Tuesday, Jul 15, 2008
Privatize profits, socialize losses
Daily Mail: Why do the bankers never have to suffer?
There are bound to be those who are appalled at the sight of greedy bankers and lenders, their big bonuses safely tucked away, yet again being saved from ignominy by government or a white knight from overseas.
Where is the help for would-be first-time buyers or families squeezed by ever-higher mortgage rates and charges?
Very few of the City bankers who brought us this mess have been sacked or had the grace to step down.
Yet taxpayers face an ever-bigger bill, thanks to one of the most foolish episodes of poor lending practice in the history of banking.
Posted by little professor @ 12:22 AM (570 views) Add Comment
7 Comments
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1. whiteknight said...
One rule for them. One for you.
2. Still-waiting said...
This is deeply worrying. Not least because I agree with something printed in the Daily Mail.
3. shipbuilder said...
How hilarious that the Mail starts to play the 'big bad business' angle when the poor ickle middle classes start to squeak. Will this new found socialistic side extend to supporting industrial action, or will it be back to 'how dare the plebs inconvenience the rest of us'?
4. Stoatgobbler said...
Clearly not written by someone sitting in a now half-empty dealing room. I think quite a few of my ex-colleagues are actually suffering quite badly.
5. Sneaker said...
The whole of Bear Stearns has basically been closed down. It's ex-CEO Jimmy Cayne lost almost everything.
UBS, Merrill Lynch and Citibank are in a world of pain and whole departments are being emptied on to the streets.
If you were a credit derivatives banker and have been fired, there is no job for you now, and you don't have transferrable skills.
I don't get how people say "the bankers never have to suffer."
They deserve no sympathy, but they are suffering.
6. beartil2010 said...
Can I point out that 'job losses in the city' have been happenning for some time, but people don't seem to think of it in the same way. over the last 6 months a big percentage of the city has been sacked or had pay cuts - I work at a bank, one quarter of my team has been made redundant and the entire contractor base has had 10% cuts as well. Now I'm not crying about it but let's not pretend it doesn't affect banks.
I would draw your attention to the top level execs who get paid big sums for getting laid off having created all of this, and the politicians with no grasp of economics who let the lending bubble grow. It is the people who make the big decisions who need to take some responsibilty here in my humble opinion.
Ps I'm in IT I'm not a banker so don't hate me too much.
7. Steve99 said...
'' beartil2010 said...'' Whos blaming the bank workers? there's probably only 10 people in any bank who make real decisions as to policy and most certainly the lax lending policy that has lead to todays mess. Although DailyMail readers will run amok with what ever opinion they have been told to have. As for the DailyOpinion, they cheerleaded the property/lending boom all the way up and not once did they make mention of the word 'Bubble' and no headlines saying 'Excessive borrowing leads to bust!' The majority of reporters and talking heads I assume are also dictated to by more powerful entities that have a bit of a VI in what our rulers (the banks (not the bank workers) ) are telling them.