The other side of the banking industry
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At the moment, the press and governments seem to think that bankers are fair game and can be lambasted as they see fit. The financial crises is blamed solely on the banks (ignoring the fact that sovereign debt problems are political problems). So, to redress that, I thought I'd point out that staffing levels at banks have been hammered over the last year. This is the other side of the banking crisis; people are out of jobs - not all of them are high flying city traders who earned +£1,000,000. The figures[^]
Forgive your enemies - it messes with their heads
"Mind bleach! Send me mind bleach!" - Nagy Vilmos
My blog | My articles | MoXAML PowerToys | Mole 2010 - debugging made easier - my favourite utility
Pete O'Hanlon wrote:
This is the other side of the banking crisis; people are out of jobs
Stoopid ATMs :laugh:
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Eric, try Northern Rock, not RBS. And only to good bits of Northern Rock. The toxic part is still owned by HM Government
Richard A. Abbott wrote:
Northern Rock, not RBS
OK, so I got the worng 'bailed out by the tax payer' bank.
Richard A. Abbott wrote:
And only to good bits
Which has been asset stripped.
Richard A. Abbott wrote:
toxic part is still owned by HM Government
Leaving the shit still owned by the tax payer. Anyway, doesnt impact what I said about issuing shares to the new owners, the British public.
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Well, there are bankers and there are bankers. Just as the guy who sweeps the shop floor of the Bhopaal factory cant be blamed for the criminal management that led to many deaths, so the average worker of a bank cant be put in the same boat as the incompetently greedy and fraudulent who dug a credit hole so big under the western world it very nearly fell into the abyss, and is only just clinging to the rim by its finger tips. But lets look at one story, RBS. Bailed out to the tune of 1.4 bilion by the tax payer, then sold for 700 million to Branson. Tell me, why werent RBS shares reissued on a ten for one basis and each tax payer given a propportionate number of these new shares? This is only legal and fair. Instead he has been shafted, good and propper. As have these bank employees, while the truly responsible have escaped.
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Erudite_Eric wrote:
very nearly fell into the abyss, and is only just clinging to the rim by its finger tips.
No, it is over the abyss, running like hell for the other side. Faith or Gravity, which will win? Wile E. Banker - Genius.
Be dogmatic, not thoughtful. It's easier, and you get bumper stickers.- Anon.
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At the moment, the press and governments seem to think that bankers are fair game and can be lambasted as they see fit. The financial crises is blamed solely on the banks (ignoring the fact that sovereign debt problems are political problems). So, to redress that, I thought I'd point out that staffing levels at banks have been hammered over the last year. This is the other side of the banking crisis; people are out of jobs - not all of them are high flying city traders who earned +£1,000,000. The figures[^]
Forgive your enemies - it messes with their heads
"Mind bleach! Send me mind bleach!" - Nagy Vilmos
My blog | My articles | MoXAML PowerToys | Mole 2010 - debugging made easier - my favourite utility
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Richard A. Abbott wrote:
Northern Rock, not RBS
OK, so I got the worng 'bailed out by the tax payer' bank.
Richard A. Abbott wrote:
And only to good bits
Which has been asset stripped.
Richard A. Abbott wrote:
toxic part is still owned by HM Government
Leaving the shit still owned by the tax payer. Anyway, doesnt impact what I said about issuing shares to the new owners, the British public.
============================== Nothing to say.
Erudite_Eric wrote:
Anyway, doesnt impact what I said about issuing shares to the new owners, the British public.
I hear what you say, but toxic assets are still toxic assets. So you could still end up sitting on a pile of share certificates worth less than the toilet rolls in your bathroom.
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Erudite_Eric wrote:
very nearly fell into the abyss, and is only just clinging to the rim by its finger tips.
No, it is over the abyss, running like hell for the other side. Faith or Gravity, which will win? Wile E. Banker - Genius.
Be dogmatic, not thoughtful. It's easier, and you get bumper stickers.- Anon.
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Erudite_Eric wrote:
Anyway, doesnt impact what I said about issuing shares to the new owners, the British public.
I hear what you say, but toxic assets are still toxic assets. So you could still end up sitting on a pile of share certificates worth less than the toilet rolls in your bathroom.
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Lets hope we have good leadership and decision making. :)
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Erudite_Eric wrote:
Lets hope we have good leadership and decision making.
For some reason I now hear Private Fraser saying "We're doomed, we're aye doomed".
Forgive your enemies - it messes with their heads
"Mind bleach! Send me mind bleach!" - Nagy Vilmos
My blog | My articles | MoXAML PowerToys | Mole 2010 - debugging made easier - my favourite utility
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Why limit the shares to the toxic? If the bank has gone bankrupt, and has been nought by the tax payer, the whole bank is owned by the tax payer, not just the crappy part.
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Private industry, when the assets of a bankrupt business is acquired, you retain to good bit and get rid of the rubbish bit if the rubbish bit is beyond salvation. When a government has acquired an asset, they dispose of the good bits for as much as the market would allow. They have to do it that way otherwise the toxic will continue to spoil the good. So the toxic may be retained until the government can reduce its holding as the toxic is either made good, in which case it will be sold, or, more likely, written off as uncollectable, with the toxic assets costing less to write off than to turn around. Besides that, other than government, who, as in private industry or private individuals, in their right mind would buy, or want to buy, assets whose toxicity is unknown not knowing if those toxic assets will also drown you. Sorry, but you, Mr. Tax Payer, will have to suffer whatever loss these toxic assets bring.
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Lets hope we have good leadership and decision making. :)
============================== Nothing to say.