In defence of greedy bankers

I’m guessing that some of the least popular people in the country at the moment are probably bankers

I’m inclined to think of it all as water under the bridge and fervently hope that we learn from all the mistakes that the government and the general public – as well as the bankers – have made over the past decade.

Certainly the thought that one billion of the £22 billion with which the taxpayer has bailed out the Royal Bank of Scotland is going to be pissed up the wall as undeserved bonuses sticks in the craw a bit, but if that’s what’s legally due to the lucky recipients then so be it.

As long as any future bonuses have to be earned and deserved then why not have them, if they attract competent people to run our banks?

What is rather alarming are comments such as these from the BBC’s Have Your Say pages:

Apology not accepted they should have all their assets siezed
Then throw them in jail.They are scum.

robb, crawley

Why dont you do the decent thing, and donate ALL the bonuses to charity?

You sycophants have it too good for too long.

You are an outrage to human decency.

Anthony, WALES

How can you condone such large bonuses?? People are lucky just to be in work nowadays. Why has it taken so long for an apology to the population too?? If this was the 17th Century, you would have been to get away with this with your LIVES!! Why do you give credit etc so easily? Greed has caused this problem. Finally bit us on the ass……………………

Carole Young

As incompetent and reckless as the disgraced bankers may have been, didn’t the public play some part in creating the huge bubble that burst last year?

I think you’ll find that it’s they who had the ultimate choice of whether we built up such a vast amount of credit or lived slightly more within our means.

It’s akin to the cases you hear about when smokers with terminal lung cancer try and sue the tobacco companies for selling a carcinogenic product.

Basically – and I’m a career smoker – they have no one to blame but themselves.

Tough shit.

End of.

Let’s look to the future – that’s where any hope lies.



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One Response

  1. Spot on Steve.A lot of hysteria about and I do think there is something in here about a public need to allocate blame.Mot to say Banks were perfect , but we are in danger of confusing Retail and Investment banking and also some Banks had a much flakier business model than others.

    Sometimes I feel it is a by product of our times. I remember when I worked in a Bank being told by a customer that it was my fault they went amok with their cheque book and I remember thinking , so who signed the cheques?

    I’m also a bit uneasy about political pressure to lend to businesses to reflate the economy. I accept there is a risk that Banks will get a bit shell shocked and pull in their horns. However , you will find very few business people who will agree their businesses are not creditworthy ( and they will be the same ones who then blame Banks for lending them too much if it ends in tears). I’m sure some of the anecdotal evidence MPs report of unavailability of credit will be in cases where lenders have not wanted to lend more to a business that is clearly failing, where more borrowing either temporarily masks the real issue or just postpones the inevitable ( and probably makes it worse).

    To the future….

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