fraud charge lodged against US investment bank Goldman Sachs

[meanreversion]

The Americans are much better at acronyms than we are

I think most people's anger is mis-directed. Ok, the banks were culpable but they were only doing what they had always been doing. The politicians are also very responsible, with their laissez-faire approach and failure to demand rigorous oversight.

However it is also the public themselves who are to blame. No-one forced them to take out ridiculous amounts of leverage.

Ultimately the banks and the government are now propping each other up... we've already seen the same thing in Japan. Need to sell more government debt? Just increase capital adequacy ratios. Japanese banks were for many years the largest buyers of Japanese government debt. The banks can't survive without the government, and vice versa. Except the bankers are just a little smarter and that's why they end up with more cash... although it will be interesting to see how many Labour cabinet ministers end up with cushy bank jobs after the election, quite a few I imagine.

 

[gooseman]

although it will be interesting to see how many Labour cabinet ministers end up with cushy bank jobs after the election, quite a few I imagine.

I'm not so sure mate-the view of just about everyone in the City I know is vehemently anti-labour. half of them have public sector upbringings and are there for the jolly/expenses. Not much sense spinning around the front bench these days. can you imagine anywhere in the world where a marxist solicitor with no financial training would be in charge of the largest financial crash in living memory? Hang on a minute...

 

[meanreversion]

Patricia Hewitt landed herself a nice number at Barcap.. I think the reason behind this is that she commissioned a report several years ago which cleared the retail banks of profiteering.

http://www.thisisleicestershire.co....-job-bank/article-1746010-detail/article.html

This sort of stuff is in Private Eye all the time..... it's as corrupt as you like..

 

[montmorencyt2w]

Except the bankers are just a little smarter and that's why they end up with more cash... although it will be interesting to see how many Labour cabinet ministers end up with cushy bank jobs after the election, quite a few I imagine.

Yes, they say there are no atheists in foxholes.
Similarly, there are no socialists among the ranks of retired Labour cabinet ministers (with the possible exceptions of Tony Benn and the late Michael Foot).

Mandelson was famously "intensely relaxed" about people becoming filthy rich.
I imagine that most of them are even more intensely relaxed about becoming filthy rich themselves.

 

[meanreversion]

Mandelson's full quote was "intensely relaxed about people becoming filthy rich, as long as they pay their taxes", which is fair enough.

I think the Labour party have given up, they're just waiting to leave.

 

[gooseman]

that man is a stain on the bedsheets of humanity. how on earth do the electorate put up with him having any position of power i will never know.

 

[meanreversion]

He said that Bob Diamond is the unacceptable face of banking. Which makes Mandelson the unacceptable face of politics I suppose. I'm past caring about politicians now, they're all rotten.

 

[gooseman]

http://www.thedailymash.co.uk/polit...wat%2c-everyone-tells-mandelson-200902191590/

a favourite of mine

 

[meanreversion]

Scum, all of them. Check this one out --

I'm voting for the Iceland Volcano Party. It's done more to prevent immigration in five days than Brown has in 13 years

- Robin, Swindon, 21/4/2010 11:57

Read more: http://www.dailymail.co.uk/news/ele...Labours-record-immigration.html#ixzz0ljRGMqSH

 

[montmorencyt2w]

http://www.thedailymash.co.uk/polit...wat%2c-everyone-tells-mandelson-200902191590/

a favourite of mine

Great article. The only thing I might take issue with is that last point about the coffee.
I'm sure his gentleman's gentleman makes the coffee in that household.


(No, that's not a homophobic reference; it's a P.G.Wodehouse reference.
I am not homophobic; merely Mandelson-phobic).

 

[Black Swan]

Great article. The only thing I might take issue with is that last point about the coffee.
I'm sure his gentleman's gentleman makes the coffee in that household.


(No, that's not a homophobic reference; it's a P.G.Wodehouse reference.
I am not homophobic; merely Mandelson-phobic).

reminds me of that funny bit I saw in glee, (dont watch it, the kids do) "nothing wrong with gays, it's the sneaky gays I don't like..." So you like your *gays* all Elton John and Graham Norton style, as opposed to Osbourne and Mandy having a running cat fight on (and off) Nathan Rothschild's yacht then Monty?

I fooking hate Mandy, I'd glady kill him, and it has nothing to do with his sexuality, only his politics the odeous tw@t. Still mystified what he had on Brown to get *invited* back into cabinet, but only on the insistence he was made a Lord...baffling...

Anyhow, as you were, back on thread please...Goldman & S...