Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[Banjax]

BBC2 9pm worrying look at what happens if/when the banks fail again.......no bailout this time from us, theres nothing in the pot 

[Mysteryman]

BBC2 9pm worrying look at what happens if/when the banks fail again.......no bailout this time from us, theres nothing in the pot 

2nd part of silent witness for me. I'll record Peston and watch tomorrow while I'm counting my money

[cem_devecioglu]

did it before , will again.. not surprise.. nature of them :-/

[geoffr70]

Oh no, we should all become socialists then, that will save the world, surely it will!

[albitz]

Unlikely to happen again in the foreseeable future. You would not believe how risk averse the boys and girls in the square mile are these days. They are obsessed with low risk, and the compliance depts. rule the roost and are not to be argued with.
People are leaving just because it has become an utterly tedious place to spend 70 hours per week.
But of course that doesnt sell papers or raise viewing figures.

[Banjax]

Banking should be tedious and safe, surely Albs.

If you're going to be brave - do it with your own money, i'd welcome the "risk-takers" foxtrotting off, unfortunately we rarely learn from past mistakes and with very little serious changes and anaemic regulations it won't be long before one of the big banks goes down, if you have a system whereby banks are encouraged financially to take risks and are rewarded with massive bonuses and dividend payouts when they guess right but no penalty when it goes wrong i dont see how you can confidently say its unlikely to happen again - i make it almost impossible to avoid, but next time they wouldnt (couldnt) be bailed 

[albitz]

It can never be completely safe BJ. It is after all a form of gambling, as is any method of making money.
When you drive to your shop in the morning you are gambling with the petrol your using, because if no customers turn up to buy anything today you have wasted it and lost the gamble.
The penalty for individual traders for heavy or sustained losses is the sack, simple as that.And if that happens they have zero chance of being re- employed on another trading desk. That is one of many reasons why there is huge pressure involved.
The kind of pressure you or I are unlikely to understand or come close to experiencing.
When senior management make mistakes on a large scale- Fred the shred for example - its a different matter of course, just like it is in most workplaces or industries. The blame then gets pushed down the line.
Dont forget who set up the whole aneamic regulatory system will you ? your fellow countryman, the financial genius, who saved the world.
FYI. I was a HBOS shareholder, so I wasnt immune from what happened. But then again the shotgun wedding between HBOS and Lloyds was also arranged by that same financial genius, and it has been an utter disaster for all involved.

[Field Marshal Dr. Opti]

It can never be completely safe BJ. It is after all a form of gambling, as is any method of making money.
When you drive to your shop in the morning you are gambling with the petrol your using, because if no customers turn up to buy anything today you have wasted it and lost the gamble.
The penalty for individual traders for heavy or sustained losses is the sack, simple as that.And if that happens they have zero chance of being re- employed on another trading desk. That is one of many reasons why there is huge pressure involved.
The kind of pressure you or I are unlikely to understand or come close to experiencing.
When senior management make mistakes on a large scale- Fred the shred for example - its a different matter of course, just like it is in most workplaces or industries. The blame then gets pushed down the line.
Dont forget who set up the whole aneamic regulatory system will you ? your fellow countryman, the financial genius, who saved the world.
FYI. I was a HBOS shareholder, so I wasnt immune from what happened. But then again the shotgun wedding between HBOS and Lloyds was also arranged by that same financial genius, and it has been an utter disaster for all involved.

Oh Purrrrleease Albs......A person on minimum wage trying  to bring up his/her family to the best of their ability.....is under far more pressure than any overpaid and underachieving banker . In the real world I have far more respect for the people who actually make a contribution to society ......doctors...nurses....manual workers..teachers...etc...etc....rather than greedy and inept bankers who have no interest in anyone but themselves.... ....There is the world of banking .....and there is the real world....The real world has less champagne....and far fewer Ferrari....but it is the world where 99% of (normal)people have to live....

Other than the above.....we are in full agreement Albs...... 

 

[Field Marshal Dr. Opti]

Banking should be tedious and safe, surely Albs.

If you're going to be brave - do it with your own money, i'd welcome the "risk-takers" foxtrotting off, unfortunately we rarely learn from past mistakes and with very little serious changes and anaemic regulations it won't be long before one of the big banks goes down, if you have a system whereby banks are encouraged financially to take risks and are rewarded with massive bonuses and dividend payouts when they guess right but no penalty when it goes wrong i dont see how you can confidently say its unlikely to happen again - i make it almost impossible to avoid, but next time they wouldnt (couldnt) be bailed 

It's so easy for the banks BJ......They "casino gamble" with OUR money.......if they win it's big bonus time.....if they lose....they come crying like little children to us the taxpayer...please help mummy... ....What sort of capitalism is that?...

[albitz]

It can never be completely safe BJ. It is after all a form of gambling, as is any method of making money.
When you drive to your shop in the morning you are gambling with the petrol your using, because if no customers turn up to buy anything today you have wasted it and lost the gamble.
The penalty for individual traders for heavy or sustained losses is the sack, simple as that.And if that happens they have zero chance of being re- employed on another trading desk. That is one of many reasons why there is huge pressure involved.
The kind of pressure you or I are unlikely to understand or come close to experiencing.
When senior management make mistakes on a large scale- Fred the shred for example - its a different matter of course, just like it is in most workplaces or industries. The blame then gets pushed down the line.
Dont forget who set up the whole aneamic regulatory system will you ? your fellow countryman, the financial genius, who saved the world.
FYI. I was a HBOS shareholder, so I wasnt immune from what happened. But then again the shotgun wedding between HBOS and Lloyds was also arranged by that same financial genius, and it has been an utter disaster for all involved.

Oh Purrrrleease Albs......A person on minimum wage trying  to bring up his/her family to the best of their ability.....is under far more pressure than any overpaid and underachieving banker . In the real world I have far more respect for the people who actually make a contribution to society ......doctors...nurses....manual workers..teachers...etc...etc....rather than greedy and inept bankers who have no interest in anyone but themselves.... ....There is the world of banking .....and there is the real world....The real world has less champagne....and far fewer Ferrari....but it is the world where 99% of (normal)people have to live....

Other than the above.....we are in full agreement Albs...... 

 

The usual bunch of cliches lifted from the headlines in the Grauniad.
I personally know of three bankers in their twenties in recent years who have gone to the top of their workbuilding and jumped off. I have seen the pressure involved at very close quarters, and I know you couldnt begin to understand.
My daughter has had ten years of it and is leaving the industry tomorrow for the sake of her health and sanity.
My advice is to actually learn something about the subject, rather than just reading newspaper headlines. Or frankly, dont comment.

[cem_devecioglu]

Banking should be tedious and safe, surely Albs.

If you're going to be brave - do it with your own money, i'd welcome the "risk-takers" foxtrotting off, unfortunately we rarely learn from past mistakes and with very little serious changes and anaemic regulations it won't be long before one of the big banks goes down, if you have a system whereby banks are encouraged financially to take risks and are rewarded with massive bonuses and dividend payouts when they guess right but no penalty when it goes wrong i dont see how you can confidently say its unlikely to happen again - i make it almost impossible to avoid, but next time they wouldnt (couldnt) be bailed 

It's so easy for the banks BJ......They "casino gamble" with OUR money.......if they win it's big bonus time.....if they lose....they come crying like little children to us the taxpayer...please help mummy... ....What sort of capitalism is that?...

 

I dont want to go into specific details of banking and rules.. but the days of easy sweet profits are long gone.. in order to pay your interest andtheir expenses, banks must give credits , jump in the markets I'm afraid no other way..  and you cant win anything if you stay in your hot office , playing with the computer and talking to the dear

[Dishevelled Den]

Banking should be tedious and safe, surely Albs.

If you're going to be brave - do it with your own money, i'd welcome the "risk-takers" foxtrotting off, unfortunately we rarely learn from past mistakes and with very little serious changes and anaemic regulations it won't be long before one of the big banks goes down, if you have a system whereby banks are encouraged financially to take risks and are rewarded with massive bonuses and dividend payouts when they guess right but no penalty when it goes wrong i dont see how you can confidently say its unlikely to happen again - i make it almost impossible to avoid, but next time they wouldnt (couldnt) be bailed 

It's so easy for the banks BJ......They "casino gamble" with OUR money.......if they win it's big bonus time.....if they lose....they come crying like little children to us the taxpayer...please help mummy... ....What sort of capitalism is that?...

Yes, I do feel some resonance with these comments - although it's a much more complex issue than one would think.

I think we're reaping the 'benefits' of lax regulation and the worship of the financial sector to the detriment of manufacturing.

Yes, a sound financial industry is an essential part of any economy but to place a considerable emphasis on it (as was done) is very short-sighted given the capricious nature of many of those who practice it and the likelihood that emerging markets will soon overtake what has been the status quo.

 

[albitz]

As I have said before - you bitter, twisted,jealous,headline reading, non thinking individuals who blame the banks for everything thats wrong with your life and everyone elses life - if you want to get your own back - buy some bank shares ( they are dirt cheap at the moment) - sit on them for 10 years, and then cash them in -KERCHING !

No ? too scared ? ah well, just carry on whinging then.

[albitz]

Banking should be tedious and safe, surely Albs.

If you're going to be brave - do it with your own money, i'd welcome the "risk-takers" foxtrotting off, unfortunately we rarely learn from past mistakes and with very little serious changes and anaemic regulations it won't be long before one of the big banks goes down, if you have a system whereby banks are encouraged financially to take risks and are rewarded with massive bonuses and dividend payouts when they guess right but no penalty when it goes wrong i dont see how you can confidently say its unlikely to happen again - i make it almost impossible to avoid, but next time they wouldnt (couldnt) be bailed 

It's so easy for the banks BJ......They "casino gamble" with OUR money.......if they win it's big bonus time.....if they lose....they come crying like little children to us the taxpayer...please help mummy... ....What sort of capitalism is that?...

Yes, I do feel some resonance with these comments - although it's a much more complex issue than one would think.

I think we're reaping the 'benefits' of lax regulation and the worship of the financial sector to the detriment of manufacturing.

Yes, a sound financial industry is an essential part of any economy but to place a considerable emphasis on it (as was done) is very short-sighted given the capricious nature of many of those who practice it and the likelihood that emerging markets will soon overtake what has been the status quo.

 

Wise words as usual Z. The fact is that like it or not, the economy of this country is completely reliant on the financial sector. If the square mile disappeared into the Thames tonight, people in Africa would probably be sending us food aid.
This is why each of the 3 main parties have made a lot of noise about bashing the banks, but when they have the opportunity to do som ething about it, they do very little.
The reality is that they know they cant, but they cant publically admit to it.
This needs to change, but that will take decades to achieve, so for the moment we are stuck with a dominant banking industry, which fortunately, has been extremely profitable for almost all of its long history.
I firmly believe that a very large part of its recent problems are directly due to the fact that Brown told them in no uncertain terms to "fill their boots" as long as a big chunk of it came to the treasury, it was all good, everybodys happy. The good times were here to stay, he had abolished boom & bust etc.

[albitz]

Banking should be tedious and safe, surely Albs.

If you're going to be brave - do it with your own money, i'd welcome the "risk-takers" foxtrotting off, unfortunately we rarely learn from past mistakes and with very little serious changes and anaemic regulations it won't be long before one of the big banks goes down, if you have a system whereby banks are encouraged financially to take risks and are rewarded with massive bonuses and dividend payouts when they guess right but no penalty when it goes wrong i dont see how you can confidently say its unlikely to happen again - i make it almost impossible to avoid, but next time they wouldnt (couldnt) be bailed 

It's so easy for the banks BJ......They "casino gamble" with OUR money.......if they win it's big bonus time.....if they lose....they come crying like little children to us the taxpayer...please help mummy... ....What sort of capitalism is that?...

I would bet good money that you wouldnt recognise the names of the majority of the financial institutions in London.
The vast majority of them didnt take a penny of taxpayers money.
When they win, they are paid a lot of money - 50% of which goes directly to the treasury.
As I said earlier, if they  lose they get sacked and are unemployable, unless they are at boardroom level.
They have contributed countless billions to the treasury and UK economy as a whole for many many years. The problems of the last couple of years (where some of them have been propped up by the taxpayer) originated in the U.S. and was a direct result of politicians steering their financial sector in the direction of lending money to people who couldnt afford to pay it back.
The taxpayers currently own a lot of shares in some big banks, and if the treasury play their cards right, we taxpayers will reap a huge return on that investment in the mediem term.