A View From Middle England - Conservative with a slight libertarian touch - For Christian charity and traditional belief - Free Enterprise NOT Covert Corporatism

Thursday, February 25, 2010

Highway Robbery in the Square Mile!!

Stephen Hester appears to be a victim in this banking bonanza of bonus baggers. He is powerless to suppress the rampant greed of bank workers who are basically gamblers. He says if he doesn't shell out billions to these legalised punters, then they will go elsewhere. Is this man in the real world or living in a parrellel universe? If it wasn't so desperately wrong I'd think he'd got himself a part in a Carry On film.

The British public were told that the banks could not be allowed to fold. So shedloads of cash were poured into the likes of RBS. Hester has the brass neck to preside over a whopping loss of £3.6bn and still whine on about these blackmailing bonus buggers. It is outrageous.

Is the British public going to stand for this highway robbery? Hester told BBC Radio 4's Today programme, "We've had a small experiment in this respect... some of our best-performing people have been leaving in their thousands. The people who left us last year, I believe, would have increased our profits by up to £1bn beyond the ones that we've got." Really?

Where have these guys gone? Which bank is utilising their skills? Some offshore operation? A Swiss bank? Thousands have left have they? 40,000, maybe? Or 3/4,000? It's all so vague. No concrete figures are ever given. Just the parrot call telling us that whopping bonuses are an absolute must in 21st century banking. And can we be sure that any of the money used in this casino is real in any sense? I get the sense it's just another version of the wonderful sub-prime money laundering excercise that got us into this mess in the first place.

A man in Scotland made 21% on his investments last year and emailed the BBC to suggest anyone could do it, simply because the markets had risen strongly. Simon Hester was pushed three times on this (not exactly firmly) and gave a limp-wristed response. The truth is nearer the fact that RBS is being held to ransom by those who have found a great way to exploit banks to fuel their insatiable greed.



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