Banksters To Have "toys Out Of Pram" Conference Call Today

[R K]

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2011/02/bank_bosses_furious_about_addi.html

The chairmen and chief executives of the UK's big four banking groups are livid that an additional £800m levy has been imposed on their banks (see my earlier post).

According to sources, the chief executives of HSBC, Barclays, Royal Bank of Scotland and Lloyds will have a conference call this afternoon, to decide whether to press ahead with Project Merlin, the lending and bonuses deal under discussion with ministers, or whether to "throw their toys out of the pram" (in the words of a banker).

"We have been negotiating with the Treasury in good faith, on the assumption that the Chancellor would not spring nasty surprises like this on us," said a banker. "We had no idea this was coming and quite frankly some of us are livid."

The question the bank bosses will discuss this afternoon is whether it remains sensible to sign up to Project Merlin, if they can't be certain that the government will resist the temptation to periodically bash them when the political heat is on.

"The whole point of Project Merlin was to reach an accommodation with ministers, to end bank bashing," said a banker. "Is there any point for us of doing Merlin if it begins with what some of us would see as betrayal?"

The government remains hopeful that Project Merlin will still be signed. An official said it was impossible to give the banks advance warning of the tax rise for legal reasons.

I'm not sure why this isn't illegal 'cartel' behaviour.

Conference calls to decide whether or not to "throw their toys out of the pram"?

So much for competition! Poor lickle banksters livid they'll have to pay a measly £800m more in tax as they prepare to steal another £6billion in additional bonus payments.

This entire spectacle with these psychotic nutters and Osborne is turning into even more of a farce.

100% windfall tax and start the prosecutions - it's the only way they'll pay attention.

[Mikhail Liebenstein]

http://www.bbc.co.uk...about_addi.html

I'm not sure why this isn't illegal 'cartel' behaviour.

Conference calls to decide whether or not to "throw their toys out of the pram"?

So much for competition! Poor lickle banksters livid they'll have to pay a measly £800m more in tax as they prepare to steal another £6billion in additional bonus payments.

This entire spectacle with these psychotic nutters and Osborne is turning into even more of a farce.

100% windfall tax and start the prosecutions - it's the only way they'll pay attention.

It is a cartel by definition. Time to send in Eliot Ness.

Seriously they should use the SAS on these guys, storm the conference and kick seven shades of sh1te out of them. (sorry coming all over Michael Portillo - the Thatcher years

) Edited February 8, 2011 by Mikhail Liebenstein

[shermanator]

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2011/02/bank_bosses_furious_about_addi.html

I'm not sure why this isn't illegal 'cartel' behaviour.

Conference calls to decide whether or not to "throw their toys out of the pram"?

So much for competition! Poor lickle banksters livid they'll have to pay a measly £800m more in tax as they prepare to steal another £6billion in additional bonus payments.

This entire spectacle with these psychotic nutters and Osborne is turning into even more of a farce.

100% windfall tax and start the prosecutions - it's the only way they'll pay attention.

Totally concur. If Boy George had any chutzpah he'd veto any bank bonuses for Lloyd's and RBS as they're de facto nationalised, not signing off on £6bn of our money :angry: . As for Barclays and HSBC; are they not benefitting from SLS and and QE propping up their balance sheets? Of course they are, so their bonuses can be vetoed too. Do you really think the Arabs would've invested in Barclays if not for implicit taxpayer support?

Let's end this charade and nationalise all banks now (well, we keep being told how vital they are to the UK after all), wind down the loan books and let a proper banking systen take its place where everyone will know there'll be no guarantees, ever!

[Gone baby gone]

£800 million, remind me what % that is of the entire bonus pot paid by the banks in the UK?

[tomandlu]

Conference calls to decide whether or not to "throw their toys out of the pram"?

Un-fecking-believable. It will be an amusing turn of events if it's the tory party that turns on the banks rather than a popular uprising or a socialist political party... They are, as I repeat ad naseum, playing a very dangerous game. I honestly don't know if they realise how much contempt and hatred is aimed at them. No political party in a democracy can afford not to give the people what they want for too long, and right now what people want is these b*****ers heads on a plate...

[MrFlibble]

This entire spectacle with these psychotic nutters and Osborne is turning into even more of a farce.

100% windfall tax and start the prosecutions - it's the only way they'll pay attention.

It would be funny if we were not in the middle of this mess and on the hook for it all.

Poor old banksters, I bet the bashing really hurts them.

I wish I were a couple of bob behind these crooks.

[shermanator]

Un-fecking-believable. It will be an amusing turn of events if it's the tory party that turns on the banks rather than a popular uprising or a socialist political party... They are, as I repeat ad naseum, playing a very dangerous game. I honestly don't know if they realise how much contempt and hatred is aimed at them. No political party in a democracy can afford not to give the people what they want for too long, and right now what people want is these b*****ers heads on a plate...

Hopefully the Bankster's all consuming greed will be their downfall and as you say rather ironic if it's a Tory Chancellor who stiffs them. It's either the government deal with them or people to the streets - perhaps the penny is dropping in Downing Street, from their various spies around the country.

[Riedquat]

Unbelievable (but unsurprising). They continue to behave like spoiled children, getting upset with a government who's merely cut their pocket money by a tiny amount, when they should be thankful that their necks aren't in nooses. I really, really wish the government would line them up and tell them to shut up, put up, give it all up, and you might just get out of this with your pitiful lives, but there's no chance of them being (a) divorced enough from the banksters, or ( growing a pair even if they were.

[billybong]

They're already starting to threaten again that if they have to pay more taxes then they'll locate elsewhere. Well leave then, go on do it.

[tomandlu]

Hopefully the Bankster's all consuming greed will be their downfall and as you say rather ironic if it's a Tory Chancellor who stiffs them. It's either the government deal with them or people to the streets - perhaps the penny is dropping in Downing Street, from their various spies around the country.

Of course, if one was inclined to be cynical, one might wonder if the banks were not going to make a contrite u-turn in a couple of day and hand over the <sob!> enormous amounts of money being asked of them... That should keep us proles happy for a few days...

[red11]

I completely agree. It's a cartel and Osborne isn't prepared to do anything about it, despite the rhetoric.

£800m is loose change for banks of this size, it's just a small figure used to pacify the uproar over bonuses.

Nothing will be done, the banks and the government are in bed together and don't plan to get out.

[Realistbear]

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2011/02/bank_bosses_furious_about_addi.html

I'm not sure why this isn't illegal 'cartel' behaviour.

Conference calls to decide whether or not to "throw their toys out of the pram"?

So much for competition! Poor lickle banksters livid they'll have to pay a measly £800m more in tax as they prepare to steal another £6billion in additional bonus payments.

This entire spectacle with these psychotic nutters and Osborne is turning into even more of a farce.

100% windfall tax and start the prosecutions - it's the only way they'll pay attention.

Rubbish. The banksters love him for such a trfiling levy.

A few days before this announce the banksters and Ozzy probably met in one their clubs to find a way fo diverting public anger and possible riots:

OZZY: Look chaps, I have a bit of a problem here because you know the public are a bit peeved over your quite justified bonuses so we have to be

seen to be doing something

to keep them quarht.

BANKSTER: I see what you mean -- well lets think of a token that will make you look good and at the same time won't impact the lifestsyle we have become accustomed to...and deserve.

OZZY: Quite, chaps. I will place a token levy that will end up costing the banks well below a Bill which won't impact bonuses to any degree and it will make the public think we are doing something. Do you agree chaps?

BANKSTERS: We can live with a token and we will issue some statemets in the "Brear Rabbit" vein as to how upset we are etc etc.

OZZY: Done then.

[Topher Bear]

Hope they do throw thier toys out of the pram and stop lending, then maybe we can get this hpc underway properly!

Oh yes, on the threats to leave the country, I don't want such greedy self interested people in my country thank you very much. Go away, we would be much better without you, so what if we don't grow our economy so quickly, at least it won't crash regularly!

[billybong]

They're taking their cue from the Mr Diamond saying "the time for bankers remorse is over" so getting back to the bloatery, troughery and greed (at taxpayers expense) and for them the very thought that the taxpayer might be getting back just a very small fraction of what they've had stolen from them well it's enough to make a banker all upset and they'll take their pram elsewhere. Well go on then, go.

Edited February 8, 2011 by billybong

[Papa Serf]

Keep a look out for a flash crash. If they do they should be arrested for terrorism. Go on do it.

[leicestersq]

I wish they would change the law on shareholder votes, so that only the individual who owns the shares can vote. That would stop insurance companies and banks etc, that hold shares on behalf of others from voting. I think we would see bonuses disappear in a puff of real shareholder anger. At the moment the banks all hold each others shares, and vote themselves what bonuses they like.

As for Osborne, what a cowardy custard. Just tell the banks zero bonuses, and withdraw banking licences from any that decide that they are too cool for austerity.

[FIGGY]

To me it shounds like a sound bite, lets be all angry so the public think the £800m is going to hurt us then everyone will get off our case.

[Realistbear]

To me it shounds like a sound bite, lets be all angry so the public think the £800m is going to hurt us then everyone will get off our case.

+1

Exactemente. They take us for the fools we are. They don't want rats* in the streets.

______________________

* Rarts**

**Riots

[Riedquat]

To me it shounds like a sound bite, lets be all angry so the public think the £800m is going to hurt us then everyone will get off our case.

Quite possibly, but it also seems possible that they can't accept not being able to cling on to every penny that they steal. Are they capable of losing a little on a largely meaningless gesture? For them to actually make a gesture suggests that they know what people are thinking - do they? Since they couldn't give a damn it's possible that they've not even bothered looking.

[FreeTrader]

Rubbish. The banksters love him for such a trfiling levy.

A few days before this announce the banksters and Ozzy probably met in one their clubs to find a way fo diverting public anger and possible riots:

<snip>

I agree RB, but if you'll forgive me I'll edit your little conversation to better reflect reality:

OZZY: Look chaps, I have a bit of a problem here because you know the public are a bit peeved over your quite justified bonuses so we have to be

seen to be doing something

to keep them quarht.

BANKSTER: I see what you mean -- well lets think of a token that will make you look good and at the same time won't impact the lifestyle we have become accustomed to...and deserve. So here’s the deal – we’re currently sitting on £140bn of reserves that the Bank of England created under QE, and we’re being paid interest on these reserves by the BoE at Bank Rate. It’s free money. Now, interest rates are expected to rise soon, and let’s say they go up by an average of 0.5% over the next year. That’s going to be an extra £700m in our pockets. So how about we give you that back, and it’ll make you look tough, even though it won’t cost us anything.

OZZY: Excellent. Is it okay if I add a little bit, taking it up to £800m? That will mean I really have hammered you, and you can’t ever say I was your bitch.

BANKSTERS: We can live with that, and we will issue some statements in the "Brer Rabbit" vein as to how upset we are etc etc.

OZZY: Done then.

[Realistbear]

I agree RB, but if you'll forgive me I'll edit your little conversation to better reflect reality:

OZZY: Look chaps, I have a bit of a problem here because you know the public are a bit peeved over your quite justified bonuses so we have to be

seen to be doing something

to keep them quarht.

BANKSTER: I see what you mean -- well lets think of a token that will make you look good and at the same time won't impact the lifestyle we have become accustomed to...and deserve. So here’s the deal – we’re currently sitting on £140bn of reserves that the Bank of England created under QE, and we’re being paid interest on these reserves by the BoE at Bank Rate. It’s free money. Now, interest rates are expected to rise soon, and let’s say they go up by an average of 0.5% over the next year. That’s going to be an extra £700m in our pockets. So how about we give you that back, and it’ll make you look tough, even though it won’t cost us anything.

OZZY: Excellent. Is it okay if I add a little bit, taking it up to £800m? That will mean I really have hammered you, and you can’t ever say I was your bitch.

BANKSTERS: We can live with that, and we will issue some statements in the "Brer Rabbit" vein as to how upset we are etc etc.

OZZY: Done then.

Absoltutley. These people are rotten to the very core. The public should take to the streets.

[nixy]

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2011/02/bank_bosses_furious_about_addi.html

I'm not sure why this isn't illegal 'cartel' behaviour.

Conference calls to decide whether or not to "throw their toys out of the pram"?

So much for competition! Poor lickle banksters livid they'll have to pay a measly £800m more in tax as they prepare to steal another £6billion in additional bonus payments.

This entire spectacle with these psychotic nutters and Osborne is turning into even more of a farce.

100% windfall tax and start the prosecutions - it's the only way they'll pay attention.

Yes. Failure to do so is tantamount to official endorsement.

[PopGun]

What's the date this year when we're "free of the taxman"?!

When ever it is, lets make it smack a banksta day!

Oh the joys and miracles of 'free market' casino capitalism! Kuntz.

[Blue Peter]

£800 million, remind me what % that is of the entire bonus pot paid by the banks in the UK?

13% according to the Pesto article,

Peter.

[Bloo Loo]

I wish they would change the law on shareholder votes, so that only the individual who owns the shares can vote. That would stop insurance companies and banks etc, that hold shares on behalf of others from voting. I think we would see bonuses disappear in a puff of real shareholder anger. At the moment the banks all hold each others shares, and vote themselves what bonuses they like.

As for Osborne, what a cowardy custard. Just tell the banks zero bonuses, and withdraw banking licences from any that decide that they are too cool for austerity.

JSA is good for the soul.