Wednesday, Oct 21, 2009
The truth will out.
The Guardian: Darling blasts Goldman Sachs over bonuses
"I've spoken to all our banks and none of them would be standing here today if the taxpayer hadn't put their hand into their pocket."
Posted by devo @ 08:32 PM (1069 views) Add Comment
16 Comments
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1. devo said...
"Thank you," said the bankster.
"You're welcome," replied the taxpayer. "If you need any more, just ask."
2. crunchy said...
Can we borrow it back off you, with interest on top of course.
Yes, replied the bankster.
Can I borrow it now then?
No!
Why?
Don't be nosey!
Ok then!
3. devo said...
The chief executive of a fairly high-profile company in the City told me that he had recently taken a call from his bank, informing him it was desperate to lend him money. When he asked what for, the bank said “anything”. Property, bonds, shares, it did not matter.
Source: http://www.thisislondon.co.uk/standard-business/article-23758374-cheap-money-offers-that-beggar-belief.do#
4. icarus said...
More paw-wringing from Badger. Let's not forget that he played a large role in creating the panic that led to the bank bailouts "in order to save the financial system and the world". He ruled against the loan facility/guarantee to Lloyds TSB (or failed to overrule King's objection to the facility) which it required in order to buy Northern Rock. Instead, said panic / bailouts resulted.
He seems to have played a significant role a year later in the Lehman collapse, which also led to panics and bailouts. Bear Stearns had been saved at the last minute thanks to a Fed loan to JP Morgan Chase. Lehman was in a similar situation but this time it was a British bank - Barclays - which wanted to take over the stricken bank. Barclays needed from Badger a waiver from a regulation that shareholder approval was required. Badger refused, but no explanation has been offered as to why he waited so long to finalise his decision. The delay meant that the Fed and US Treasury weren't able to step in with alternative arrangements. Lehman went belly-up and yet more panic - and bailout atmosphere - was created.
Evidence coming out regarding the timetable of various events suggests that Lehman was pushed, giving Paulson the excuse he needed for the $700 bn TARP deal - all good stuff for Goldman (the subject of Badger's ire in this latest outburst), which also saw its arch-rival bite the dust. Shortly after this Brown and his EU and G20 buddies were making noises about enhancing the regulatory power of global institutions.
Maybe crunchy is onto something.
5. devo said...
Your memory is playing tricks on you, icky.
Everyone knows it was Robert Peston who brought down Northern Rock.
6. fallingbuzzard said...
Gosh, how much did he withdraw?
7. devo said...
Gosh, how much did he withdraw?
No one knows except Robert himself.
And he's not saying.
8. crunchy said...
4. icarus
http://www.youtube.com/watch?v=2il9GCaUSwI
http://www.youtube.com/watch?v=OqZUbe9KIMs
Who me?
9. devo said...
Some say he tried to withdraw £5 million... but I don't know where that rumour came from.
10. crunchy said...
http://www.youtube.com/watch?v=MJ9eebN8k5E&NR=1
Oh boy!
11. britishblue said...
Icarus @4. its a bit far fetched to blame the Lehman collapse on the Badger. He had only been in his job 14 months before this happened. Whether you agreed with the bank bailouts or not (and there are cogent arguments for both sides), what he is saying now is right and it needs politicians worldwide to unite on this. It is unlikely though given that Goldmans Sachs tentacles are firmly around both the main political parties in the States.
Devo @ 3. This may be the case for large companies. Much easier for the banks to lend 20 or 30 million quid to a larger company and make a few million quid on paper rather than lend 50k to a smaller one. It might explain why the Ftse is doing better as the Banksters and big business are in it together (with cheap tax payer provided finance) at the expense of everyone else.
12. devo said...
"It might explain why the Ftse is doing better as the Banksters and big business are in it together (with cheap tax payer provided finance) at the expense of everyone else."
You might be onto something there.
13. crunchy said...
The ivestigation bureau of HPC.
Seek and thou shall find the truth.
Subprime? LOL
14. mark wadsworth said...
"I've spoken to all our banks and none of them would be standing here today if the taxpayer hadn't put their hand into their pocket."??
Shouldn't that read:
"I've spoken to all our banks and none of them would be standing here today if I hadn't put my hand into the taxpayer's pocket."??
Weird.
15. crunchy said...
Every now and then HPC gets me excited.
Like it actually has a higher purpose. A reason for being. A worldliness beyond the now evident distraction of it's original purpose.
16. it_is_going_with_a_bang said...
Remind me again who bailed out the banks with large sums of taxpayers money without "real" strings attached?
So that we can borrow from the banks at inflated costs ( which do not reflect the current base rate ), so that they in turn can pay themselves vast sums of money and pat themselves on the back to say how clever they are. The whole system stinks. In it's simplest form it is just a case of "stand and deliver" your money or your life.