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Phil

Meanwhile "our" Gov't tries to look after its mates

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http://uk.news.yahoo...95--sector.html

They put up a big fight and kick up a stink to look after their banker mates, but lie down with their legs in the air when Its anything to do with the rest of us...its not about party politics either, Labour and Tory have done ###### all except protect the vested interests of their rich mates

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This is Germany's payback for the failed takeover of the London Stock Exchange many years ago, and their failed attempt to establish Frankfurt as the financial capital of the EU as well as a general EU determination to wrest control; from London. If anyone thinks this will make the slightest difference to the amount of money that the target bankers make, they are living I am afraid in a cloud cuckoo land where the Internet has not yet been invented. These guys are FAR clever than the even the brightest of Eurocrats.

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If they want to forcough elsewhere let them,

Totally none productive bunch of shysters, maybe we will have to revert to actually manufacturing things to earn money, the sort of stuff that employs real people in real jobs.

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I once sent a letter to my MP well before the credit crunch showing concern over 125% mortgages, spiralling credit as well as recklessness by the banks. Ruth Kelly replied to say that it was all down to market forces and demand! How so out of touch.

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I wish I could do my job as badly and not only keep my job but get a reward for my trouble.

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The financial services industry contributes 11.5% of the UKs tax revenue...

They've had quite a lot of it back in bailouts too! :angry:

There wouldn't BE a UK finance industry now if it wasn't for taxpayer subsidy.

The bonus cap will still allow them to receive (I refuse to use the word 'earn' in this context) 100% of their salary as a bonus. 100%!!! Who the hell else gets close to that even when they do well in their job, let alone having contributed to the tanking of an entire economy. Honestly, if that really isn't enough for them, they need to scuttle of elsewhere. I for one would be happy to hold the door open for them. I am sick to the back teeth of hearing how bankers need to receive ridiculously obscene amounts of remuneration to stay in their jobs when everyone else is expected just to be grateful to have a job at all. Time this outrageous self-serving bluff was well and truly called.

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They've had quite a lot of it back in bailouts too! mad.gif

There wouldn't BE a UK finance industry now if it wasn't for taxpayer subsidy.

The bonus cap will still allow them to receive (I refuse to use the word 'earn' in this context) 100% of their salary as a bonus. 100%!!! Who the hell else gets close to that even when they do well in their job, let alone having contributed to the tanking of an entire economy. Honestly, if that really isn't enough for them, they need to scuttle of elsewhere. I for one would be happy to hold the door open for them. I am sick to the back teeth of hearing how bankers need to receive ridiculously obscene amounts of remuneration to stay in their jobs when everyone else is expected just to be grateful to have a job at all. Time this outrageous self-serving bluff was well and truly called.

Yes.

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The financial services industry contributes 11.5% of the UKs tax revenue...

And they should be contributing 90% if they all weren't avoiding paying it. They also remove massive amounts of tax payers money to bail them out of the zh!t they create.

How moving money from A to B can be considered a sign of a productive economy is beyond me.

Productive economies actually produce things that add value to the materials used in production the production of products.

The key word here is products. Money is not a product. Just moving money around in circles is not production it is just con tricks by pyramid sellers.

I'm with John, regulate them to the hilt and call their bluff. Nothing lost if the burger off elsewhere, let someone else mop up the zh!t they create.

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Over the last thirty years we've seen our traditional industries destroyed by (initially) Thatcher and (secondarily) apathy by governments run by poncy no-marks and lawyers ever since.

I hate the economic mess the City of London got us into, as much as everyone else does.

However, let's not let the chinless MP Tw@s of all three parties stand by and do nothing whilst the EU (i.e. France and Germany) sells our financial sector down the river.

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When will people get it into their thick heads that we are just as much ''the EU'' as any other European nation. We elect proportionally the same number of MEPs as everyone else. Those MEPs sit on the committees etc. like everyone else. Just goes to show that brian washing barge of anti EU guff form certain newspapers does work if people believe that the UK has no say in EU law.

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Going against the tide here but on balance government did the right thing. Banking sector bring in alot of tax if they disappear to HK or elsewhere that's alot of 40% taxpayers to replace. Or more likely taxes go up for everyone else. It will not affect the total pay of those on a bonus anyway. Their fixed salary will just go up. It's just politicians making it look like they are doing something useful.

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The way I see it, provided they are generating the profits they can pay themselves what the hell they like. If they mess up, they can't. And if they perform as badly as they have done in the last few years, they should feel grateful to be employed.

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They've had quite a lot of it back in bailouts too! :angry:

There wouldn't BE a UK finance industry now if it wasn't for taxpayer subsidy.

The bonus cap will still allow them to receive (I refuse to use the word 'earn' in this context) 100% of their salary as a bonus. 100%!!! Who the hell else gets close to that even when they do well in their job, let alone having contributed to the tanking of an entire economy. Honestly, if that really isn't enough for them, they need to scuttle of elsewhere. I for one would be happy to hold the door open for them. I am sick to the back teeth of hearing how bankers need to receive ridiculously obscene amounts of remuneration to stay in their jobs when everyone else is expected just to be grateful to have a job at all. Time this outrageous self-serving bluff was well and truly called.

*Starts a slow clap*

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The way I see it, provided they are generating the profits they can pay themselves what the hell they like. If they mess up, they can't.

This.

Of course I'm properly balanced in that I get annoyed that my honest tax-dollars are paying not only banker bonuses but guaranteed pensions for maths lecturers.

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They've had quite a lot of it back in bailouts too! :angry:

There wouldn't BE a UK finance industry now if it wasn't for taxpayer subsidy.

The bonus cap will still allow them to receive (I refuse to use the word 'earn' in this context) 100% of their salary as a bonus. 100%!!! Who the hell else gets close to that even when they do well in their job, let alone having contributed to the tanking of an entire economy. Honestly, if that really isn't enough for them, they need to scuttle of elsewhere. I for one would be happy to hold the door open for them. I am sick to the back teeth of hearing how bankers need to receive ridiculously obscene amounts of remuneration to stay in their jobs when everyone else is expected just to be grateful to have a job at all. Time this outrageous self-serving bluff was well and truly called.

Had the previous "government" :lol: indulged in proper regulation, and had they made an example of Northern Rock, and had not millions of greedy Labour voters fallen for the great Blair deception, this situation would not have been anywhere near as bad. When Brown said he'd abolished "boom and bust" he was basing it on the effects of the housing price bubble that the Blair govt had created and exploited. How could any sensible person not see that a trebling of house prices in the ten years after Labours election was anything other than a recipe for disaster Yes, bankers may be greedy, but just as greedy as those that borrowed recklessly at the expense of savers and pensioners, the unemployed and those in social housing so that they could get their own feet in the trough. What is it they sing at the Labour Party conference? Ah, yes, "The working class can kiss my ######, we'll keep the red flag flying here!"

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This.

Of course I'm properly balanced in that I get annoyed that my honest tax-dollars are paying not only banker bonuses but guaranteed pensions for maths lecturers.

Meh, bite me :P

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Had the previous "government" :lol: indulged in proper regulation, and had they made an example of Northern Rock, and had not millions of greedy Labour voters fallen for the great Blair deception, this situation would not have been anywhere near as bad. When Brown said he'd abolished "boom and bust" he was basing it on the effects of the housing price bubble that the Blair govt had created and exploited. How could any sensible person not see that a trebling of house prices in the ten years after Labours election was anything other than a recipe for disaster Yes, bankers may be greedy, but just as greedy as those that borrowed recklessly at the expense of savers and pensioners, the unemployed and those in social housing so that they could get their own feet in the trough. What is it they sing at the Labour Party conference? Ah, yes, "The working class can kiss my ######, we'll keep the red flag flying here!"

If it rains do you blame the Blair government John? Is there anything bad that isn't the Blair government's fault? IMO where the Blair goverment were at fault was that they allowed the "casino" finance industry to carry on exactly as it had done under Thatcher and Major since 1986. They believed wrongly that the market had all the answers. Cameron and Osborne (before the crash) were calling for even less regulation. Cameron has some neck to say that Labour were in charge of the casino when it went bust. The casino was created by " big bang" under Thatcher. The Tories are doing what they always do, looking after their own and blaming someone else for any problems.

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Meh, bite me :P

I don't know where you've been.

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If it rains do you blame the Blair government John? Is there anything bad that isn't the Blair government's fault? IMO where the Blair goverment were at fault was that they allowed the "casino" finance industry to carry on exactly as it had done under Thatcher and Major since 1986. They believed wrongly that the market had all the answers. Cameron and Osborne (before the crash) were calling for even less regulation. Cameron has some neck to say that Labour were in charge of the casino when it went bust. The casino was created by " big bang" under Thatcher. The Tories are doing what they always do, looking after their own and blaming someone else for any problems.

Every word spot on.

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Every word spot on.

If you believe that a government that had thirteen years with huge working majorities must be absolved of blame entirely then, yes.

If you believe that actually YEAH-BOO politicking belongs only in the kindergarten or House of Commons (but I repeat myself) then, no.

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Had the previous "government" :lol: indulged in proper regulation, and had they made an example of Northern Rock, and had not millions of greedy Labour voters fallen for the great Blair deception, this situation would not have been anywhere near as bad. When Brown said he'd abolished "boom and bust" he was basing it on the effects of the housing price bubble that the Blair govt had created and exploited. How could any sensible person not see that a trebling of house prices in the ten years after Labours election was anything other than a recipe for disaster Yes, bankers may be greedy, but just as greedy as those that borrowed recklessly at the expense of savers and pensioners, the unemployed and those in social housing so that they could get their own feet in the trough. What is it they sing at the Labour Party conference? Ah, yes, "The working class can kiss my ######, we'll keep the red flag flying here!"

I think that's very true

in many ways but not all it was 'meet the new boss same as the old boss' and people felt betrayed

although to be fair section 28 was repealed and some of the other evils perpetrated by Thatcher were addressed, but that was just window dressing.

Thatcher and Major were radical politicians. They did stuff, stuff that some people thought was great-remember 'The Fishing party'? Lots of other people suffered for it.

Blair was given more power via the electoral system and through successive terms than any other labour government, which many people think was wasted: including conning the country into going to war to hell GW Bush out.

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A few years ago, Dubai attracted a lot of finance houses. Market contracted ... wholesale flight to somewhere else. We must protect the UK financial sector.

With regard to bonuses, it's not just fatcat banking bossses who receive them. Many people on here seem to think that everyone who works in the city has the same lifestyle. Believe me they dont; many many people lower down the ranks rely on their bonus to keep their head above water.

My sister has worked as a trader in the city for about twenty five years and just about everyone in her position gets a minimal salary ... that's to "encourage" individual trading activity to achieve a "London salary" by trading. Those companies who use this method (and it's all the big ones too) will not suddenly double and treble the basic wage.

Yes, she's done fairly well but, with commuting, she does a twelve hour high-pressure day.

She's always had bundles of energy and made money for her employers, which is a good job because most traders of her age are likely to have their firms consider that they are past it. That means turning up on a Monday, not being allowed into work and being given a bin-bag with the contents of your desk. No warning, no notice because you could do naughty things to the computer system or client accounts.

And her family circumstances mean that she can't afford to retire.

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If you believe that a government that had thirteen years with huge working majorities must be absolved of blame entirely then, yes.

If you believe that actually YEAH-BOO politicking belongs only in the kindergarten or House of Commons (but I repeat myself) then, no.

Which bits are untrue? Didn't the tories call for less regulation of the banking industry? Wasn't the whole deregulation kicked off by the Thatcher government of the 80s?

That said, Labour themselves did fail to spot that there could be any possible downside to the financial sector situation and therefore did very little to halt or reverse what had been set in motion 10 years previously. The whole county, if not the western world thought we were living in a financial utopia where everyone (who was lucky enough to own property) was getting more and more rich. I don't recall anyone (of any note) standing up and saying it would all end in tears until 2007.

I was working for one of the big banks at the time and in a conversation with my then boss we did think the writing was on the wall having had some insight to the way the banks were working (we were both IT contractors with no banking background and I think therefore we had the detachment and lack of vested interest to see things from a different perspective from those within the 'banking culture'). At that point they were just lending and lending with not a worry about how and if they would get any of it back. The small section I was working for then discovered that what they thought was £1.3m of bad debt was in fact £13m. What had happened was that they were using a method of calculating the bad debt that was wholly designed to show the company in the best possible light and therefore mask the true situation.

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