow and self serving.
We all cooperated in the ponzi scheme. We all partied like there was no tomorrow.
I was basically going to say what Anonymous above said, but in a more terse way and with bad grammar.
ReplyDeleteAs we only need about half as many bankers as we thought we did a while ago, we now know what to do about bankers' bonuses.
ReplyDeleteB. in C.
eFinancialCareers is not exactly an unbiased source of information. It's like asking Nationwide for their views on the housing market.
ReplyDeleteFurther, if you were given a survey that asked "If your income was slashed, would you switch to a country that wouldn't slash your income?" what would you say? A lot of people are going to say yes even if they have no intention of doing it. It's like half the country voting against the government in the local elections as a warning and then bottling out when it comes to the general election.
This survey and results are self-serving and should be considered merely an attempt at political pressure. They are no reflection of reality.
"We all cooperated in the ponzi scheme. We all partied like there was no tomorrow."
ReplyDeleteProposition: all political generalisation phrased in terms of an undefined "we" are cobblers.
"Proposition: all political generalisation phrased in terms of an undefined "we" are cobblers."
ReplyDeleteFair comment.
I still assert Alice and some of the resident commentariat here are blaming the wrong people aka 'the bankers'.
The bankers couldn't have done this without the willing support of the politicians.
In a democracy, we are supposed to control the politicians.
In short I maintain, 'It was the bankers wot done it", is too simplistic.
Proposition: all political generalisation phrased in terms of an undefined "we" are cobblers.
ReplyDelete(anon at 17.23)
Hear hear.
Actually most of us didn't party at all. 7 savers for every debtor apparently.
The country has been dragged down for minorities - again.
"I still assert Alice and some of the resident commentariat here are blaming the wrong people aka 'the bankers'."
ReplyDeleteResident commentariat? Is that me?
Couldn't be!
Alice
electro-kevin: "Actually most of us didn't party at all. 7 savers for every debtor apparently."
ReplyDeleteAre you the same Electro-Kevin who over on Guido Fawkes blog writes of Prescott:
"In opposition he was one of my heroes."
Prescott! Ever someones hero?
Aside from your poor taste, that tells me that you probably voted for this shower, in '97 and maybe again in '01.
I fancy you partied quite hard on both occasions.
electro-kevin: "In actuality he [Prescott] turned out to be the worst of the worst."
There will be more rejoicing in heaven over one sinner who repents that over ninety-nine righteous men.
No wonder you want to pass the buck.
Welcome to redemption brother.
In a democracy, we are supposed to control the politicians.
ReplyDeleteOk, Fine. The problem with that is that the only form of argumentation that will actually change the behaviour of politicians is Violence!! Riots, arson, looting, the guillotine e.t.c. are we quite ready for that yet?
Anon @12:44: "The problem with that is that the only form of argumentation that will actually change the behaviour of politicians is Violence!!"
ReplyDeleteOnly if you think of democracy as something that happens once or twice every five years. Democracy has to be constant, it is hard work. Which is why most people don't have the time for it, thus we end up where we are.