Bankers: Fixing The System

[SleepyHead]

Heads up.

Going into libor etc.

Here is the link

http://www.bbc.co.uk/iplayer/episode/b01sf11c/Bankers_Fixing_The_System/

Edited May 9, 2013 by sleeping dog

[okaycuckoo]

Watched half an hour.

City of London convinces BBC 2 to spout pro-bank propaganda - mea culpa, it's alright now.

They even repeated the propaganda that Barclays didn't need a bailout.

Depressing.

[SuperChimp]

Is it presented by that idiot Robert Preston or his sidekick Stephanie Flanders?

I stopped watching or listening to any economics or business programs on the BBC about 18 months ago. Utter drivel the lot of it. Even the business news in the morning on the radio.

The BBC presents facts completely out of context, with no historical frame of reference at all. My favorite is when they talk about the supermarkets. "ASDA have increased sales by 2%!" they cheer but avoid talking about the other retailers whose sales have declined by 2%.

[SirGaz]

It did seem a little light to me.

[SleepyHead]

The BBC obviously haven't understood the fiat monetary part of the story.

They still think the banks made "profits" all those years. Without a rigged monetary system, the banker's are nothing. Talentless, unskilled, socially destructive people.

The BBC are still 5 - 10 years behind in their understanding. Same with the politicians.

[zugzwang]

Is it presented by that idiot Robert Preston or his sidekick Stephanie Flanders?

I stopped watching or listening to any economics or business programs on the BBC about 18 months ago. Utter drivel the lot of it. Even the business news in the morning on the radio.

The BBC presents facts completely out of context, with no historical frame of reference at all. My favorite is when they talk about the supermarkets. "ASDA have increased sales by 2%!" they cheer but avoid talking about the other retailers whose sales have declined by 2%.

+1

For a broadcast organisation of its size the BBC's financial reporting is an absolute disgrace. Jeff Randall on Sky is vastly superior, but you really need to watch Bloomberg for the real meat.

And then, of course, there's always Amanda Drury on CNBC,

[The Spaniard]

Nicely ambiguous program title.

[AvoidDebt]

Talentless..

As a contractor in the City I've worked with loads. Not once have I walked away from a meeting or there desktop and thought wow! Had a brief Gerald Ratner moment with a quant once who admitted that his models were crap.

As a web programmer I've also spent a lot of time working with coders and designers including kids still at college. Every day the quality of their work and talent hits me with the wow moment.

[Eddie_George]

As a contractor in the City I've worked with loads. Not once have I walked away from a meeting or there desktop and thought wow! Had a brief Gerald Ratner moment with a quant once who admitted that his models were crap.

As a web programmer I've also spent a lot of time working with coders and designers including kids still at college. Every day the quality of their work and talent hits me with the wow moment.

+1

[SleepyHead]

As a contractor in the City I've worked with loads. Not once have I walked away from a meeting or there desktop and thought wow! Had a brief Gerald Ratner moment with a quant once who admitted that his models were crap.

As a web programmer I've also spent a lot of time working with coders and designers including kids still at college. Every day the quality of their work and talent hits me with the wow moment.

Spot on.

Without a rigged monetary system, they would never 'earn' the living standard they have now.

In the city the word talent...

'City Talent' = To show no empathy for others, and no wider sense of responsibility to society. A willingness to break the law (and willing to take the blame alone as a 'rogue trader' if the SHTF).

Some of the key traits of 'city talent' are very similar to psychopaths. Paul Moore and Prof. Jeff Sachs both used this word in the last month.

Edited May 9, 2013 by sleeping dog

[SleepyHead]

Here is the link

http://www.bbc.co.uk/iplayer/episode/b01sf11c/Bankers_Fixing_The_System/

[SleepyHead]

Spot on.

Without a rigged monetary system, they would never 'earn' the living standard they have now.

In the city the word talent...

'City Talent' = To show no empathy for others, and no wider sense of responsibility to society. A willingness to break the law (and willing to take the blame alone as a 'rogue trader' if the SHTF).

Some of the key traits of 'city talent' are very similar to psychopaths. Paul Moore and Prof. Jeff Sachs both used this word in the last month.

For clarity, here is the wiki definintion of Psychopath. Recognise any of these in today's bankers?

Psychopathy (/saɪˈkɒpəθi/[1]) is a personality disorder identified by characteristics such as a lack of empathy and remorse, criminality, antisocial behavior, egocentricity, superficial charm, manipulativeness, irresponsibility,impulsivity, and a parasitic lifestyle.

Edited May 9, 2013 by sleeping dog

[The Spaniard]

Without a rigged monetary system, they would never 'earn' the living standard they have now.

Yes, it's a rentier money system, parasitic upon the productive economy.

Through interest on the originating commercial loans, we money users pay heavily for the very existence of our medium of exchange.

This is analogous to everyone paying rent to a ubiquitous landlord in order to use the land for productive purposes.

This expense is completely unnecessary - we could readily provide ourselves with a viable debt-free medium of exchange at negligible cost.

http://www.positivemoney.org.uk/

[THE BALD MAN]

Yes, it's a rentier money system, parasitic upon the productive economy.

Through interest on the originating commercial loans, we money users pay heavily for the very existence of our medium of exchange.

This is analogous to everyone paying rent to a ubiquitous landlord in order to use the land for productive purposes.

This expense is completely unnecessary - we could readily provide ourselves with a viable debt-free medium of exchange at negligible cost.

http://www.positivemoney.org.uk/

+1 the current banking system is not adding value....its a dinosaur that without government intervention would be extinct..

[SleepyHead]

Part two on now.

[weaker]

Worst documentary I have ever watched.

Facts misrepresented.

Corzine's rehypothecation of segregated funds described as "using MF Global's own capital".

Hero worship of Dimon.

ugh. complete crud.

[Harry Sacks]

ugh. complete crud.

Depressing, isn't it? Really no point in watching. Laughable propaganda every time.

[deflation]

Betting that firms would go bust is just.., well.. wrong?

The stuff about MF Global dipping into clients' accounts is also covered in their wiki entry:

http://en.wikipedia.org/wiki/MF_Global

"Rolling Stone reported in April 2012 that the number stands at $1.6 billion, and that "nobody disputes the fact that MF Global officials dipped into customer accounts and took...customer money."

Edited May 15, 2013 by deflation

[Take Me Back To London!]

Is it presented by that idiot Robert Preston or his sidekick Stephanie Flanders?

I stopped watching or listening to any economics or business programs on the BBC about 18 months ago. Utter drivel the lot of it. Even the business news in the morning on the radio.

The BBC presents facts completely out of context, with no historical frame of reference at all. My favorite is when they talk about the supermarkets. "ASDA have increased sales by 2%!" they cheer but avoid talking about the other retailers whose sales have declined by 2%.

One alternative, I would highly recommend is http://www.financialsense.com/financial-sense-newshour which covers different sectors of the financial sector. Unfortunately, not all the podcasts are free now, however even the free ones are something altogether far more insightful and intelligent than anything on the BBC, which is just complete lowbrow dross.

Edited May 15, 2013 by Take Me Back To London!

[okaycuckoo]

Worst documentary I have ever watched.

Facts misrepresented.

Corzine's rehypothecation of segregated funds described as "using MF Global's own capital".

Hero worship of Dimon.

ugh. complete crud.

Gave up after 20 mins of the first show.

Heard a good rant from a Welsh guy on R2 Jeremy Vine show today - tore the **** out of a eurosceptic Tory for his real agenda of protecting the City and the gains from financial speculation.

Jeremy and Sally Traffic ridiculed the Welsh guy - too blunt, one track mind. But Jeremy never put the points to the eurosceptic. Plonker.

[Errol]

Worst documentary I have ever watched.

Facts misrepresented.

Corzine's rehypothecation of segregated funds described as "using MF Global's own capital".

Hero worship of Dimon.

ugh. complete crud.

What did you expect. The propaganda has reached absurd levels lately.

[billybong]

Neat though the way that they've got the viewers to pay to consume the propaganda.

So there's no advertising they get an unbiased service Mind you the commercial channels aren't much better - just a different way of paying for them.

Edited May 16, 2013 by billybong

[dances with sheeple]

The mind boggles at all the different types of ways the banks "make" money, I switched off after the first couple of descriptions of different trades etc The whole thing just seems empty and soulless after a certain point, the people involved in trading etc must get addicted to the trade not the money, because the bonus figures mentioned were pretty big? The whole lot could blow up and life will continue, I just wish sheeple would stop borrowing money for anything, that would send a message? (although most money would still be borrowed into existence at the point of entry into the system?)

[The Spaniard]

Concentrated on the PPI and IRP scams tonight (22 May).

Bankers apologising and paying some compensation.

(Psst ... don't mention the liar loans)

[sombreroloco]

While the Yanks are going ahead with pressing charges against former Barclays employees, the FCA (guess what?) have done nothing:

http://online.wsj.com/article/SB10001424127887324069104578529090178698664.html

The FCA, which until recently was called the Financial Services Authority, earlier this year sent warning letters to some individuals, notifying them that the agency intended to seek financial penalties or to ban them from the industry, these people said. In recent weeks, though, the FCA postponed multiple enforcement hearings with the individuals, partly in order to coordinate some of the cases with the SFO and Justice Department, these people said. The FCA hasn't publicly accused any individuals of wrongdoing.