Lloyd Blankfein of Goldman Sachs is said to grab $21 million – poor old John Stump (Wells Fargo) had to manage on only $18 million. Britain itself has some two and a half thousand Bankers paid more than one million Euros – beating the rest of the EU into a cocked hat!
The UK finance and insurance industry managed also to pay bonuses of nearly one and a half billion pounds this year (a massive soar in payments) – but of course the Bankers deferred taking their bonuses until George Osborne’s cynical income tax reduction for high earners hit the ground (costing the Treasury some £65 – 85 millions!)
The reason is of course is that the Banks are making an obscene amount of money [Despite the Country’s economy being in the mire, nevertheless four large British Banks increased earning to make more than £25 billion profit!]. Is this because the Bankers are unbelievably clever, hardworking, dedicated, and constantly striving to serve their Communities?
We think not! They are simply chancers, who get away with robbing us blind. For years they have got away with rigging the markets – and even when lately (far too bloody late), they got found out, they all mostly have escaped any significant punishment (and the majority even got to keep their immense ill gotten wealth, their unbelievable pensions, and all ill deserved honours including peerages).
Most of the top bankers were not really Bankers at all by profession – they all simply came into the fold from other businesses and jumped onto the gravy train bandwagon.
Oh yes, they are gamblers alright, big gamblers – but not with their own assets; oh no, they gamble with all our lives and the future of our individual countries. The Banking sector is a financially enormous enterprise, so when they fowl-up big time, governments have to bail them out – Banks cannot be allowed to fail you see! So we taxpayers spend billions and billions of pounds to keep the failed Banks afloat, and the whole Country’s economy is driven into the ground – a massive recession worldwide and ordinary people’s lives destroyed.
So what did the Bankers do then? Were they grateful for being bailed out? Were they contrite and apologetic? Did they show remorse? Like hell they did! They simply carried on as before, paying themselves the same unwarranted salaries and granting themselves multi-million pound bonuses to boot.
Why does our Government not put a stop to all this? Because they are both scared of the power of the Banks, and they have come to rely on the massive amount of tax revenue generated by banking businesses. [Like with smoking – the government allowed the tobacco industry to kill off millions of people, and make many more really ill, before they called a halt (all these decades of delay because the Treasury relied on the revenue generated by these tobacco giants, and was scared witless of their power and influence!).
The biggest joke that the Banks are currently playing on us as a society, involves interest rates. For some four years (since 5th March 2009) the Bank of England has set interest rates at an historically low level (only ½ % and will stay at this all time low until 1015 at least!) – this means that the Banks can borrow money from the Bank of England at unbelievable low cost. So what do the Banks do? Do they lend out desperately needed cash to businesses to we can boost money supply and get growth back into the economy? Don’t be daft – they simply build up their reserves! When they do lend money, do they charge ½ % or a little bit more? Oh no, don’t be silly – they have to generated a unbelievably high profit (all those salaries & bonuses you see), so they charge say 20% for a loan. What does the Bank of England do about that abuse? Sod all of course – they can set a national interest rate designed to help revive the Country’s economy, but have no control over the Bank’s who then proceed to thwart the whole strategy!
Bankers are unacceptably ‘greedy’ and blatantly ‘conscience-less’. So what is the answer? Shoot all Bankers? Has a nice ring to it!