Busted banker bashing

Discussion in 'Economics' started by alib, Aug 5, 2012.

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  1. In the WSJ (yes the fecking WSJ) Should Crimes of Capital Get Capital Punishment? By Jason Zweig
    My bold, in the fecking WSJ!
  2. It wouldn't hurt to try a bit of crucifixion. For a first offence.
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  3. Bouillabaisse

    Bouillabaisse LE Book Reviewer

    I've always felt that there should be more to this risk/reward system that bankers seem to have. After all, they claim that they get the big bonuses (boni?) as a reward for the big risks they take, but there seems to be little come back for failure. It must be possible to make a league table of bankers - there's a handy metric in how much money they make. At the end of every financial year the worst performing person should be taken out in front of the Bank of England and shot.
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  4. Would "Crimes of Capital" include expenses fraud by MPs? I understand honourable members are now able to avoid prosecution by becoming really, really upset by the prospect of a prison sentence. They even get to keep the proceeds of their crimes to help them recover from their ordeal.
  5. Hardly, such petty affairs dwindle into insignificance beside some of the epic beak dipping that goes on in finance. The British public obsessing on exceedingly small change in the wake of Lehman did provide a convenient smoke screen. In Ireland our scape grace financial elite didn't even feel the need of such useful cover.
  6. Widespread, systematic corruption, fraud and forgery by members of the ruling party. That's not what I'd call either petty or insignificant. Fortunately the judges who sent the buggers to prison didn't see it that way either.
  7. And duck houses, do get a sense of proportion. Is there one case involving millions? Did this mostly petty stuff really threaten the entire British economy with collapse?

    With the banks we are talking about a billion here, a billion there and then sometimes even the sort of real money the Irish state's been left holding the tab for due to a systematic culture of appallingly low ethics that the same state has chosen not to criminalize in the way Iceland did. They've only pursued a few developers who look more like victims of unscrupulous banking practices in some cases. On the other hand our senior politicians seem to be able to get away with trousering brown envelopes with an immunity denied British MP's who feel the need of a bit of tax payer assistance with moat cleaning.
  8. The article failed to mention that in China fraud, embezzlement, bribery, counterfeiting etc. are indeed on the list of things one can be executed for. Do we think China is becoming more or less corrupt?
  9. Alsacien

    Alsacien LE Moderator

    Theodoros Pantalakis, former chief executive of the Agricultural Bank (ATEbank), guess what country he comes from?

    Mr Pantalakis resigned from ATEbank last month after Piraeus Bank bought most of its decent assets.
    ATEbank made loans of more than 150m euro to the two main political parties - currently being investigated.

    Mr Pantalakis just sent Euro 8 million to his UK account to buy a nice new house in the UK.....
  10. Your just jealous... I know I am.
  11. You just don't like Baronness Warsi, you're a meanie, she didn't do anything wrong, no not a thing.
  12. The banks, "a few developers" - who bought the products? EVERYONE was loving the free money in both the UK and ROI and jumped into the property market feet first.

    Millions bought into the bubble - only a few get the blame. In some ways I don't blame the bankers I blame the people that bought their products thinking that a four bed was really worth 5 X the average local salary.

    Caveat Emptor and all that Latin type stuff IMO.
  13. The idiot who kept on peddlingt the nonsense that he'd personnelly ended "Boom and Bust" and was personnlly respsonsible for this mass wealth sharing pontz scheme..?
  14. Agreed. Broon helped but markets are driven by the activity of individuals, nobody made people take on debt or mortgages that were not sustainable - Broon may have encouraged the gullible to believe that boom and bust had gone, but good old human greed helped many into the mindset where it's easier to blame the bankers rather than themselves for the personal financial mess they are in.

    All will be corrected. Buy farm land and gold. Out.:)
  15. That's very liberal of you, spreading the blame so widely, I get it, society is to blame gov, that ain't a fair cop. I'm sure you apply that to drug dealers as well.

    Thing is if you bought a four bed at the height of the Irish boom you are probably in serious financial trouble and are paying for your sins. You may well be being sued by the same bank for non-payment of a mortgage that if they had shown any due diligence would never have been offered. These are now largely state owned institutions which you are basically working a day a week to pay up the vast debt they racked up to foreign bondholder.

    Meanwhile the eigits who eagerly loaned you and 20% of the Irish homeowners the money that kept those prices rocketing up are mostly fat and happy employees who made very nice bonuses off loans only a fool would consider prudent. There's been no mass firing of senior people who are either incompetent or rogues let alone prosecutions and they are only slightly less comfortable now.

    Life isn't fair of course but the young couple who were desperate to get on a soaring property ladder have learnt their lesson the hard way, they're wiped out and they'll likely die poor miserable pensioners who are painfully careful with money. I see no reason at all why I would not do the same thing again in the bankers very expensive loafers. Never give a sucker an even break and if you have a whole polity of suckers so willing just to turn the other cheek repeatedly you are going to do what comes natural and **** them.

    I don't blame the bankers, they're victims of a set of vastly generous incentives and low risks of personal loss that few could resist, the flesh is weak and men sin. They were larger actors in a moment of exuberantly foolish capitalism who enjoy a very privileged position having ideologically captured government. It's a bit like being a Priest in Dev's theocracy, treated with immense respect by fawning Culchies, the worst they risk for tampering with a pretty choirboy is a confrontation with an angry parent, a slap on the wrist from the Bishop and a Parish move, with new sensuous opportunities ever few years. And the good times rolled on and on for decades. It's the servile eigit who like mothers in deference to Father Murphy's status blame the sinful tempting child and insist there nothing fundamentally wrong with the status quo that I find a mite perplexing.