The Banking Crisis......again !
Discussion
How many of you read the article in yesterday's Evening Standard ( 27/11 )by Anthony Hilton ( City Comment).
To me it stated the blooming obvious that there must be a separation of the trading and banking divisions of our banks.
I know of no other business where reckless speculation is encouraged,profits banked,and when the s
te hits the fan the losses become the responsibility of you and me. The bankers say "not me guv" and walk away.
What is driving the lack of ability of successive governments to bring in adequate regulation and put an end to this nonsense ?
To me it stated the blooming obvious that there must be a separation of the trading and banking divisions of our banks.
I know of no other business where reckless speculation is encouraged,profits banked,and when the s
te hits the fan the losses become the responsibility of you and me. The bankers say "not me guv" and walk away.What is driving the lack of ability of successive governments to bring in adequate regulation and put an end to this nonsense ?
The basic problem is private schools like eton and where the pupils end up
The really bright ones move into science and industry
The average ones move into banking
The thick ones move into running the country
Where as in a state school the thick ones end up collecting the trolleys in tescos
The really bright ones move into science and industry
The average ones move into banking
The thick ones move into running the country
Where as in a state school the thick ones end up collecting the trolleys in tescos
avinalarf said:
How many of you read the article in yesterday's Evening Standard ( 27/11 )by Anthony Hilton ( City Comment).
To me it stated the blooming obvious that there must be a separation of the trading and banking divisions of our banks.
I know of no other business where reckless speculation is encouraged,profits banked,and when the ste hits the fan the losses become the responsibility of you and me. The bankers say "not me guv" and walk away.
What is driving the lack of ability of successive governments to bring in adequate regulation and put an end to this nonsense ?
That's a really good idea it would have meant the UK Government would have had to rescue Barclay's as well and RBC and Lloyds. To me it stated the blooming obvious that there must be a separation of the trading and banking divisions of our banks.
I know of no other business where reckless speculation is encouraged,profits banked,and when the s
te hits the fan the losses become the responsibility of you and me. The bankers say "not me guv" and walk away.What is driving the lack of ability of successive governments to bring in adequate regulation and put an end to this nonsense ?
Remember the UK banking crisis was about three things, property, property, property.
McWigglebum4th said:
The average ones move into banking
Quite a bold statement.Working in that environment I would say that I've met dumb people like everywhere, but also some of the most clever people I've ever come across.
I haven't read the article but I would be inclined to say that the blame lies in equal parts between the banks, the government and the public.
Enricogto said:
Working in that environment I would say that I've met dumb people like everywhere, but also some of the most clever people I've ever come across.
In financial services, I'd say they are we some of the smartest people from academia - huge international competition for jobs and pecuniary rewards! But these people don't make the key decisions - it's the people right at the top (CEOs and politicians) who set the path, and the big money doesn't go to the PHD whizkids.Mrr T said:
That's a really good idea it would have meant the UK Government would have had to rescue Barclay's as well and RBC and Lloyds.
Canada was fortunately safe from Gordon's fumbling hands.Mrr T said:
That's a really good idea it would have meant the UK Government would have had to rescue Barclay's as well and RBC and Lloyds.
Remember the UK banking crisis was about three things, property, property, property.
There were several reasons for the banking crisis but the tipping point may well have been the mortgage fiasco in the USA.Remember the UK banking crisis was about three things, property, property, property.
However you have not addresed the central point on how the lack of regulation and the lack of corporate and personal responsibility still exists 6 years down the line and why it is so difficult to put those effective regulations in place.
Most of us work in business or industry where the controls are there,why not for the banking industry ?
avinalarf said:
There were several reasons for the banking crisis but the tipping point may well have been the mortgage fiasco in the USA.
Cheap credit encouraged by governments, government forced lending and poor regulation led to the banking crisis.avinalarf said:
However you have not addresed the central point on how the lack of regulation and the lack of corporate and personal responsibility still exists 6 years down the line and why it is so difficult to put those effective regulations in place.
Most of us work in business or industry where the controls are there,why not for the banking industry ?
You're joking?Most of us work in business or industry where the controls are there,why not for the banking industry ?
There is massive regulation in the banking industry. There always was massive regulation in the banking industry and the amount of regulation in the banking industry is increasing.
Of course wha you actually need is sensible regulation - quality not quantity - and an appropriate body to regulate it...
The lack of personal responsibility from the general public was also a key factor in the banking crisis.
London424 said:
sidicks said:
McWigglebum4th said:
The average ones move into banking
And your experience in this areas is....?Edited by sidicks on Friday 28th November 12:55
I really cannot get my head round this.
I have been in business for forty years and the buck and responsibility has always stopped with me.
If I feck up I have to take the hit.
When I started in business I had a bank manager that new me and had an understanding of my business.
That all ended about 25 years ago and has gone downhill since then.
Financial speculation appeared to be left to the Merchant Banks and it seemed to work well enough.
This might sound a tad simplistic but it bloody well did a job.
For me it's the lack of regulation and RESPONSIBILITY that sticks in my craw.
I do not care how much someone else earns,good luck to them BUT they have to take the hit when they feck up.
I have been in business for forty years and the buck and responsibility has always stopped with me.
If I feck up I have to take the hit.
When I started in business I had a bank manager that new me and had an understanding of my business.
That all ended about 25 years ago and has gone downhill since then.
Financial speculation appeared to be left to the Merchant Banks and it seemed to work well enough.
This might sound a tad simplistic but it bloody well did a job.
For me it's the lack of regulation and RESPONSIBILITY that sticks in my craw.
I do not care how much someone else earns,good luck to them BUT they have to take the hit when they feck up.
avinalarf said:
I really cannot get my head round this.
I have been in business for forty years and the buck and responsibility has always stopped with me.
If I feck up I have to take the hit.
When I started in business I had a bank manager that new me and had an understanding of my business.
That all ended about 25 years ago and has gone downhill since then.
Financial speculation appeared to be left to the Merchant Banks and it seemed to work well enough.
This might sound a tad simplistic but it bloody well did a job.
For me it's the lack of regulation and RESPONSIBILITY that sticks in my craw.
I do not care how much someone else earns,good luck to them BUT they have to take the hit when they feck up.
In what way?I have been in business for forty years and the buck and responsibility has always stopped with me.
If I feck up I have to take the hit.
When I started in business I had a bank manager that new me and had an understanding of my business.
That all ended about 25 years ago and has gone downhill since then.
Financial speculation appeared to be left to the Merchant Banks and it seemed to work well enough.
This might sound a tad simplistic but it bloody well did a job.
For me it's the lack of regulation and RESPONSIBILITY that sticks in my craw.
I do not care how much someone else earns,good luck to them BUT they have to take the hit when they feck up.
sidicks said:
In what way?
Cut their balls off.........for a start.Feck me geezer.
I write a long heartfelt rant and you want to know what I'd do with the greedy ,stupid b
ds.It rather depends on the severity of their actions,doesn't it ?
For those at the top a proportionate fine/imprisonment ,is that ok for starters ?
A few prosecutions and huge fines might just focus minds.
McWigglebum4th said:
The basic problem is private schools like eton and where the pupils end up
The really bright ones move into science and industry
The average ones move into banking
The thick ones move into running the country
Where as in a state school the thick ones end up collecting the trolleys in tescos
I note no-one is jumping to argue about the thick ones running the country.The really bright ones move into science and industry
The average ones move into banking
The thick ones move into running the country
Where as in a state school the thick ones end up collecting the trolleys in tescos
avinalarf said:
Cut their balls off.........for a start.
Feck me geezer.
I write a long heartfelt rant and you want to know what I'd do with the greedy ,stupid bds.
It rather depends on the severity of their actions,doesn't it ?
For those at the top a proportionate fine/imprisonment ,is that ok for starters ?
Rant would be a good description. Not normally the basis for a sensible discussion though.Feck me geezer.
I write a long heartfelt rant and you want to know what I'd do with the greedy ,stupid b
ds.It rather depends on the severity of their actions,doesn't it ?
For those at the top a proportionate fine/imprisonment ,is that ok for starters ?
avinalarf said:
A few prosecutions and huge fines might just focus minds.
Indeed - prosecutions in progress for those that have committed crinimal offences, plus large fines.Job done!
sidicks said:
Indeed - prosecutions in progress for those that have committed crinimal offences, plus large fines.
Job done!
I doubt very much if their is suitable legislation to deal with this.Job done!
You call it incompetence...that's the problem.
Heads of Banking presiding over an institution that rewards what I perceive as criminal negligence.
avinalarf said:
I doubt very much if their is suitable legislation to deal with this.
You call it incompetence...that's the problem.
Heads of Banking presiding over an institution that rewards what I perceive as criminal negligence.
1. There isYou call it incompetence...that's the problem.
Heads of Banking presiding over an institution that rewards what I perceive as criminal negligence.
2. Hmmm
3. Fortunately, we have people that understand the issues who make the judgements..!
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