Stump thinking

According to the FT the trading revenue of most investment banks collapsed in the first quarter of this year

OK. Different post:

The UK is home to more than 75% of Europe’s top paid bankers

If investment banking profits fall then bankers’ pay will fall. At least, it would, if they were still being paid with bonuses. Problem solved, eh?

This is fun too:

Those watching the steel industry should take note. That adds value,

Since when is making a loss adding value?

10 comments on “Stump thinking

  1. ‘That adds value,’

    Brilliance. Oh those city students learning from this sage. Will set them up for life as a economic policy director for Jeremy Corbyn’s labour party or in Venezuela.

  2. Instead of the constant barrage of reams of turgid prose and incomprehensible or moronic arguments from Ritchie, does anyone else long for the days of his “Venn diagrams for our times”, or those fvcking Mind Maps which at least had their brevity to recommend them?

  3. I think his last published mind map was on Feb 27 this year – something about developing countries and transfer charging. It seems to simulate the calibre and quality of his thought processes with extreme accuracy. I do not look forward to seeing another example of such egotistic stupidity.

  4. The post is interesting- on banking thus:

    ‘now I am not mourning it: this is a largely parasitical, rentier activity that does not add value to the economy, but costs it dear.’

    What the devil does the activity of the genuine parasites in the Non- Productive Public Sector, assiduously defended by this monster at every turn do? The chutzpah is awesome to behold – the case for ‘extraordinary rendition’ grows stronger daily!!

  5. Would the bonuses not be based on meeting specific criteria for that person or team and irrelevant what other people or teams are doing?

  6. Does the UK steel industry in its entirety make a loss? Genuine question. We often hear about how headline job losses will ultimately be added to by consequent falls in headcount at suppliers etc, do the other parts of the chain make any money at the moment?

  7. “Would the bonuses not be based on meeting specific criteria for that person or team and irrelevant what other people or teams are doing?”

    Only to a limited extent. In most investment banks the bonus is a reflection of how much the bank wants to keep you for the next year and the size of the global bonus pool which can be a bummer if one team has an outstanding year while the rest of the bank loses money.

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