[drawing- copyright Pinn]Here's a view about the banks that few will have mentioned.
While people have, with their hearts in the right place, sought to stop all those bankers from receiving their bonuses, I have a couple of things to say. In theory I agree with everyone else. Those guys are rich enough; all of them.
problem one:
The lower level bank workers, particularly, are on contracts. These contracts have bonus clauses. I would hate to take away any workers' rights IN THIS WAY. If these contracts are changed, then it's open to negotiation. Workers are usually screwed in this country, so I see the low-level bankers as workers first, and royal ones too. More power to them.
problem two:
The lower level bank workers were working within a system designed by their upper bosses and Crash Gordon Brown. If the economy went tits-up, it's not the workers' fault, so our jealousy should be parked. If they had the brains to foresee the crisis, then logic would have them being the bosses, not the workers. And the bosses WERE idiots. Most of them had 30:1 ratio of debt to capital. Even I know that's stupid.
I wonder what laws could be created for the government to actually recind executive pay bonuses for our 'public banks'.
Also, if Crash Gordon gave the banks the ability to play fast and loose with all our money and, frankly, with the laws or nature and Cartesian reality, then
CRASH GORDON IS TO BLAME.
Take his pay away.
What Obama is doing, bless him, is controlling those stupid bosses by limiting their pay to 500K bucks, or 2 pounds 95. If he could have put Greenspan and Bush43 in jail, it seems like he would have tried. But let's just focus on cleaning up this mess, in the right way.
Leave the 'workers' alone, for now.
UPDATE: SMART WORKERS & STUPID BOSSES
Paul Moore at HBOS bank group had warned the executives of their overstretched finances and he was eventually fired for raining on the parade. In fact, he was fired by James Crosbie, the guy who was chosen by Crash Gordon to run the FSA and OVERSEE the BANKS! The guy just quit today. Best move he's ever made. Maybe, or so he thinks, he will not be charged or sued for his stupidity at HBOS.
