So, credit crunch. City boys played with our cash and made some bad decisions.
The answer, bailed out by the tax payer, or put up the cost of mortgages/percentage cost a little bit for every customer. Result-brings in billions more £££ from all of the mortgage customers around the whole country even though the actual increase to the average family is marginal.
Also on the programme, the city boys buying cash houses £1m plus in Surrey stockbroker belt as it is nicknamed.
And…the bosses of the big five, still getting £900,000 plus annual salaries BEFORE bonuses…and city lads buying Ferraris for cash.
The overall result of this, yes, there is a credit crunch, but if the bank customers pay more fees the good times will not dissapear for the banks and their employees at all!!!
I need to get me a career change, anyone in the city on here?
Why not? If you are up for a 12+ hour working day then I’d go for it. Actually not all of the city workers work such long hours but they also receive less in salary and bonuses.The reality is that what you see is not what you get, the same as with bikers. The large part of society that has absolutely no idea about what kind of people we are and why one would ride a bike regards us as an antisocial elemnt that needs to be rooted out. The same is with those big bonuses. There are hunderds of people working in banks and, believe me, not all of them receive such large payouts. Most of them receive quite moderate bonuses that would buy one a new bike but nothing else. And I’m not talking here about 40k+ Ducatis. What you saw in this programme (I haven’t seen it so take it from your words) is yet another journalists’ drive for sensationalism; the same as that video of two bikers overtaking traffic in North Wales that has been featutred on the BBC web site.I know people who earn obscenely large amounts of money for work they do in the City and believe me this work is SO hard and SO difficult that I woul say no one could do it except them. This is just about the people I know, I don’t say the same about all the ‘city boys’ you’ve seen in the programme.It is understandable why this topic became so hot, — ordinary people started to feel what the current condition of financial markets bring to the end-user, and this is quite a daunting experience. Seeing someone in these financial markets still being able to make profit seems unbelievable, and is quickly attributed to robbing all us mortal of our last penny. What I will say now is not a fact but I believe it is close to being one: I don’t believe that anyone receiving those big payouts made ANY money on the backs of retail customers. This money is just peanuts. There are much more complicated markets and instruments with very high risks which need careful weighting and hedging (hence very high skill in the trade) but returns with more zeroes than a price tag on a loaf of bread in Zimbabwe, just in American dollars. This is what banks are interested in. Charging retail customers and raising interest rates on various products is just a method of making a part of business which started to suffer, profitable. Maybe I’m wrong here and people from within the retail banking could correct me.What I think has been wrong, though, is the methodology of calculating the bonuses; this is quite a technical area and I wouldn’t get into it. I’ll just say that it is my strong belief that this policy, adopted accross the industry, encouraged people to take greater undue risks without carefully weighting the final outcome, which severed the credit crunch we are experiencing now.
If it was on TV in the last five years it’ll be bullshit, just hyped up to make good TV, probably very little truth in it and even less if it’s on the biased, left wing, loony lentil munching sandal wearing bearded, feminist BBC.
The whole problem was bought about by oil speculators and bad gamblers, and that’s what most of the ‘city boys’ are.
The credit crunch was caused because they got greedier and greedier, piling debt on debt and all of a sudden they got found out.
If you pay into a pension plan you pay commission, if the pension company makes a profit then fair enough. However if they gamble and lose your money guess what, you don’t get it back, you still pay the commission and they still pocket a (smaller) bonus.
The whole system is corrupt and mismanaged, the banks reward these people for taking bigger and bigger risks (with your money).
They might write off big debts, but in the long run they are rolling in profits.
