Monthly Archives: February 2009

The government has encouraged the myth that banking was unregulated following the “Thatcher” reforms and this caused the problems of recent years. This begged the question of why the government left such a sorry state of affairs in being for more than a decade if it had been true, but like so much in the [...]

It is a sign of times disfigured by spin that the former heads of banks make headlines, whilst the current heads who could solve our problems or make them worse will doubtless attract far less interest. The questions we need the current management of RBS to answer include: 1. Will you trade at a profit [...]

Yesterday the media’s attention was on the Treasury Committee’s cross examination of the failed bankers, men who have lost their job because they lost their shareholders and now taxpayers so much money. It was never going to be a very informative session. Their apologies will not pay any of the bills. Meanwhile in the Commons [...]

President Obama chastised Wall Street yesterday, for daring to fall 4.5% following the announcement of his “rescue” packages. He sounded like a cross parent when a young child receives a very expensive present and honestly explains it is not what he wanted and he has no intention of playing with it. The President should do [...]

On both sides of the Atlantic we are waiting for the next plans to save the banks and reflate the economies. The US market has rallied a little in expectation of agreement on the Obama reflationary package, as the Senate debates the balance between tax cuts and spending increases, and its overall magnitude. In addition [...]

This morning I awoke to hear that the government line on RBS bonuses is they do not want to run the bank, and have to allow the management to incentivise the staff. What nonsense! If you own a business you are responsible for appointing the management, for deciding how to remunerate them, and setting them [...]

When bankers bonuses are the main topic of conversation, I went to a soccer match yesterday afternoon to see what value we get from some of those very well paid footballers. It was a good thing as a cricket fan and cricketer to keep my mind off the collapse of the English team in The [...]

Please spare us having to pay for another study of the banks. I can tell Treasury Ministers for nothing what it should say. 1. Many of the banks lent too much, and lent too much to peple and companies that will have trouble paying the interest and paying the capital back. 2. Many banks bought [...]