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Nice work if you can get it, what a load of bankers

Community Veteran
Posts: 3,291
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Registered: 10-08-2007

Nice work if you can get it, what a load of bankers

Interesting article on the decline of British banking
Quote
There you have it in a nutshell. When Gordon Brown says that it is all the fault of the Americans, nobody forced the British banks to lend to them. And it is not only the bankers we want to see on their way to the guillotine: they should be joined by the regulators who either turned a blind eye to what was happening or were simply incapable of finding out. Were they knaves or fools?
Then there are the non-executive directors of the bank boards, happily trousering their fees without ever asking any difficult questions or calling a halt to the madcap expansion of credit.
And what about the government ministers who are trying to blame everyone but themselves, yet who presided over the economic policies that allowed this profligacy to flourish? They should be joined on the tumbrels by the central bankers whose handling of monetary policy would have been just as effectively conducted using a crystal ball and a Ouija board.
But pride of place must go to the bank bosses: to Adam Applegarth, 46, who took Northern Rock over the edge and still walked away with a severance deal worth £63,000 a month and who has a pension fund worth more than £2 million from which he can start drawing at 55; to Andy Hornby, who was paid £630,000 in 2007 to run HBOS, augmented by an ''incentive'' of £1.7 million, and who drove it into the wall; and to Sir Fred Goodwin, chief executive of RBS, who was paid about £30 million in his 10 years with the busted company and left with a pension pot worth £8.4 million.
Between 2003 and 2007, the basic pay and cash bonuses (excluding share-based payments) of just five bank chief executives totalled over £52 million.

Full Article
41 REPLIES
Community Veteran
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Registered: 15-06-2007

Re: Nice work if you can get it, what a load of bankers

For one moment I thought - who is trying to get round the swear filter or can't spell.  Grin
Then I read the link and stepped back in amazement - The Telegraph said that, who would ever have believed it.
I remember on numerous occasions a statement on the lines of "We will maintain our overall borrowing requirement at responsible levels over the economic cycle"
Am I the only one who think that the wheels have fallen off the cycle.
Community Veteran
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Registered: 10-08-2007

Re: Nice work if you can get it, what a load of bankers

Quote
Am I the only one who think that the wheels have fallen off the cycle.

No Jim you are not! Scary or what
techguy
Grafter
Posts: 2,540
Registered: 12-09-2008

Re: Nice work if you can get it, what a load of bankers

Thinl they should all be subjected to a public flogging, have their houses and cars taken away and put on the worst council estate while their severance pay and pension pots go to getting us out of this mess.
And there's the likes of us working our butts off for relative peanuts eh?
Community Veteran
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Registered: 30-08-2007

Re: Nice work if you can get it, what a load of bankers

On a really base animal level, I want revenge, somebody somewhere has to be accountable for this mess, heads and their assets (which are actually our assets) need to roll, and roll soon or anarchy will surely follow.
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
techguy
Grafter
Posts: 2,540
Registered: 12-09-2008

Re: Nice work if you can get it, what a load of bankers

Maybe we ought to organise some sort of protest.
Sadly we cant get right outside Downing Street or OUR Hoses of Parliament.
Ideas anyone?
Community Veteran
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Registered: 10-08-2007

Re: Nice work if you can get it, what a load of bankers

@ Petlew
I agree, I want revenge too.
techguy
Grafter
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Registered: 12-09-2008

Re: Nice work if you can get it, what a load of bankers

Me too, peaceful protest of course but would like theor addresses to be published so we can go and protest outside their mansions.

Whose with me?
Community Veteran
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Registered: 30-08-2007

Re: Nice work if you can get it, what a load of bankers

I've read a couple of replies here and elsewhere that blame the "greediness" of Joe public for all this, well, to some extent that maybe true. Personally I'm no longer in any sort of mortgage trap, and they were rather harder to get when I was. But I think that greediness and human nature will get a bit blurred, if you were looking for somewhere to live and bring up your family, and Fred Bloggs building society or whatever offered a deal at a ludicrous x your income, would you investigate the asset worth of the company? probably not, more likely you would bite their hand off for the money.
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
techguy
Grafter
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Registered: 12-09-2008

Re: Nice work if you can get it, what a load of bankers

I think in addition to what you have said it was people remortgaging to fund other stuff such as a new car, holiday etc, basically using their house as an ATM which caused an issue.
198kHz
Seasoned Pro
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Registered: 30-07-2008

Re: Nice work if you can get it, what a load of bankers

It's human nature that if you want to buy a house you'll take all the credit that's offered. It should be 'banker's nature' to limit the funds available depending on the client's circumstances - patently this hasn't been happening for several years.
Not young enough to know everything
techguy
Grafter
Posts: 2,540
Registered: 12-09-2008

Re: Nice work if you can get it, what a load of bankers

Securitisation has been the cause of the problem, take on a dodgy loan and then sell it on.
randpwar
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Registered: 01-08-2007

Re: Nice work if you can get it, what a load of bankers

My understanding is that the collective noun for these people is a Wunch of Bankers  Wink
Community Veteran
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Registered: 05-04-2007

Re: Nice work if you can get it, what a load of bankers

Oh well, the subject line is just one letter out Grin
StickyMick
Grafter
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Registered: 29-11-2008

Re: Nice work if you can get it, what a load of bankers

Given that we (the tax payer) own a 70% stake in their businesses, can we repossess their houses Cheesy