Monday, 17 November 2014

"Best people" conspiring against the public

How many times have we been told that big bonuses are necessary to keep the "best people" working in our banks? How often have we heard that bankers have learned their lesson and were "putting ethics before profits"? In a recent Guardian article, Jill Treanor informed us that, according to the City Minister, it was even time "to move away from banker-bashing"! At the same time, the outgoing chairman of Barclays was ridiculously stating that "big fines were making it harder for the industry to win back public trust". 
     The truth is clear for all to see: the banking industry is rotten to the core, and has been protected by politicians, many like the minister, ex-bankers themselves, for long enough. Conspiracy theorists have, no doubt, already noticed how strange it is that the manipulation of the foreign exchange markets had been going on for over five years before action was taken, and that the recent record fines, amounting to little more than a few days of banks` profits, are to be used to finance a pre-election autumn statement for the Tory chancellor?  After all the bullish talk about "clawing back" bankers` bonuses, the Prudential Regulation Authority decided it would only apply to bonuses paid after January 1st, 2015!
     What comes as no surprise, in view of his own recent "manipulation" of the facts, is that Osborne thinks it`s all part of his "long-term plan" to have a "financial system that works for everyone"! Nice try, George, but we`ve heard enough! How many times did you take yourself off to Brussels to argue in favour of bonuses and against the EU`s financial transaction tax? Promising "resources for action by the Serious Fraud Office" brings to mind horses and stable doors! 
 On the other hand, what a wonderful opportunity for Mr Miliband to announce his government would transform the 81% state-owned RBS into a People`s Bank, with lower profit margins, trusted staff, and that curious notion about the customer coming first!

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