Proof that Polly\’s losing it

Richard Murphy of Tax Research UK has put forward good ideas.

And this:

A good bank run by a good banker would set a new, sane standard for pay, working on behalf of the citizen and shaming the others. That might be a reasonable top civil service salary, or perhaps remuneration set on JP Morgan\’s disused dictum than none should draw more than 20 times the salary of the lowest paid. Horta-Osório stood to earn £8m this year. There are battalions of well-motivated, numerate, experienced people who would seize the chance to show that banking could and should be radically reformed. Many within the banking industry, or recently departed in disgust, want to turn away from devising glamorous, high-octane, devious and dangerous products, to become more sober and dull agents of local banking and investment.

So, who should step up for this job? Who would be the best symbol of intellectual change, profound reform and new direction for the industry on our behalf, in a campaign for better banks? Suggestions below the line …

I vote for Andrew Simms, Prem Sikka and Richard Murphy as a triumvirate.

They certainly tell us they know all about banking. That they know exactly how it should be run. Well, let them prove it then.

Given that Murphy believes banks don\’t need deposits I\’d give them until, oooh, 4.30pm on their first day to bankrupt the place again. You know, that first time that they have to balance the books?

I\’ll be the one on the balcony with the popcorn.

15 thoughts on “Proof that Polly\’s losing it”

  1. So Much For Subtlety

    God. I thought you were going to say she said something sensible. Agreeing with Murphy et al is just proof that they were right to kick her out of Oxford. Same old, same old in other words.

  2. Polly and Richard are idiots and wrong but I don’t get this celebration of bankers who have already demonstrated their ability to lose fistfuls of other peoples money, or the pretence that there is anything approaching a free labour market operating in the banking industry.

  3. So, Alan Rusbridger is earning £411,000 as editor of the Guardian, and they have a job for an intern at a pro-rata salary of £18,750. That’s 21.91 times the salary of the lowest earner.

  4. Don’t be too hard on our Pol. She’s probably gnawing her fingernails & preoccupied about her financial position in Tuscany at present. Woman’s under a lot of stress.

  5. “You know, that first time that they have to balance the books?”

    And one’s imagination can picture that magic moment.

    “Well I say they balance & I’m right & I’ve no interest in discussing neo-liberal conspiracies to the contrary.”

    “The depositors want their money?”


  6. When Horta Osorio took sick-leave, the value of Lloyds dropped 5% on the news. Either the markets are wrong, or he was perceived to be worth that salary.

    As several banks are effectively nationalised, we could easily experiment with paying “sensible” and “moral” salaries. How willing are the Left to experiment with their own money, rather than everyone elses?

  7. Let them try and set up a bank in a pure free market. No legal tender laws, no bailouts, no state-backed deposit insurance, no lenders of last resort.

    If Polly can run such a place, then she’s welcome to have a go. We could call it the Tuscan Bank, or somesuch.

  8. Given the choice between a lucrative job in a private-sector bank, or a modestly-paid job in Murphy’s state bank, the most talented workers will choose to follow the money. Murphy’s bank will therefore be staffed with less capable workers. What could possibly go wrong?

  9. Taking a slightly Woosterish attitude to the old banking lark I would have thought it was quite easy to start up a bank without any money: you say you will pay over the odds on deposits; use some of these for loans/some for paying interest;and off you go:its quids in and private credit creation all the way.Literally a licence to print money: except the State pays for the create you create to be covered with cash.God knows how the cream of our great Public Schools and their rough-trade associates make such a mess of it
    @Andrew M
    All trials of financial expertise such as the old Wall Street Journal Experts vs Monkeys with Dartboards experiments showed that expert prediction did n’t outperform the market average.

  10. My my, the bile machine is working full throttle. Tim and his friends know about everything and but can’t stand anyone else’s views, especially when they don’t share the same political values. The world would be a far worse place if all the free-marketeers had their way.

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