Tuesday, January 11, 2011

You ungrateful lot

Bankers will take bonuses because they weren't praised last year, says Lord Jones

Bankers pay themselves bumper bonuses this year just to p+ss people off

Posted by cyril @ 04:50 PM (1376 views)
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4 thoughts on “You ungrateful lot

  • Politicians are always wittering on about globalisation and international co-operation and regulation but they can’t even get together on banksters’ bonuses, allowing these people to make this silly threat about the City losing ‘talent’.

    Anyway, when the banks started making profits again in 2009 this was no more than a dead cat bounce. What’s happening over the last 2 quarters, especially on Wall Street is informative. Earnings per share are dropping fast. The important Fixed Income (bonds) Currencies and Commodities profits are down. These profits were fuelled by central bank cash injections but now those injections have been largely absorbed, bond bull markets are flagging and the Euro sovereign debt crisis is taking its toll., The absorption/attenuation of those cash injections has hit “gapping” (borrowing short, lending long at higher rates) too. Regulations regarding leverage, principal trading by licensed banks and high frequency trading seem also to be taking their toll. Goldman Sucks’ ‘designed to fail’ products have also hit banks’ advisory/ money management business. The disappearance or takeover of major banks after the crash also increased profitability through restricted competition, but this has been reversed, with more Asian and European action.

    So the profits of 2009 and early 2010 were down to circumstances which are disappearing, not to this f***king “talent”.

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  • One last bonus before the next leg down then? That makes sense to me. If the writing is on the wall, take the money and run.

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  • I am sure they will achieve there goal!

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  • “Bankers pay themselves bumper bonuses this year just to p+ss people off”

    Sorry to disappoint, but most American CEOs are making more money now than they did in the boom.

    No suprise to the conspiracists who see everything clicking into place at an alarming pace.

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