The banking club is going to remain secret,
Discussion
http://www.bbc.co.uk/news/uk-35204010
Unbelievable,It's time the FSA went, they must think we've all forgotten now,
Unbelievable,It's time the FSA went, they must think we've all forgotten now,
It's time the BBC went, more like.
Just Labour trying to keep headlines on the nasty capitalist bankers while ignoring the crushing weight of our all-too-socialist National Debt and the National Insurance Ponzi scheme. In truth this report was never going to tell us anything we don't already know and shelving it saves us some money.
Sadly the politicians on both sides have no answers to their respective big fiscal issues and will only ever attempt to kick the can until the entire thing collapses.
Just Labour trying to keep headlines on the nasty capitalist bankers while ignoring the crushing weight of our all-too-socialist National Debt and the National Insurance Ponzi scheme. In truth this report was never going to tell us anything we don't already know and shelving it saves us some money.
Sadly the politicians on both sides have no answers to their respective big fiscal issues and will only ever attempt to kick the can until the entire thing collapses.
Adrian W said:
http://www.bbc.co.uk/news/uk-35204010
Unbelievable,It's time the FSA went, they must think we've all forgotten now,
The FSA went some time ago. The FCA replaced it. Unbelievable,It's time the FSA went, they must think we've all forgotten now,
Scuffers said:
look at it this way, it's saved spending millions on a report that would have taken years and likely come up with nothing we don't already know.
we don't need more investigations/reports/inquires, we need actual action, laws changing, prosecutions.
True enough. The report would have said the whole thing is rotten from top to bottom and every executive at every bank probably needs to go to prison for a while. There's no way they could have published it. Everyone knows that (not least the bankers themselves) but if we did put all the bankers in prison we'd have a new problem, and one entirely of our own making. we don't need more investigations/reports/inquires, we need actual action, laws changing, prosecutions.
grumbledoak said:
It's time the BBC went, more like.
Just Labour trying to keep headlines on the nasty capitalist bankers while ignoring the crushing weight of our all-too-socialist National Debt and the National Insurance Ponzi scheme.
Do you have this reply saved somewhere as a generic template to save you retyping it out every time? Just Labour trying to keep headlines on the nasty capitalist bankers while ignoring the crushing weight of our all-too-socialist National Debt and the National Insurance Ponzi scheme.
davepoth said:
True enough. The report would have said the whole thing is rotten from top to bottom and every executive at every bank probably needs to go to prison for a while. There's no way they could have published it. Everyone knows that (not least the bankers themselves) but if we did put all the bankers in prison we'd have a new problem, and one entirely of our own making.
Idiot!
!You can tell where most people's opinions are and whilst "banker bashing" is undoubtedly still fashionable the reality is that the regulatory landscape has changed massively since 2008 and I have no f
king clue what use this report would have served. As things stand most bankers are scared of their own shadow......everything people type and say is monitored 24/7 and something that you could have done years ago can be used against you as evidence at any moment in time and generally is. And when that moment comes its career gone and that can be for something incredibly minor or even guilt by association.
Where does that leave us ? With a banking system which now has ludicrously high fixed costs (all those lawyers and compliance people cost massive money), bankers now on massive base salaries because the regulator has decreed that they can "only" receive a bonus 200% of their base salaries (that's bad for shareholders, the banks and unbelievably the employees) and banks are now unable to do anything innovative because the cost of capital (for the bank) and the personal liability (for the employee) is huge.
What does that mean ? It's much harder for companies to borrow money (apart from the 400 or so global companies that can access capital markets directly) and it means mortgages are more expensive than they need be. One of the reasons rates have to stay low is because banks can only extend loans in a very vanilla manner (which is very expensive for the banks to do).
One thing I really don't understand is why the FCA (as was) and the BoE have been able to escape so lightly....if there's a massive crime wave the police come under scrutiny. The police in this instance got off scott free.
king clue what use this report would have served. As things stand most bankers are scared of their own shadow......everything people type and say is monitored 24/7 and something that you could have done years ago can be used against you as evidence at any moment in time and generally is. And when that moment comes its career gone and that can be for something incredibly minor or even guilt by association. Where does that leave us ? With a banking system which now has ludicrously high fixed costs (all those lawyers and compliance people cost massive money), bankers now on massive base salaries because the regulator has decreed that they can "only" receive a bonus 200% of their base salaries (that's bad for shareholders, the banks and unbelievably the employees) and banks are now unable to do anything innovative because the cost of capital (for the bank) and the personal liability (for the employee) is huge.
What does that mean ? It's much harder for companies to borrow money (apart from the 400 or so global companies that can access capital markets directly) and it means mortgages are more expensive than they need be. One of the reasons rates have to stay low is because banks can only extend loans in a very vanilla manner (which is very expensive for the banks to do).
One thing I really don't understand is why the FCA (as was) and the BoE have been able to escape so lightly....if there's a massive crime wave the police come under scrutiny. The police in this instance got off scott free.
Cheib said:
You can tell where most people's opinions are and whilst "banker bashing" is undoubtedly still fashionable the reality is that the regulatory landscape has changed massively since 2008 and I have no fking clue what use this report would have served. As things stand most bankers are scared of their own shadow......everything people type and say is monitored 24/7 and something that you could have done years ago can be used against you as evidence at any moment in time and generally is. And when that moment comes its career gone and that can be for something incredibly minor or even guilt by association.
Where does that leave us ? With a banking system which now has ludicrously high fixed costs (all those lawyers and compliance people cost massive money), bankers now on massive base salaries because the regulator has decreed that they can "only" receive a bonus 200% of their base salaries (that's bad for shareholders, the banks and unbelievably the employees) and banks are now unable to do anything innovative because the cost of capital (for the bank) and the personal liability (for the employee) is huge.
What does that mean ? It's much harder for companies to borrow money (apart from the 400 or so global companies that can access capital markets directly) and it means mortgages are more expensive than they need be. One of the reasons rates have to stay low is because banks can only extend loans in a very vanilla manner (which is very expensive for the banks to do).
One thing I really don't understand is why the FCA (as was) and the BoE have been able to escape so lightly....if there's a massive crime wave the police come under scrutiny. The police in this instance got off scott free.
And let's not forget the new capital regime which is active preventing banks taking risk positions, thereby reducing liquidity in the market and preventing investors from hedging their risks (or at least making it much more expensive for them to do so).king clue what use this report would have served. As things stand most bankers are scared of their own shadow......everything people type and say is monitored 24/7 and something that you could have done years ago can be used against you as evidence at any moment in time and generally is. And when that moment comes its career gone and that can be for something incredibly minor or even guilt by association. Where does that leave us ? With a banking system which now has ludicrously high fixed costs (all those lawyers and compliance people cost massive money), bankers now on massive base salaries because the regulator has decreed that they can "only" receive a bonus 200% of their base salaries (that's bad for shareholders, the banks and unbelievably the employees) and banks are now unable to do anything innovative because the cost of capital (for the bank) and the personal liability (for the employee) is huge.
What does that mean ? It's much harder for companies to borrow money (apart from the 400 or so global companies that can access capital markets directly) and it means mortgages are more expensive than they need be. One of the reasons rates have to stay low is because banks can only extend loans in a very vanilla manner (which is very expensive for the banks to do).
One thing I really don't understand is why the FCA (as was) and the BoE have been able to escape so lightly....if there's a massive crime wave the police come under scrutiny. The police in this instance got off scott free.
But 'something must be done' to appease the (largely ignorant) general public, who don't understand the implications of what they have wished for!
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