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Best Paid = Most Useless

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Govenor King's Mansion House address has done little to disabuse me of the growing belief that the more one is paid, the more useless one is. Aside from the obvious disparities of pay between nurses and footballers, I draw your attention to the raft of executives, investment bankers, fund managers, analysts and lawyers employed to bring about the banking deal of the century - ie the stitching together of Lloyds TSB with HBOS.

Shareholders of Lloyds, the supposed clients of this band of fools / knaves, were told that the waiving of competition law presented a once in a lifetime opportunity to create a near monoploy in the British banking system. Many said "so what?" Others said "so what and for how long?"

Well, Europe has already been complaining about the legality, and now Mervyn has essentially given his backing to a break up of the mega-bank by declaring:

If some banks are thought to be too big to fail, then,

in the words of a distinguished American economist, they are too big.

Of course, given the size of their fees and remuneration, fund managers will have demanded a ministerial written guarantee of the sanctity of the cobbled together group, and lawyers will have dotted evey 'i' and crossed every 't' to make sure it all stands up to any future legal challenges, right? Er, don't hold yer breath.

So now Lloyds shareholders are not only left with a collapsed shareprice, no-dividends and a bank too indebted to survive on its own, but also w/o th emarket position th edeal was sold on.

It all leaves one asking a fundamental question. Just exactly what was in the deal for shareholders of Lloyds?

Put it this way: not a lot, but the fees were f**king good. Say no more. Oh, and yes, people should go to prison for this deal. The charge? Living off of immoral earnings?

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