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eric pebble

Anthony Bolton: 'bank Directors Should Be Sacked'

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Anthony Bolton: 'Bank directors should be sacked'

Bank directors whose financial strategies caused their share prices to collapse should resign or be sacked, according to one of the most respected fund managers in the City.

http://www.telegraph.co.uk/finance/persona...-be-sacked.html

This guy is HUGELY respected - rightly so -- and I think he talks perfect sense.

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Whats amazing about this is that it even needs to be said. The fact that most of these guys are still in post and still collecting 'bonus' payments says it all really- no wonder they call themselves masters of the universe- they are.

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Whats amazing about this is that it even needs to be said. The fact that most of these guys are still in post and still collecting 'bonus' payments says it all really- no wonder they call themselves masters of the universe- they are.

What even worse is that there is a story doing the rounds that a lot of the short sells that have taken place, were not only naked shorts, but shorts where no attempted was ever made to reconcile the short with a real share. In effect there are a load of fake shares flying around being sold and driving the price down. At some point these will have to be reconciled \nd the fraud exposed with the liability falling back on the banks or hedge funds engaged in this , this will a) drive up share prices massively as the volume for sale falls and B) result in further losses for those corrupt banks.

This is basically fraud, and any banker, CEO or hedge fund manager who has been involved in this should have all their personal assets seized and then be imprisoned.

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What even worse is that there is a story doing the rounds that a lot of the short sells that have taken place, were not only naked shorts, but shorts where no attempted was ever made to reconcile the short with a real share. In effect there are a load of fake shares flying around being sold and driving the price down. At some point these will have to be reconciled \nd the fraud exposed with the liability falling back on the banks or hedge funds engaged in this , this will a) drive up share prices massively as the volume for sale falls and B) result in further losses for those corrupt banks.

This is basically fraud, and any banker, CEO or hedge fund manager who has been involved in this should have all their personal assets seized and then be imprisoned.

Can that really happen?

What should happen to the bankers is they should be shot. Prison is too good for them and why should I pay taxes to look after them?

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This is basically fraud, and any banker, CEO or hedge fund manager who has been involved in this should have all their personal assets seized and then be imprisoned.

Fraud? NAH!!!!!!!!!!!!!!!!

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Can that really happen?

What should happen to the bankers is they should be shot. Prison is too good for them and why should I pay taxes to look after them?

Some discussion here.

www.npr.org/blogs/money/2008/09/catch_it_this_weekend_naked_sh.html

But I guess if you can naked short (ie sell a share when you don't have it), you could rinse and repeat, ie before settlement, create another naked short through another company in on the scam with you and settle using another share you don't have. That way the settlement system on the LSE might be happy, and you are masking a whole chaing of shorts, none of which ever involved real shares.

My bet is some hedgefunds will have done this. In which case, they are a crooks and will get found out.

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Anthony Bolton: 'Bank directors should be sacked'

Bank directors whose financial strategies caused their share prices to collapse should resign or be sacked, according to one of the most respected fund managers in the City.

http://www.telegraph.co.uk/finance/persona...-be-sacked.html

This guy is HUGELY respected - rightly so -- and I think he talks perfect sense.

Eric,

Antony Bolton was one of the few people in the world who controlled such a large tranche of shares and voting rights that he could have influenced the renumeration committees of the major banks. The small shareholders who are now seeing their shares become worthless are being told "they owned the company-they could have influenced company behavior- they didn't so now they feel the pain" but power is vested with people like Bolton, not the holders of a few hundred shares.

So, while I have respect for him as a fund manager, he has been partially responsible for allowing the financial strategies he is now complaining about. If he wasn't a hypocrite he could have threatened to move Fidelity funds out of companies taking exessive risk or paying excess bonuses and the message that would have sent out would have been a lot more powerful than what he is saying now in hindsight.

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No. Death is too easy a way out.

Perpetual torture.

We could outsource the torture to a lower cost country if you're worried about the expense.

How about a day out in Norwich.

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How about a day out in Norwich.

So not appropriate.

One of the best images this week was from the US, with the congressman telling the floor "Let me get this straight, we are going to give the Guys $700bn for assets they don't believe are worth that, then we are going to pay them to manage those assets on our behalf?" Hit the nail on the head perfectly.

They should be sacked and then charged with fraud. Particularly those who did the credit worthiness reports on the instruments.

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So not appropriate.

One of the best images this week was from the US, with the congressman telling the floor "Let me get this straight, we are going to give the Guys $700bn for assets they don't believe are worth that, then we are going to pay them to manage those assets on our behalf?" Hit the nail on the head perfectly.

They should be sacked and then charged with fraud. Particularly those who did the credit worthiness reports on the instruments.

The reality is that none of the $700bn is going to them to bail out assets - it is all going to pay salaries and bonuses of the cr*p bankers.

When they say credit markets have dried up - that means there are 1000's of bankers in credit and derivatives sitting doing nothing an earning nothing for the business. The market has dried up and will NOT recover (any recovery will be 10th of previous levels) so most of these people should be out of a job. Instead the US has just agreed to carry on paying them the exhorbitant salaries they earned while the market was manic and unrealistic, now that it is dead.

In any other indsustry they would be out on the streets already. Free markets? Yeah, right!

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No. Death is too easy a way out.

Perpetual torture.

We could outsource the torture to a lower cost country if you're worried about the expense.

You mean outsource to Syria / Algeria etc.... Regimes with good track records in the area?

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Blimey. Good to know there are others with what I thought was my warped wavelength. I read the first part and was about to reply that they should be shot but I was beaten to it. So I decided to reply they should be tortured and that was there as well.

So... I propose they are publicly tortured to death by being passed feet first through a bacon slicer on the thinnest setting while having vinegar poured on their wounds. And pins poked in their eyes.

No doubt when I hit <Return> someone will have beaten me to this suggestion as well :(

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Blimey. Good to know there are others with what I thought was my warped wavelength. I read the first part and was about to reply that they should be shot but I was beaten to it. So I decided to reply they should be tortured and that was there as well.

So... I propose they are publicly tortured to death by being passed feet first through a bacon slicer on the thinnest setting while having vinegar poured on their wounds. And pins poked in their eyes.

No doubt when I hit <Return> someone will have beaten me to this suggestion as well :(

dont mention Norwich though

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Blimey. Good to know there are others with what I thought was my warped wavelength. I read the first part and was about to reply that they should be shot but I was beaten to it. So I decided to reply they should be tortured and that was there as well.

So... I propose they are publicly tortured to death by being passed feet first through a bacon slicer on the thinnest setting while having vinegar poured on their wounds. And pins poked in their eyes.

No doubt when I hit <Return> someone will have beaten me to this suggestion as well :(

Pity we got rid of Saddam, I read he was partial to putting people through mincers feet first.

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Eric,

Antony Bolton was one of the few people in the world who controlled such a large tranche of shares and voting rights that he could have influenced the renumeration committees of the major banks. The small shareholders who are now seeing their shares become worthless are being told "they owned the company-they could have influenced company behavior- they didn't so now they feel the pain" but power is vested with people like Bolton, not the holders of a few hundred shares.

So, while I have respect for him as a fund manager, he has been partially responsible for allowing the financial strategies he is now complaining about. If he wasn't a hypocrite he could have threatened to move Fidelity funds out of companies taking exessive risk or paying excess bonuses and the message that would have sent out would have been a lot more powerful than what he is saying now in hindsight.

Well I dare say a few of those bankers sat on the Fidelity remuneration committee, thats how it works doesn't it.

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This is basically fraud, and any banker, CEO or hedge fund manager who has been involved in this should have all their personal assets seized and then be imprisoned.

Agreed, also there are some in the government that should be in the cell next to them !

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Blimey. Good to know there are others with what I thought was my warped wavelength. I read the first part and was about to reply that they should be shot but I was beaten to it. So I decided to reply they should be tortured and that was there as well.

So... I propose they are publicly tortured to death by being passed feet first through a bacon slicer on the thinnest setting while having vinegar poured on their wounds. And pins poked in their eyes.

No doubt when I hit <Return> someone will have beaten me to this suggestion as well :(

Dear me you have a vivid imagination combined with some serious S&M issues :P

How about we propose a more civilised solution???

Perhaps working at the deep fat friers at McDonalds until they have repaid all the losses they were responsible for ???? (talk about a multiple lifetime sentence :lol::lol: )

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Boringly, I vote for prison. The crime is fraud, by drawing as income (then paying out as profit, bonuses, tax etc), as capital valuations increased, that should have been held as capital. When capital valuations decreased, there was nothing left. The money was gone.

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The galling thing is that the people who perpetuated and profited from this feeding frenzy of bonuses and outlandish income will have had the ability to protect and secure their gains and whatever happens to the economy or the companies they worked for they will still be fabulously rich beyond what they or their families can ever spend in a lifetime.

In the US, a few people have gone to jail for financial fraud but I don't recall a single successful Serious Farce Squad investigation in the UK.

Hopefully, since the US can now prosecute UK citizens (eg The Barclays 4) and many of these companies are multinational the US courts might jail some of our homegrown shysters for us.

I would love to see some of these folks pulled out of their multimillion pound home counties mansions and forced to be bitches for some 25 stone mass murderer in a Southern State prison.

Their lax ana1 sphincters will remind them what they have done to the rest of us. :P

Edited by dr ray

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We had an enquiry into the mis-selling of pensions.

We had an enquiry into the mis-selling of endowment mortgages.

Will there be an enquiry into the mis-selling of buy-to-let mortgages and self-cert mortgages?

If not, why not?

Edited by blankster

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There really should be a crime of reckless mismanagement.

It seems reasonable that if a major public company goes under, the board should receive public punishment, including jail time and appropriation of assets.

After all, causing mass redundancies and knock on business failures is by far the most negative thing that an individual can do to damage his own society. A thief just messes up the lives of tens of people, or hundreds at the most, a CEO can take down thousands, and the former certainly goes to jail, so should the latter.

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So not appropriate.

One of the best images this week was from the US, with the congressman telling the floor "Let me get this straight, we are going to give the Guys $700bn for assets they don't believe are worth that, then we are going to pay them to manage those assets on our behalf?" Hit the nail on the head perfectly.

They should be sacked and then charged with fraud. Particularly those who did the credit worthiness reports on the instruments.

Would this be the same congressman that keeps voting to increase the limit on their budget? Or the same one who voted to invade Iraq? Or the same one that voted through all the previous Paulson/Bernanke initiatives?

The banksters can only get away with what the politicans permit them to.

That's what democracy means.

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:lol::lol::lol:

Are you a real Doctor?

Yes- Consultant Radiologist.

I noticed from one of the other threads there are a few of us on here. Not as many as IT folk.

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We had an enquiry into the mis-selling of pensions.

We had an enquiry into the mis-selling of endowment mortgages.

Will there be an enquiry into the mis-selling of buy-to-let mortgages and self-cert mortgages?

If not, why not?

There should be - without question.......

But did the other enquiries actually lead to any positive results? Er.............. No! Not that I can remember anyway.....

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  • 336 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%



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