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Greedy bankers should be in jail
By Gerald Muller |
September 1, 2010, Wednesday
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Print Edition
Print Edition
WHILE in Shanghai, I read the article by Howard Davies published in Shanghai Daily on August 25 ("Harsh regulators risk pushing bank risk beyond frontiers") and found it to be concentrated crap.
Let me clarify this harsh statement: bankers or rather banksters, as they are now known, have unrelentingly argued that going back to the status quo ante where they could start again to grab most of the riches made by those who really work would be the best thing for everyone.
And when, under the pressure of public opinion, the politicians have started to talk about enforcing new regulation the same banksters have howled that would bleed them do death. Utter b-------, of course.
They have lobbied the decision makers like never before so that the new regulations should be as "light" as possible. Some even pretend that some have an "appetite for risk," a misnomer for appetite for greed, ie, more yield.
How anyone can justify that a happy few should make 15 percent on their investments while the economy is growing at a mere 1 percent?
If they invested in the real economy, like start ups or the like, one could forgive to a small extent their greed, but no: they want pure financial products that will somehow transform the losses of the masses of individual investors into their large gains.
IMHO, most bankers should be in jail, not lobbying for less regulation.
Let me clarify this harsh statement: bankers or rather banksters, as they are now known, have unrelentingly argued that going back to the status quo ante where they could start again to grab most of the riches made by those who really work would be the best thing for everyone.
And when, under the pressure of public opinion, the politicians have started to talk about enforcing new regulation the same banksters have howled that would bleed them do death. Utter b-------, of course.
They have lobbied the decision makers like never before so that the new regulations should be as "light" as possible. Some even pretend that some have an "appetite for risk," a misnomer for appetite for greed, ie, more yield.
How anyone can justify that a happy few should make 15 percent on their investments while the economy is growing at a mere 1 percent?
If they invested in the real economy, like start ups or the like, one could forgive to a small extent their greed, but no: they want pure financial products that will somehow transform the losses of the masses of individual investors into their large gains.
IMHO, most bankers should be in jail, not lobbying for less regulation.
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