Saturday, Jan 24, 2009
Bankers really don't know what they're doing
Guardian: Bankers lead way through the trap door
"This week's eye-catching example was Frits Seegers, head of Barclays' retail division, who revealed that he did not simply dip into his savings to buy £1m of shares in the bank in August 2007 - he borrowed the money to do so, using the Barclays shares that he already owned as security. Those shares are now worth 90% less than they were."
Posted by letthemfall @ 03:08 PM (463 views) Add Comment
4 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. japanese uncle said...
This sort of tiny losses are nothing for these fat cats, having paid themselves multi-million pounds of salaries/bonuses.
2. Retiredbanker said...
J.U.
Absolutely spot on.
I cannot believe how some of the idiots that I have worked with in the past are now holding such senior positions in the bank.
Never believe that the people at the top of an organisation know what they are doing ( I used to when I first started work, but rapidly
became disillusioned).
3. inbreda said...
Wow - if my heart bleeds much more i might feel faint.
4. troy said...
3. The banking system creates money out of nothing. We are concerned at the claim that there is no money to fund vital public services, industries, and social and environmental projects, when this money at source is created out of nothing. Governments should be able to supply money, debt-free, without having to borrow from the banking system. "Debt-free" means that it does not have to be repaid.
4. The debt-based economic system must be challenged and alternatives constructed. The economy needs a supply of money debt-free
http://www.prosperityuk.com/prosperity/bromsgrove/principles.html