| Topic: | Re:Re:Re:Re:Re:Bashing the bankers? | |
| Posted by: | Adam Tripp | |
| Date/Time: | 10/12/09 10:43:00 |
| I definitely dont agree with punitive taxation, why should someone pay more than half their earnings in income tax? sounds like the politics of envy. If I'm a trader earning my bank £20 mio a year why shouldn't I get a bonus of £2m or £3m? And as for using the PM as a salary bench mark, you must be joking, GB set up the FSA which comprehensively failed to stop our banks from pursuing fundamentally unsound business models and failed to control the relevance of 'toxic debt' in the balance sheet. It was obvious to many financial journalists (and bankers) that mortgage backed securities of the type that led to all the trouble could not be realistically risk assessed so were traded largely on a yield basis. The profits were so great it allowed great banks like UBS to lose sight of prudent risk control, but while the profits rolled in the shareholders were happy. |