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juvenal

Brown Opposes Curb On Bankers Bonuses

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Things will come to ahead at the next G20...............Us/UK want to try to tough it out.............Euroland knows it got raped but is in 2 minds which way to go..........Russia want to implode US as pay back for it getting raped after the fall of the USSR.............China wants to sit in the back ground & quitely take over.

Mike

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http://news.bbc.co.uk/1/hi/business/8234497.stm

Rest of Europe is behind regulation, but Brown's still protecting the banker's interests.

He certainly isn't concerned about ours.

Is it me..or is this is, like, pretty much the opposite of what the Gordoswine was spouting off about on the telly today :blink:

edit..added 'of'

Edited by SOAP

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Brown will be gone in 9 months. Those bankers' days are numbered.

I wouldn't bet on it.

Boris is in Brussels today, singing the banksters tune.

Sadly so will Cameroon when he gets in.

Our democracy has been captured

All Brown has on his mind is a nice bankster job after leaving politics, just like Blair.

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http://news.bbc.co.uk/1/hi/business/8234497.stm

Rest of Europe is behind regulation, but Brown's still protecting the banker's interests.

He certainly isn't concerned about ours.

I don't agree but can understand.

The uk is dying, all we have is north sea oil and london as a financial hub.

The oil is getting thin. London is dying.

If we cut bonuses then bankers will move elsewhere and we will lose out on their cash/taxes/business.

Pay the spivs or dead in the water?

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I don't agree but can understand.

The uk is dying, all we have is north sea oil and london as a financial hub.

The oil is getting thin. London is dying.

If we cut bonuses then bankers will move elsewhere and we will lose out on their cash/taxes/business.

Pay the spivs or dead in the water?

That is totally retarded. Banker bonuses got big how? By loading the rest of us with debt via fishy financial engineering, the result of which is a massive destruction of our wealth. The tax take from their income is gnat's piss compared to the impoverishment they have bestowed on the rest of us

there'll be hell to pay. If the law won't prosecute, the mob will

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Those Bankers are Finished!

The total ponzi system will be flushed, Asia will quickly take over, Germany will be the NEW centre, London will fade fast.

Mike

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That is totally retarded. Banker bonuses got big how? By loading the rest of us with debt via fishy financial engineering, the result of which is a massive destruction of our wealth. The tax take from their income is gnat's piss compared to the impoverishment they have bestowed on the rest of us

Gordon has done a top jop to pass all the blame for his failed economy on to bankers. Even though it was he himself who set up the tripartite regulatory system to 'ensure financial stability'. Which clearly failed dismally. His inflation target that he gave the MPC failed dismally to aid financial stability - it should have taken into account asset prices.

Essentially banking is about financial intermediation - somebody wants to borrow money, some wants to deposit it and receive a the best yield on their money. The more intermediaries there are, the less money each can make. Ideally they'd be no intermediaries like BetFair etc. But the FSA are very strong on mis-selling. If anyone is sold something they don't understand they can say the didn't understand it, and they don't have to pay. The FSA is actually quite good at consumer protection.

But, with eager counterparties on both sides of the trade and encouragement from the regulators, it takes a very strong individual to say No, you can't invest your money and No you can't have that 100% mortgage. Especially as even Gordon was boasting about the lowest interest rates for a generation - partly due to huge out-of-control effect of securitisation and it's effect on the money supply.

Bankers take their part of the blame but they are essentially agents in a large economy based on a fiat money system. It is ultimately up the creators/stewards of this fiat economy to run it. You can't expect bankers to control the UK levels of credit and M4 money supply. At that was the root cause of the credit frenzy, and the subsequent collapse.

Also, everyone seems to blame the 'Casino' investment bankers, but in all the UK banks, it was the commercial and residential loan books that caused the write downs. That's retail banking, not investment or markets activity. In fact in the UK the 'Casino' parts of banks have been very stable, buying, selling, making a market, not making losses, even in RBS!

It was the bog standard, simple, lending of money to businesses and individual that caused all the losses that required the bailouts. But the people in charge of this part are not the people that the EU and others are targeting for excess pay! It was the Andy Horby's and Fred the Shred's that needed the bailouts.

/rant

BTW, the only reason I got a IT job in a bank was to earn more so I could buy a house - still haven't got one!

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Gordon has done a top jop to pass all the blame for his failed economy on to bankers.

<snip>

Some fair points there, well made.

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I'd rather London failed than letting those fools rich it up.

Let the City fall, and the rest of the UK outside of London can get on with our lives.

Face it - the UK is not special. London's importance is rapidly fading. I, and many others, couldn't care less if London was a "Global Financial Hub" or not.

Broon is again looking out for the only person he cares about. Corrupt to the core. He wouldn't get a cushy bankster job if he talked down their bonuses now would he?

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Gordon has done a top jop to pass all the blame for his failed economy on to bankers. Even though it was he himself who set up the tripartite regulatory system to 'ensure financial stability'. Which clearly failed dismally. His inflation target that he gave the MPC failed dismally to aid financial stability - it should have taken into account asset prices.

Totally agree with this. You have to admire his ability to transfer the blame even though it's frustrating.

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Bankerbear. I agree with much of what you write. However, noone put a gun to bankers' heads forcing them to:

- develop near zero-capital banking using CDS

- missell toxic cdos and mbs that they simultaneously short

- mark assets to fantasy

- bribe politicians and regulators to ensure the industry became lawless and unpoliced

A coup happened. Money bought bankers the politicians, more money and more power.

Brown is culpable. They are too

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When will Brown, Cameron, et al, start to represent the electorate rather than the banksters. They're a disgrace.

Edited by gruffydd

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Gordon has done a top jop to pass all the blame for his failed economy on to bankers. Even though it was he himself who set up the tripartite regulatory system to 'ensure financial stability'. Which clearly failed dismally. His inflation target that he gave the MPC failed dismally to aid financial stability - it should have taken into account asset prices.

Essentially banking is about financial intermediation - somebody wants to borrow money, some wants to deposit it and receive a the best yield on their money. The more intermediaries there are, the less money each can make. Ideally they'd be no intermediaries like BetFair etc. But the FSA are very strong on mis-selling. If anyone is sold something they don't understand they can say the didn't understand it, and they don't have to pay. The FSA is actually quite good at consumer protection.

But, with eager counterparties on both sides of the trade and encouragement from the regulators, it takes a very strong individual to say No, you can't invest your money and No you can't have that 100% mortgage. Especially as even Gordon was boasting about the lowest interest rates for a generation - partly due to huge out-of-control effect of securitisation and it's effect on the money supply.

Bankers take their part of the blame but they are essentially agents in a large economy based on a fiat money system. It is ultimately up the creators/stewards of this fiat economy to run it. You can't expect bankers to control the UK levels of credit and M4 money supply. At that was the root cause of the credit frenzy, and the subsequent collapse.

Also, everyone seems to blame the 'Casino' investment bankers, but in all the UK banks, it was the commercial and residential loan books that caused the write downs. That's retail banking, not investment or markets activity. In fact in the UK the 'Casino' parts of banks have been very stable, buying, selling, making a market, not making losses, even in RBS!

It was the bog standard, simple, lending of money to businesses and individual that caused all the losses that required the bailouts. But the people in charge of this part are not the people that the EU and others are targeting for excess pay! It was the Andy Horby's and Fred the Shred's that needed the bailouts.

/rant

BTW, the only reason I got a IT job in a bank was to earn more so I could buy a house - still haven't got one!

Come on! The banking sector pushed for deregulation, then they had a party. The banksters and their political puppets ARE to blame for both the deregulation and the aftermath. This is how it happened in the US: http://www.moneymorning.com/2009/01/13/der...nancial-crisis/

Edited by gruffydd

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What's Brown got to do with private sector pay? Oh yeah, nothing.

I'm not advocating the excesses, I'm just stating the fact that Brown and his ilk paid these greedy piggies money, but for no gain to the public whatsoever. All of the money goes directly into bankers, shareholders' pockets? That's exactly what you get if you give taxpayers' money to a faceless (and failed or not) corporate entity. Suck it up. We all sure will. Looks like we have to.

It's like me giving a £50 to a tramp and then the next week asking said tramp for a tab. All I'm going to get is a verbal attack, complete with spittle in the face. I shouldn't have bothered in other words. And now it's splunked.

Got any gold left, Gordo? Any old gold for postalgold.com?

Edited by jammo

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Those Bankers are Finished!

The total ponzi system will be flushed, Asia will quickly take over, Germany will be the NEW centre, London will fade fast.

Mike

How can you be so sure?

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Asia has capital

The West has debt, which we confuse for wealth

Asia can grow by turning all consumer-oriented

The West can't

The Chinese are diversifying out of the dollar and forming energy/ resource alliances/ acquisitions

The West is paying people to destroy their cars to buy new cars on credit

The only fly in the ointment is global military conflict - how that will affect our fortunes I don't know. But we're not looking so hot fighting the poorest nation on Earth, so I don't rate our chances

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Totally agree with this. You have to admire his ability to transfer the blame even though it's frustrating.

Gordon didnt have a clue what was going on, except, mega money was being made and taxes flowed.

Bankers themselves didnt see any harm in over-rating MBS bundles and selling them to each other...then leveraging up on the "as good as cash" securities they created.

Bankers did see the harm the eventual inability to settle they suffered...then they went back to Brown and demanded money with the threat that one big bank down would take them all down.

Close it. We dont need it.

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According to C4 news, he's now in favour of curbing bonuses... :blink:

we are all infavour of curbing bonuses....just needs someone to do something!

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Guest sillybear2
http://news.bbc.co.uk/1/hi/business/8234497.stm

Rest of Europe is behind regulation, but Brown's still protecting the banker's interests.

He certainly isn't concerned about ours.

Well of course, he always answers to his masters. They asked him to bail and print and he complied, now the bankers want to extract the loot put up by the tax payer, he'll comply with that too, when the bankers ask the government to lend them money so they can buy our motorways and hospitals and charge us for using our own assets he'll agree to that too.

Brown has no grounding or qualifications in economics, it's no surprise he's so clueless, the only question is why the media and public are even more clueless about him.

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