Tuesday, 10 February 2009

Darling plays an old trick

Darling, bless him, is sharp enough to pick up the growing sense of anger towards bankers and their bonuses. However, he thinks he can placate the electorate with that well tried trick of setting up an official inquiry.

The cynicism doesn't stop there. He appoints an industry insider - Sir David Walker - and tells him to come back in a year with a report. If Sir David does his job, in 12 months time, Mr. Darling will have on his desk a usefully tedious report that no one will read, and everyone will ignore.

That simply won't do. This issue is moving far to fast for that, Mr. Darling. People are really angry, and they want something done. It simply not acceptable to have uncounted billions pumped into bankrupt banks, only to see that money paid out as unmerited bonuses.

Here is a simple principle that will work for Mr. Darling - managers running insolvent businesses requiring public money do not get bonuses. Actually, this is one of the few vote-winning moves available to Darling right now. The real question is why he isn't prepared to implement it.

Answers anyone?


AntiCitizenOne said...


Rick said...

In 12 months time the public will accept nothing less than a length of rope attached to a bankers neck.

sousbois said...

Because this inept government has no moral authority, and no control, over the banks. The only way they can actually get what they want in this - as with so many areas - is to legislate. And that'll take waaaayyyy too long.

So the "hate the banker" theme is just a smokescreen to draw attention away from their own woeful performance and current total inactivity.

Nick Drew said...

Govt has realised that they are in bed with the bankers whether they like it (now) or not

(a) the complexity of what needs to be fixed dwarfs the pigmy-capacity of FSA + BoE + Treasury combined

(b) over a 12-year period Brown became extremely close to many of them

(c) collectively they know where a heap of bodies are buried

As Goebbels reminded the Wehrmacht in 1944: we have to win, because of the things we've all done

Anonymous said...

"managers running insolvent businesses requiring public money do not get bonuses."

Great. Now lets apply the principle to the Public sector, I bet, that shower have wasted more money in ten years than the Bankers have. The difference is that for nine of those years the bankers were an asset. Now they have turned into a liability it's whinge whinge whinge.

Look, the guy that was in control of the Economy for the whole 9 yards, that corrupt incompetent nincompoop, he is now Prime Minister.

He set up the regulatory environment, that didn't notice anything, anything at all might be wrong.

Darling? Darling is a tit! A tit who desperately wants to deflect the blame, he can't point the finger at his boss.

Mitch said...

They must be running out of long grass to kick all these problems into and whitewash to cover them with.
It might be interesting to know if the damage done to the world economy equals WW2 and we know what happened to those people.

Anonymous said...

Are people really angry yet ?

Or is this 'anger' a manifestation of wishful thinking on your part ?

I don't see it. I still see the same apathy around me.

Nick von Mises said...

Let's not get carried away with blaming the bankers and their bonuses. Blame the government that stoked the bubble, the regulators who closed their eyes, the media who cheerleaded it, and again the government who shoveled all the taxpayers money into a pathetic rescue.

Once we've finished stringing THEM up, we should start talking about evil bankers.