Banker Parasites Deserting The Host

[Giordano Bruno]

The authorities in the UK and the US completely messed up the bail-out process.

The bankers got themselves into a mess. Brown, Darling et al dragged us all into it when they didn't need to.

Hopefully the authorities in Dubai, China etc won't be so stupid the next time it happens.

Yes. Let them go. Bye bye.

[Papa Serf]

Have they removed all the comments on this article. Says 163 comments but none showing.

edit: No just came back, no need to panic

Edited December 22, 2010 by Papa Serf

[Bloo Loo]

shame, I thought the article might have been about filling the B Ark bound for Golgafrincham.

time for another bath.

[Georgia O'Keeffe]

Have they removed all the comments on this article. Says 163 comments but none showing.

edit: No just came back, no need to panic

whilst im far from wanting to seem like a banker apologist he does have a point on capital ratio increases being damaging, if they were able to reduce them to -100% instead of having to increase them the uk might still be booming

[Captain Cavey]

Have they removed all the comments on this article. Says 163 comments but none showing.

edit: No just came back, no need to panic

Good rant in the comments

damicol

Today 04:31 PM

let me explain simply , so that even those with a challenged IQ can understand what it i am trying to say, in other words all you people who who hold superstitious beliefs, who think that the rest of the world owes them a living and those whose abilites are are at or below being able to f**t and chew gum at the same time .

That includes, without exception, every civil servant, every pontificating loudmouth politician, every left wing unionised makeweight, and every other dribbling soft, whining, moaning idiot who actually believes all this green garbage and tax and airy fairy crap put out by by these clueless trolls that hold them selves up as leaders.

Its all a fairy story. Listen to these half wits and you couldnt take a pee without being fined for some violation or some petty regulation somewhere.

I DO NOT PAY TAX and never will. And if you mugs think that somehow working your ass off for 2 and a half days a week to hand over your wages to these fools in charge is going to make things better, then you are totally deluded.

And you are even more deluded if you think that some guy, smart enough to earn 10 million plus in bonus, is going to stay in the UK and pay to keep you idiots in your fancy never never land by taxing him to death you are sorely mistaken.

The world is changing and you better believe it.

In 5 years time all those bankers and any one else with intelligence will be making fortunes in China and India and you poor sods will be making clogs for the chinese at £2.50 an hour, and licking their boots for the privelege of doing so.

Is it your fault. Hell no, unless you contemplate the fact that in the west you allowed these pathetic pigs called politicians, whether the pig called brown or bliar or the insuffereable prigs in europe who screw you every day, and in the US that mad golly called obama, the ones who bought you for pennies by their pathetic promises and handouts you paid for all along.

No one owes you anything, ever, and that includes me too . I WILL not pay taxes by slaving for you or any one else. And neither will any banker capable of moving his million pound bonus from your stupid political masters grasp. He doesnt care, and neither do I if you eat grass or starve to death.

[libspero]

This is already the case.

The choice for most corporations is where to domicile their headquarters. Their global income is exposed to the tax laws of their "host" country.

Global businesses with UK operations are finding it increasingly attractive to only expose their UK income to the UK tax regime and their global income to alternate regimes.

Yep.. and that's easy to fiddle.

UK branch making any profit? Put up the inter-company transfer price then so they only just break even and all extra profit goes to HQ in the Cayman Islands. Simples.

[easy2012]

Sorry but this naked bankster propaganda is enough to make my blood boil.

:angry:

http://blogs.telegraph.co.uk/finance/ianmcowie/100009122/record-10bn-drop-in-exports-blamed-on-banker-bashing/

46 Comments Comment on this article

Official figures show the biggest ever drop in UK exports of financial services – down by £10bn or one fifth in a year – according to a leading economist who blames banker bashing critics in Government and the media.

Cynics may well ask if the economist is worried about his own end of year bonus. But Tim Congdon, founder of the respected think tank International Monetary Research, has based his analysis on Central Statistical Office figures which are difficult to question.

They show that between the peak in the fourth quarter (Q4) of 2008 and Q2 2010, quarterly exports of the UK’s financial services fell from almost £15bn to less than £10bn. Exports in the year to Q1 2010 were more than £10b lower than in the previous year, a figure equal to about 0.75 per cent of Britain’s gross domestic product (GDP), a measure of economic output.

Mr Congdon points out: “Given that Asian centres have had a great 2010, the official data suggest that the UK’s international financial services industry is being badly hit by officialdom’s assault.

“The UK’s bankers are about to negotiate with their government about how much they can pay their executives and staff. Numerous press reports have appeared that the LibDems are putting pressure on the Conservatives to be ‘tough on the City’.

“Who were those naive fools who thought that, under an allegedly Conservative government, market forces would be allowed to determine the pay of City bankers as well as that of Wayne Rooney and Ashley Cole?”

While political and regulatory mismanagement played major parts in creating the global credit crisis, Mr Congdon claims that the financial services industry alone is being punished in three ways;

* Official demands for large increases in banks’ capital and asset ratios,

* Restrictions on the pay of bankers, especially their bonuses, although the precise definition of ‘banker’ was to some extent at the discretion of the tax authorities, and many individuals who had no connection with commercial banking were included in the net, and

* The imposition of special levies on the banking sector, which in theory might be rationalized as payment for the state’s supposed ‘bail-out’ of certain banks and for the liquidity insurance – that is, last-resort facilities, provided by central banks.

Vincent Cable’s gaffe may reduce his ability to pursue his campaign against bankers’ bonuses to financial services but the danger to the economy as a whole has not passed. The official figures demonstrate how important financial services are to the economic well-being of the United Kingdom and just how damaging the current crackdown has been.

The numbers show that the UK’s exports of financial services product grew in the 22 years to 2008 by 26 times, with a compound annual rate of increase of 16 per cent. As a result, by the end of the first decade of the 21st century these exports constitute almost 4 per cent of GDP and about 20 per cent of the UK’s exports of goods and services.

Mr Congdon said: “It is hardly surprising – given this record, largely based on increases in output per head rather than in employment – that incomes in international financial services moved far ahead of the UK average. What about the latest numbers? What about 2010 so far?

“The main conclusions are that from the peak in 2007 and 2008 the value of the UK’s exports of financial services has fallen, at an annual rate, from about £50bn to about £40bn – that is, by £10bn. The fall is equal to about 20 per cent of the sector’s peak output.”

That’s the biggest drop since these figures have been collected and demonstrates the risk that politicians pandering to the mob are in danger of killing the goose that lays golden eggs. This might be popular in the short term – blaming a minority often goes down well with the majority – but could make us all poorer in the long term.

Think even if RBS unit in HK make a gigantic mess, as its liabilities are guaranteed by RBS Plc which is owned by the UK HM Government, it is still a UK problem...

So banker leaving is not good really... UK get all the bad bits as long as BoE continue its current policy...

[mdman]

The solution for RBS is to wipe it off the face of the Earth with any bank executives guilty of lying about asset values jailed

[LuckyOne]

Yep.. and that's easy to fiddle.

UK branch making any profit? Put up the inter-company transfer price then so they only just break even and all extra profit goes to HQ in the Cayman Islands. Simples.

Inter jurisdictional transfer pricing is a huge problem for global tax authorities.

The easy solution to the problem is to set tax rates to a level that there is no incentive to try to manipulate income allocation.

Unfortunately, this solution means a much smaller state and less benefits for the 51% of the population trying to extract as much as they can from 49% of the population so it is unlikely to ever be implemented.

[Alan B'Stard MP]

EDIT: If there were an award for 'BEST THREAD TITLE OF 2010', I'd give it to this one.

Frankly HM, I wouldn't. I seem to be sat here for the umpteenth time listening to the same old chestnuts moaning the same old song.

The thread title appears a little passe.

Has no-one no new input that I can scavange on?

Any insight seems to have left with sceppy and injus.

[Arthur Kinnell]

The last Conservative government shifted our economy from manufacturing and engineering to finance and services as a matter of political dogma. Lord Young as Trade Secretary said as much. It was a mistake. A financial institution's business can be wiped out at the stroke of a pen; manufacturing and engineering have an impetus much harder to stop.

The painful process of weaning the economy off its dependence on financial services may be beginning, if our politicians have the courage, and the will, to see it through.

So as far as I'm concerned the bankers can sod off and b up someone else's economy, if they're daft enough to let them. And be forbidden from taking their ill gotten gains with them. In fact, exile sounds like a good idea.

[Georgia O'Keeffe]

Inter jurisdictional transfer pricing is a huge problem for global tax authorities.

The easy solution to the problem is to set tax rates to a level that there is no incentive to try to manipulate income allocation.

Unfortunately, this solution means a much smaller state and less benefits for the 51% of the population trying to extract as much as they can from 49% of the population so it is unlikely to ever be implemented.

between corporatism, welfare, the black market and landlordism (commercial and private) i think its far more likely to be 70%+ extracting by now in the uk (probably nearer the classic pareto of 80), so its unlikely to not be implemented, the uk just needs to get to the endgame which may take a few years

[Georgia O'Keeffe]

Frankly HM, I wouldn't. I seem to be sat here for the umpteenth time listening to the same old chestnuts moaning the same old song.

The thread title appears a little passe.

Has no-one no new input that I can scavange on?

Any insight seems to have left with sceppy and injus.

injus doesnt exist, as for his twin however......