Bad lessons
The ability of mediocre, poorly trained, generalists in the UK to earn huge salaries and bonuses is madness.
Look at financial services these days. Bonus caps have been lifted, we have been here before, risk taking is being rewarded, we have been here before, American shares are massively over priced, we have been here before. Politicians are now encouraging financiers to take more risks to boost growth, we have been here before.
if this does all collapse again we can’t afford it, the last credit crunch nearly finished us off but the managers will keep their money and bonuses.
Incentives to do bad things are a bad idea.
We must have learnt that one, surely?
From Jonty Bloom Media Ltd
It is high time that the retail operations of the big banks were legally separated from their merchant banking associated companies. This would prevent another failure of the casino arm of the big banks collapsing through greed and amorality impacting on the finances of ordinary people. This is what happened in 2008 and what caused the need for a government bail out to protect the 99% which largely cushioned the financial gamblers from the impact of their failure. I recall this being mooted in the early months of the ConDemnation but, to the best of my knowledge, no such legislation was enacted.
“The one thing we learn from history …. “