There goes civilisation...

Fruitbat's got it all saved in gold signet rings innit.

I think people would have a modicum of sympathy for bankers if they shared the wealth in the good times. But they don't. Instead they pay themselves obscene bonuses for lucky guesses on bets with other peoples money.

Fuck 'em.

I think there needs to be differentiation between those who work for financial institutions and those who are trading on behalf of their firms and deciding investment strategy.

The former should not be chastised for trying to make a living, in what is more than likely, a repressive and repetitive role.

Middle / back office peeps are the domestiques of the finance peleton.

The bank still earns interest, its just they don't pass it on to the customer.

Not if they are truly Sharia-compliant.
There was a really good article in last, last weeks Economist about it.

i have to say that overall, i support the banker-bashing.
i know quite a few city people, and i think it's fair to say that they are elitist, greedy, arrogant and self-serving to a man. and they're my friends!
they always take a hard right-wing 'fuck everyone else' attitutde to everything.

'you don't earn enough? well fuck you, you should have been smart enough to come work in the city.

7 figures bonuses are immoral? fuck you, i'm out for what i can get.'

i wold say that is fairly representative of the attitudes of the merchant bankers that i know. and fair enough. i'm sure they won't be wanting any sympathy now it's crashing down around their ears.
i just hope they don't do TOO much damage to the rest of us.

I think people would have a modicum of sympathy for bankers if they shared the wealth in the good times. But they don't. Instead they pay themselves obscene bonuses for lucky guesses on bets with other peoples money.

Fuck 'em.

I've never really got it when the top boy (or girl) of one of these places is fired for doing a bad job, but paid millions to leave their post.

The only similar situaion I can think of is football management (then sky sports pay the cunts to impart their questionable knowledge)

Do you have any bank accounts that earn interest? I'm sure you could find a current account that earns zero interest, and then you can sleep soundly at night, knowing you're not helping to finance the education of those greedy fat-cat bastards' children.

No interest on my account. Find me one that doesn't charge me and I'd be more than happy ;-)

Being a banker is not the only way to afford all the things you list.

I think banker-bashing is unnecessary, but can't help my natural reaction, which is to not feel too sorry for people who have chosen a career with their eyes wide open.
My company makes financial software, and the downturn will affect us too. We have just had 30% redundancies in the UK, coupled with 100% growth in Asia. It is sad for those people.. families.. affected.
Mrsmith has made some very harsh comments in this thread, but there are nuggets of truth in there too.. :-)
Don't live in debt. Don't be blinkered by promises of a stable career, respectable profession, etc.. Don't be a cunt.

I agree with most of things you said.

I'm not shedding any tears for the bankers who've lost their jobs. I'm sympathetic to some extent, but anyone working in finance should know that it's entirely man-made, highly volatile, and at the mercy of market perceptions, however incorrect. I may be out of a job soon, but I'm not shedding any tears for myself either... I could've become a doctor, but I made a conscious decision not to. If I lose my job, I'll just have to dust myself off and figure out something else to do. It won't be easy, because there will be thousands and thousands of other people just like me. But hey, that's life.

there is a massive difference between wanting to provide for your kin and and a lifestyle fueled by greed and wanton disregard for the financial situations of others.

i could understand their high salaries if they were good at their job but it's obvious that greed masks their ability to look at what the last 300 years of world financial history can teach them.

no sympathy from me, they are reaping what they sowed with rampant speculation (much like the tulip boom of the 1630's)

People keep harping on about "wanton disregard for the financial situations of others". I'm not being sarcastic, I'm genuinely curious, in what way is this wanton disregard expressed?

What do you care if they're paid high salaries or not? It's not coming out of your pocket, it's coming out of the company's profits.

How can you fault somebody for wanting to make a good living and provide for their families? If a well-paying job is available, and is perfectly legal, and well-respected by some, how can you fault somebody for taking it?

i could understand their high salaries if they were good at their job but it's obvious that greed masks their ability to look at what the last 300 years of world financial history can teach them.

no sympathy from me, they are reaping what they sowed with rampant speculation (much like the tulip boom of the 1630's)

some valid points here, one thing i'd like to point out is this growing habit of bailing out of these companies by the government and other financial institutions. City boys playing with other people's money, running insane risks, without thinking of the repurcussion because to them its not real, its a big fucking game. dots on a ticker.

It is the taxpayers money that the government is using to bail out these institutions. Just like its the investors (e.g. bank customers)money that is funding the bail out fund that has just been set up by a conglomerate of 10 or so global financial institutions.

Granted, without bailing certain institutions out (freddie mac, fannie mae, and that first one i cant quite recall the name of) the global economy would be much worse off than it currently is due to these institutions being so entrenched in the financial market.

I find it so incredibly wrong that I am paying up the fucking ass, and my money is bailing out some fuck on a boat somewhere that lost someone else's money.

What do you care if they're paid high salaries or not? It's not coming out of your pocket, it's coming out of the company's profits.

Do you have a company pension?

i just hope they don't do TOO much damage to the rest of us.

that's the issue right there. we can bash away at bankers all day. but we'll be the ones to suffer in the long run. the well paid have a buffer, the poor don't.

fucking venture capitalist!

what a stupid thing to say, although i am definitely against wanton spending and risk taking. its usually venture capitalism that has funded some of the best and most radical ideas of the last 20 years dealing with green energy and other industries that arent necessarily economically viable.

I doubt the majority of people who slag off merchant bankers have ever set foot in said institutions.

Walk the walk before you talk the talk

I think people would have a modicum of sympathy for bankers if they shared the wealth in the good times. But they don't. Instead they pay themselves obscene bonuses for lucky guesses on bets with other peoples money.

Fuck 'em.

They do share the wealth. Most of the big investment banks have donation-matching programs, where the company will match the charity donations made by any of their employees, up to a certain amount per year. At my last company, it was £3000... if I'd donated £3000 to charity, that company would've matched it.

Because of that, I was able to raise £6000 in sponsorship for a London to Barcelona cycle ride, the money went to a children's medical research charity. Loads of people donated £20-50, and a good number of people put in £100-£300. And I'm not the only person who goes around collecting sponsorship for this sort of thing either.

they always take a hard right-wing 'fuck everyone else' attitutde to everything.

Perhaps because everybody's always telling them what bastards they are...

I doubt the majority of people who slag off merchant bankers have ever set foot in said institutions.

Walk the walk before you talk the talk

Talking bollocks fail...

They do share the wealth. Most of the big investment banks have donation-matching programs, where the company will match the charity donations made by any of their employees, up to a certain amount per year. At my last company, it was £3000... if I'd donated £3000 to charity, that company would've matched it.

Because of that, I was able to raise £6000 in sponsorship for a London to Barcelona cycle ride, the money went to a children's medical research charity. Loads of people donated £20-50, and a good number of people put in £100-£300. And I'm not the only person who goes around collecting sponsorship for this sort of thing either.

Perhaps because everybody's always telling them what bastards they are...

Bless them. They still donate (in relation to take home income) less than the average man or woman on the clapham omnibus. And corporate giving is still a neat tax option.

It is the taxpayers money that the government is using to bail out these institutions. Just like its the investors (e.g. bank customers)money that is funding the bail out fund that has just been set up by a conglomerate of 10 or so global financial institutions.

Granted, without bailing certain institutions out (freddie mac, fannie mae, and that first one i cant quite recall the name of) the global economy would be much worse off than it currently is due to these institutions being so entrenched in the financial market.

The first one was Bear Sterns.

If it's any consolation, the Fed refused to bail Lehman out. The markets are in turmoil because of it, but I support the decision, hopefully it'll scare everybody into behaving.

"What do you care if they're paid high salaries or not? It's not coming out of your pocket, it's coming out of the company's profits."

never heard of the phrase privatise profits subsidise losses?
that's exactly what the u.k taxpayer does. at the end of the day the shareholders must be paid!

or another way to put it:
"I find it so incredibly wrong that I am paying up the fucking ass, and my money is bailing out some fuck on a boat somewhere that lost someone else's money."

+rep on it's way to livingasleep

Talking bollocks fail...

Live by the sword die by the sword....

hoisted on their own petards.

our lives are like candles in the wind.

...God this is getting hard now!?

The first one was Bear Sterns.

If it's any consolation, the Fed refused to bail Lehman out. The markets are in turmoil because of it, but I support the decision, hopefully it'll scare everybody into behaving.

who bails out the fed

i am amazed these people are paid gross amounts of money to manage money and can fail with so much style the IS govt can afford to bail them out... JOB FAIL.. its great!

Bless them. They still donate (in relation to take home income) less than the average man or woman on the clapham omnibus. And corporate giving is still a neat tax option.

They get a few dozen people each year asking for sponsorship. How much money have you donated to charity recently?

And just because a donation is a neat tax option to the corporation, doesn't mean the money is worth any less to the charity receiving it.