Sponsored silence over
Over the last few months I have been guilty of procrastination.
I have put off posting until the right issue came along. (More a case of up to one’s ears in it. I have been distracted as I come to grips with my new role as a local councillor.)
Anyway, I digress.
I have been feeling an increasing level of irritation. The economy, the Tories, the SNP, the Greeks, the Germans, the Banks have all started to increase my grumpiness levels. The final straw was the Barclay’s thing.
They (and by they I mean Bankers) just couldn’t help themselves. Well they did but you know what I mean. Filling their pockets at every legal opportunity and when that wasn’t enough a scam dreamt up when the Bollinger was running low meant the use of a few illegal ones. Match fixing – sorry rate fixing. To quote John McEnroe ‘You cannot be serious’.
Corruption running right through the industry. When cricketers do no-balls to order they get the jail. When bankers fiddle the rates, well it’s almost expected.
Anyone caught calling for accountability on this scam gets directed to the FSA regs and a diplomatic immunity style response. Can’t be prosecuted loophole drivel is spouted by the hand-wringing do-nothing-about-it brigade. Piss off.
Fraud is clearly defined, as is theft as is conspiracy to defraud etc. I am showing my red knickers here but we should (as a nation) be all over these people like a rash. The law needs to be applied swiftly and in full force. There is no excuse (apart from the obvious political cowardice and self-interest).
Facebook riot inciter got 18 months for being a dumbass (conspiracy element in there somewhere), Gary Mackinnon faces extradition due to the addition of conspiracy charge. Yet some would lead us to believe it doesn’t apply to Bankers.
The application of the law by our honest Boys in Blue and legal system is being severely found wanting (yet again).
Unlikely to be applied to bankers though. Unlikely to be many dawn raids for computers etc.
Bob Diamond has earned over £100m in the last 5 years. Just read that again. £100m or (800 average salaries). Banks have brought us to the edge of ruin (and reason too) and he has stockpiled wealth like a good ‘un. Are we seriously saying that the banking industry doesn’t have a problem.
It does. It is called greed. Pure and simple greed. For the top bankers there is never enough . Bonuses, options, salaries are all inflated and out of control and whenever anyone is daft enough to question this we are warned off with doomsday messages of flight of banks to somewhere else. If you want the best you have to pay. etc etc etc.
What a load of nonsense. They are here to fill their pockets and bury their noses deep in the trough.
Sadly many of our politicians have the same problem.
It is this disconnect with reasonable remuneration that has spiralled over the neo liberal decades and has unbalanced the expectations at the top. The pay spiral for Ftse 100 execs is a prime example of this (up 49% in 2010) when many workers received pay cuts and freezes. Totally out of control and no longer bears any relation to performance of the company or the individual.
Share holders aren’t happy either but seem unable to break the shackles of fear that these captains of industry will leave if we don’t let them gorge themselves on the very dubious profits. Governance has failed in a wholesale fashion.
PPI mis-selling, Credit crunch, Quantitative Easing, LIBOR scandal, Collateralised Debt objects the list gets longer and longer.
The lack of political will on the banks is understandable. No country wants to be the first to say enough and risk a capital flight to another financial hub. I get it. It irritates the hell out of me. Couple that with political funding flowing from these banks to governments of all hues.
Coordinated action is equally unlikely in the near term as the Eurozone struggles along bailing out the leaky boat.
The Bankers know this and their behaviour is only likely to intensify before the shutters truly do come down. They will weather a PR storm while filling their pockets leaving you and I to cough up when the time for bailouts returns.
It’s good to be back.