Guardian harpie discovers that world is complicated place

While the EU should be applauded for tackling the thorny issue of bank bonuses, my concern is that the plan to cap payouts at a year\’s salary will have perverse consequences. Already base salaries in the banking sector have been rising sharply as regulators try and choke off the multimillion-pound annual bonus awards. The EU\’s plan could lead to more pressure for a rise in fixed pay.

Banks have increased salaries across Europe by 37% in the past four years in response to a crackdown on bonuses and pressure from regulators to claw back some rewards if bets go wrong later on.

So why in buggery has your \”High Pay Commission\” been wibbling about limiting bonuses these years then?

After all, a number of people did point out that this would happen when you first started wibbling, didn\’t they?

32 thoughts on “Guardian harpie discovers that world is complicated place”

  1. The politics of envy underlying every argument presented by the leeches of the public purse.

  2. JollyGreenMan

    You could make a pretty good case that many banks are leeches on the public purse. Fucking colossal ones too.

  3. You could make a pretty good case that many banks are leeches on the public purse

    I don’t think you need to make a case – it is obvious in their accounts. They should have been temporarily taken over and allowed to, as far as depositors were concerned shut-down gracefully.

  4. Who made the bankers public purse leeches?

    It was that one-eyed fucking Brown, running around, trying to save the fucking world, the deluded shit.

    The banks should have been allowed to fail. And all the people that had too much tied in with the wankers, should have lost their shirts as well.

    So, please, until we realise that capitalism died a painful Scottish death with that idiot in charge, spare me your bullshit.

  5. I hadn’t previously grasped that Brown was running capitalism globally, and directing the actions of the US, German, and Swiss governments, among others. What a charmingly persuasive person he must be.

  6. The problem with banking is that it is fundamentally unstable. It’s not a question of whether there will be another crash, but when. What is unforgivable is that the banksters simply behave as if the good times will always roll. This is negligent.

    It is as if an agrarian society had some communal grain store, on a flood plain. And every twenty or thirty years, it floods and all the grain is ruined and everyone starves. But all the other years, the grain kings act as if that will never happen again. They take their cut of the grain year after year, living mighty well. And then when the flood comes, everyone’s grain is ruined and people are starving in the streets, the grain kings act as if it’s not their fault and everyone else has to give up yet more of their own paltry personal grain in order to pay for the rebuilding of the warehouses, and, my metaphor has just about stretched to breaking at this point.

    There is a technical term for people like this. It is, “arsehole”. We can’t carry on like this. We can’t continue with a situation in which the money supply- and thus effectively the entire fate of the economy- is in the hands of people with the forward planning capabilities of eight year olds.

    The basic problem is that these people don’t know what they’re doing, and they don’t care that they don’t know what they’re doing.

    At some point in the future, when we’ve pulled ourselves some way out of this mess, the grain warehouses are going to flood again. We know this. The grain kings will not have made any provision for the flood, as they never have before. They will have done nothing to prevent the flooding. This is intolerable.

  7. @IanB:

    However there is a lot of confusion here. First, the people who made all the bad loans are mostly commercial bankers who are not paid terribly well and they are the ones who caused banks like RBS, HBOS, LLoyds and NR to screw up.

    As for the 30 year thing, well it is a generational thing. The last UK banking crisis was in the early 1970s. All those bankers are long since retired.

  8. The question of why a specific flood happens is less relevant than the certainty that at some point it will.

  9. IanB, with your fucking quasi-poetic nonsense about ‘grain kings’ – you’re right.

    The existence of the banking sector, and its facilitation of capitalism, has in no way improved peoples’ lives in this or any country over the last century or so.

    Why ARE you not running things, instead of working as a plumber?

  10. 1) I’m not a plumber.

    2) You don’t seem to have addressed the point. Nowhere did I claim that banking “has in no way improved peoples lives”. It is a useful service industry.

    It is also prone to fucking random crashes. Even a plumber can see that. What is indefensible is the bankers marching around declaring “great moderations” and “the end of boom and bust” and so on, when that is inherently impossible. These fuckers know that at some point they will make a herd error, and that will throw the entire economy into the shitter, and they carry on anyway as if that is not going to happen. Which is about as grossly negligent as one can possibly imagine. Would you care to address that point, instead of sneering down your nose at (imaginary) plumbers; who also provide a useful service to the economy. And don’t generally destroy that economy then expect everyone else to give them money to keep their market sector in a state of eternal and unsustainable expansionn at the expense of everybody else.

  11. Tim, can you sort out this WordPress implementation? It doesn’t like an apostrophe, which sounds like someone is not escaping characters properly.

  12. This is just so retarded.

    Anybody with any analytic experience at all could see that this is a very bad idea.

    More importantly, the motivation is essentially composed of a patchwork of prejudices and people who want to pass on the blame.

    “You know, France would be utopia if it were not for the dirty bande des cons who dared to speculate against our country’s elite from the polytechics.”

    or

    “Russia would never have allowed our Baltic economy to implode by 30% as it has. I know that those bastards were of late filthy commies, but nowadays? It must be the fault of England.We have bugger all financial services anyway so let’s vote with the bloc in the hope that someone can fix our own problem!

    etc… etc… etc…

  13. Dennis The Peasant

    “The existence of the banking sector, and its facilitation of capitalism, has in no way improved peoples

  14. Dennis The Peasant

    “The existence of the banking sector, and its facilitation of capitalism, has in no way improved peoples lives in this or any country over the last century or so.”

    Evidently Arnald is now commenting under a nom de plume.

    Doesnt make the comment any less breathtakingly stupid, though.

  15. Ben Bernanke did. He called it “The Great Moderation”. Broon was just repeating the received wisdom that the Holy Grail of central bank economic management had been discovered.

  16. I mean, God bless him, even Keynes recognised the inevitability of busts and thus attempted to formulate a State policy that would be counter-cyclic.

  17. IanB – I know you’re not a plumber, but the idea that you might be amuses me. I believe it’s air conditioning, isn’t it?

    Everything is prone to crashes. People are human. Even ‘banksters’.

    You observe the problem, although you caricature it. What you don’t do is propose any alternative. It’s dull.

    Dennis, I was being sarcastic, as SE pointed out.

  18. I draw pornographic comics for a living, I thought everyone knew that. Anyway, that’s not important right now. But supposing I were a plumber, and I were standing in the midst of the smoking wreckage of your home after causing the boiler to explode, and you were not a plumber but, say, a banker, you would still have reason to offer criticism. Even if you didn’t know what specifically I’d done wrong, you could reasonably draw the conclusion that I am a shitty plumber.

    Yes, everything is prone to crashes. Yes, people are human.

    That was my fucking point.

    If you know that, you expect them to happen and make plans for what to do when they do. You don’t go prancing about saying they’re never going to happen. If you do that, you are being negligent. You don’t seem to have understood my original comment at all.

    It is not “dull” to note that this stupefying level of negligence caused a major economic crash. It is not “dull” to note that the people who caused this crash had to be bailed out with taxpayers’ money, nor that they have shown not an ounce of repentance for being the direct cause of this catastrophe, and seem to treat it as if it were an act of God, rather than of man. It is not “dull” to note that if they really believed it would never happen, they have shown astonishing levels of ignorance of economics- the sphere of knowledge in which they are supposed to have expertise nor that if they did expect it to happen, yet nonetheless chose to act as they did, that is negligence of a criminal degree demonstrating an absolute disregard for their fellow human beings in the pursuit of profit.

    So, which are they then, are they stupid or evil? Perhaps you could answer that question, if it’s not too “dull”. Or don’t we mere “plumber” types deserve an answer to such questions?

  19. So Much for Subtlety

    Serf – “Green & Red Logic”

    It is stranger than that. The Left has gone from the party that demanded the working man have the full value of his labour and useless parasites that fed off him should bugger off and die, to two or three parties that say that the useless parasites should have as much of the value of other peoples labour as they like and if the workers do not like it they should bugger off and die.

  20. @IanB A pornographic artist, eh? At least with the ‘banksters’ at the helm, both hands are on the tiller

    You said: Even if you didn

  21. @IanB A pornographic artist, eh? At least with the ‘banksters’ at the helm, both hands are on the tiller

    You said: Even if you didnt know what specifically Id done wrong, you could reasonably draw the conclusion that I am a shitty plumber.

    No, I couldnt. If a plane crashes, can you reasonably draw the conclusion that it was flown by a shitty pilot, even if you dont know what specifically he did wrong?

    Actually, you probably could – based on your extensive knowledge of aviation, avionics, meterology and navigation, which apparently comes with a life spent drawing pictures for Modern Wanker magazine.

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