Jump to content
House Price Crash Forum
Sign in to follow this  
scepticus

Merlin : Osborne's Deal With Banks

Recommended Posts

http://blogs.ft.com/westminster/2011/02/the-merlin-trick-on-transparency/

"This compromise is in the interests of Osborne, as well as the banks. Remember that there are around 200 state employees at Royal Bank of Scotland who will be awarded a bonus worth more than £1m this year. The more information the public is given, the more Osborne is put on the backfoot.

So these titans of the public sector, these public servants on the trading floor, will again have to remain anonymous this year. Their selfless work on behalf of the exchequer will go unrecognised by the nation.

Meanwhile the coalition is planning to name all 15,000 council managers earning £58,000 or more as part of a crackdown on waste.

The tensions in the approach are obvious. Merlin is more transparent. But it is not as enlightening or rigorous as Sir David Walker’s proposals, which were ditched by Osborne.

And the Merlin spell carefully ensures that some rather uncomfortable political truths remain secret."

This is hideous (gideous?). Boy wonder's rhetoric on council cuts and council pay exposure is totally unjustifiable given that it it not replicated at the state owned banks. Given the 'special' status of banks as state sponsored entities, there is no reason not to extend this transparency to all UK based banking institutions.

Balls will crucify him on this. What a gift.

Share this post


Link to post
Share on other sites

Balls will crucify him on this. What a gift.

Like Cameron, Clegg and Osborne care. After 5 years (or 10 if Labour remain unelectable) of sustaining Britain's elite by propping up the financial system they will be rewarded with suitably lucrative jobs in the City. Then the sides will swap ends, and Labour will spend 5 or 10 years doing the same. They probably even think they are doing the right thing. "No disasters on our watch!" they will say as they pat one another on the back. A disaster being a significant redirection of national income away from capital and towards labour, of course, even though that is exactly what is needed to resolve the crisis.

Share this post


Link to post
Share on other sites

With the banks ownership was only meant to be temporary.....Though without the legislation in place to deal with failures they can't be released. I think there is a grouping looking at this area.

Share this post


Link to post
Share on other sites

Like Cameron, Clegg and Osborne care. After 5 years (or 10 if Labour remain unelectable) of sustaining Britain's elite by propping up the financial system they will be rewarded with suitably lucrative jobs in the City. Then the sides will swap ends, and Labour will spend 5 or 10 years doing the same. They probably even think they are doing the right thing. "No disasters on our watch!" they will say as they pat one another on the back. A disaster being a significant redirection of national income away from capital and towards labour, of course, even though that is exactly what is needed to resolve the crisis.

Ah, party politics at its absolute finest. They get to blame the 'last lot' for the current problems, no one is accountable. The 'last lot' just wait until the 'current lot' have messed it all up and the cycle begins again. It seems perpetual.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.