A new disaster movie is coming your way.
"a runaway juggernaut.
out of control bankers with nobody on the brakes.
a city collapsing down around it.
hot particles of bullshit floating in the air!"
"a runaway juggernaut.
out of control bankers with nobody on the brakes.
a city collapsing down around it.
hot particles of bullshit floating in the air!"
it's (scream!)
"The Square Mile goes Pearshaped"
It might as well be an island.
The Corporation of the City of London is a private
island of cash; an offshore jurisdiction
in these troubled Euro waters,
hiding rich boys' money.
BUTT, I still blame the Greeks for everything
@sarc
I still hold to the belief that the UK government owns the banks,
not as a public good , but so that they can
Here are a couple more stories to keep you on the edge of your seats:
-Cos67 ¬(%^D>
checkitout:
Bankers' bonuses paid for by taxpayers, banking commissioner tells MPs
Banks shave billions off costs because creditors expect taxpayers to bail them out, ICB head tells Commons committee
* Richard Wachman
* guardian.co.uk, Tuesday 24 May 2011 17.20 BST
Bankers' bonuses are partly subsidised by the taxpayer, says Sir John Vickers, pictured above at the launch of the ICB's interim report, on 11 April. Photograph: Dominic Lipinski/PA
Bonuses paid to bankers have been partly financed by the UK taxpayers' subsidy for the industry, according to Sir John Vickers, head of the Independent Commission on Banking (ICB).
"Some of the bonuses have been financed that way," said Vickers when he appeared before the Commons Treasury select committeeon Tuesday.
He estimated that banks shave at least £10bn off their funding costs each year because of the expectation from bondholders and other creditors that the government would honour their obligations in times of stress.
Vickers said he hoped proposals unveiled by the ICB in April to boost financial stability would help to eliminate the subsidy.
The interim findings recommended that retail savings banks boost their capital ratio to 10% and ringfence their high street businesses from riskier "casino" investment banking activities. But the report stopped short of ordering a full break-up, sparking accusations that Vickers had "bottled it". He denied the accusation.
Vickers said: "Total abolition [of the taxpayer subsidy] is unlikely. There are always going to be some circumstances in which the government would feel compelled to come to the rescue of at least some parts of banks."
not as a public good , but so that they can
quietly chuck more money down the chute.
Just watch the debt numbers going up every month. Ever ask why this is going on?Here are a couple more stories to keep you on the edge of your seats:
-Cos67 ¬(%^D>
checkitout:
Bankers' bonuses paid for by taxpayers, banking commissioner tells MPs
Banks shave billions off costs because creditors expect taxpayers to bail them out, ICB head tells Commons committee
* Richard Wachman
* guardian.co.uk, Tuesday 24 May 2011 17.20 BST
Bankers' bonuses are partly subsidised by the taxpayer, says Sir John Vickers, pictured above at the launch of the ICB's interim report, on 11 April. Photograph: Dominic Lipinski/PA
Bonuses paid to bankers have been partly financed by the UK taxpayers' subsidy for the industry, according to Sir John Vickers, head of the Independent Commission on Banking (ICB).
"Some of the bonuses have been financed that way," said Vickers when he appeared before the Commons Treasury select committeeon Tuesday.
He estimated that banks shave at least £10bn off their funding costs each year because of the expectation from bondholders and other creditors that the government would honour their obligations in times of stress.
Vickers said he hoped proposals unveiled by the ICB in April to boost financial stability would help to eliminate the subsidy.
The interim findings recommended that retail savings banks boost their capital ratio to 10% and ringfence their high street businesses from riskier "casino" investment banking activities. But the report stopped short of ordering a full break-up, sparking accusations that Vickers had "bottled it". He denied the accusation.
Vickers said: "Total abolition [of the taxpayer subsidy] is unlikely. There are always going to be some circumstances in which the government would feel compelled to come to the rescue of at least some parts of banks."
