Bankers threaten to resign.
 

No I'm not making it up. After the government (who after bailing them out with taxpayers money own more than 50% of the bank) told Royal Bank of Scotland chiefs "no bonuses this year", the greedy bastards have threatened to resign. All of them.

I'd say let them go. No severance pay; let them walk. OK, lets not be mean. We could give them their bus fare, but only if they ask nicely. There must be enough genuinely skilled and well motivated people out there willing to do the job for a fair salary. Remember, when those pricks claimed to have made a lot of money for the bank, it was the the banks money they were gambling with, not their own. When it all went tits up it cost them nothing. It's like playing poker with money going to you if you win while your employer covers your loses.

To be fair, I think most of these guys could find a better job. If that's the case, God love them and may they prosper. As much as we dislike it, we're talking about people who work in a world we can't imagine. One where people make a lot of money. I think they're just pointing out that these crazy bonuses are part of that world and if they can't get them in their current jobs they can get them elsewhere.

These are the people, by the way, that the Reagan/Bush gang kept giving tax cuts to. I guess people didn't realize who they really were before now.

Ed if they are all that smart how come they went belly up? Let them go by all means and promote the janitor.

Bankers and threats. Two words used in a sentence that should have been outlawed during this economy.

I have some advice for them.

Be like Mike and do it !

Wasn't necessasarily in their best interest to run the banks in our best interest. Maybe we need some regulation.

Taxpayers should never have to pay bonuses to corrupt companies. However,
had the banks stuck with strict standards and 10% downpayments on home
loans and not been strongarmed by the Clinton administration to put 2nd and
3rd tier people in Mcmansions our banks and home values would still be
strong. All the blame can not rest with Clinton though as Bush should have
stopped it. Can you see the outrage that would have happened if he did that.
We made money too easy to get and turned it into a cheap slut. Now we are
paying the price.

Jack the mortgage system was designed by thieves for thieves, no point trying to blame Clinton or Bush. Some mortgage agent gets a mortgage for an individual, takes one point off the top and is never seen again. The banks bundle the mortgage together with others and sells the resulting product and also takes a point or two. Neither the agent nor the bank gives a tinker's dam about what happens to that mortgage because they took the money and ran.

If the people who initiate the mortgages get the money at zero risk do you really think they care about the person's credit rating. If you really do I am running a special on the Bay Bridge this week.

That sort of theivery is not allowed in Canada that is why none of their banks needed a bailout.

I agree, they were all in on the scam. From the Real Estate agents to the
appraisers, the builders, inspectors, surveyors, underwriters and even the
mexicans got rich. But, the buck could have stopped with the government.
After all they regulate and set the interest rates and agreed to the lower
standards. Bottom line, we are having to pay the price as the big banks
were hit the hardest. They loaned our money to people with lessor credit.
Redistribution of wealth works great dont it?

I still don't understand why these folks are not in jail.

Well they really didnt break any laws. They were taking advantage of a
market that was artificially created. Maybe we should look at the bozos
that allowed it happen.

You mean the ones that were running the government the eight years before the economy collapsed?

Regards,

D-Ray

i damned sure wouldn't hire them.

Let 'em quit, it's a free world, kind of.

The good news is that Helicopter Ben is taking a lot of flack. Bernie Sanders is even gunning for him.

Chas

That was mostly Phil Gramm and his "Financial Services Modernization Act of 1999". That's the legislation that rolled back most of the protections we had put in place after the Great Depression.

'Course, a lotta Dems voted for the turkey and "The Big Dog" signed it so there's enough blame to go around.

John

You mean like Chris Dodd and Barney Frank?

Eight years....I GET IT...it's Bush's fault!!!!!!!

Seriously, D-Man, you haven't been around for a few days and I was getting worried. I feared you went hunting with Cheney!!!

Take care,

Chas

Yes. It is Bush's fault. And Reagan's. Mainly Reagan's. But since he was dead when it all fell apart, we'll have to pin it on his minion. While I am joking, I really do believe the deregulation and "unfettered capitalism" of the right did indeed cause the melt down. It's kinda silly to blame it on Obama when things are only getting better, all be it marginally so, under his brief watch.

Barney Frank? You think it's Barney's fault?

But y'all Righties, don't let that stop ya! ;)

John

Not really.

Chas

I didn't die, but my hard drive did. I don't do a good job of maintaining good habits, like regular back-ups. Hello data recovery services.

Plus side is a brand new Windows 7 speed demon from Dell.

And besides, I was asking an honest question. It is generally the executive branch that runs the regulatory agencies, so when Hatchetjack mentioned the bozos that let the banking crisis happen, one had to wonder to which bozos he was referring. :rolleyes:

Regards,

D-Ray

Yeah, but regulatory agencies need - you know, regulations.

John

I was referring to the Clinton administration who started it, I guess the
banking dept. and the Bush administration for letting it go on too long.
I'm sure you all can come up with others but we cant blame Home Depot
can we?

Dude, you got a Dell!!!! Did the Dell pothead talk you into it?

I'm still groveling around in the world of clones and XP, although the last one I ordered with an Athlon X2 processor and XP Pro is PDQ. I bought it because it didn't come loaded with Vista...didn't want to upgrade to XP first thing. I also have an external USB drive I use to back up the important stuff, like Quickbooks.

How do you like Win 7? I understand it's better received than Vista.

And just to stay on topic, I've read so much about the blame for the current economic crisis being attributed to the opposing party that my head hurts.

The question is, what's the remedy?

Chas

Has Home Depot built shelters to protect the illegals from the weather while they're harassing their customers for work yet?

I thought that was the law in some places.

Chas

Deregulation of the finance industry started long before Clinton. It REALLY got rolling with Reagan but Clinton helped things along nicely when he signed The Financial Modernization Act into law. What made things much worse was that under Bush the government pretty much stopped enforcing what few regulations that remained.

John

Not to be an advertisement for Dell, but I think their small business division does a good job of putting together computers that are more work oriented than entertainment. They are a better value than buying one off of the shelf at the box store. My kid had vista on his laptop and hated it. The younger one has a macbook and has never complained.

So far it seems like win 7 is fast and easy to use - pretty intuitive. It takes a little getting used to some of the see-through windows, but I don't think the learning curve will be too high. I just hope I haven't lost a month of trial prep materials. I guess that makes it worth four or five hundred bucks for data recovery.

Oh, yeah, the banks. Just blame it on capitalism.

Regards,

D-Ray

I'd pay four or five hundred bucks to save a month of paperwork. Wouldn't like it, but I'd do it.

Remember one time I was typing out a contract, fairly extensive with a lot of options. I had about an hour in it, was just finishing up and the power went out causing me to lose it all.

Went straight out and bought a battery backup before it started on it again.

Dell used to send me flyers and they had good prices. But I'm a Tiger Direct kind of guy.

Chas

Y'all are still missing the point. Most laws on financial matters here are designed to screw the little guy and make money for the crooks. The mortgage laws are only one lot. Why do you simply accept the status quo. Blaming Bush, Clinton, Frank, et.al. is just bullcrap, if you want to know who is to blame look in any mirror.

All this talk about bankers reminds me that it is the time of year for "It's a Wonderful Life." I guess that banker got at least a $5grand bonus. It is funny that because of the banker's greed, the little people had to bail out the S&L.

Regards,

D-Ray

Greed is pervasive and any financial system that assumes it has gone away for good is doomed to boom and bust. For years we have been told that unfettered capitalism is the only way to operate so look what happens.

Wrong again, socialism of the housing market brought us to our knees and
will be the ultimate downfall of this great country if allowed to prosper in
other areas. It is a formula for collapse, tyranny and misery. See Soviet
Union, Cuba and others. We cant blame the bankers, they were against it.

Sometimes you and I can overstate things. But in this case, I think you really are right on the money, as it work.

BTW, I use Vista- I may be the only one, but I have no problems with it and it runs great on my Dell laptop. Shrug.

Where are you getting your information? What's socialist about deregulating the mortgage banking industry?

Well for instance, in the Soviet Union the State or State-approved co-ops owned all the housing and assigned you the place where you lived. It's much the same in Cuba. How does that relate to predatory lending?

Could you name me some who objected at the time?

John

For the life of me I cannot see how our screwed up mortgage system is in any was socialist, it is simple thievery.

They actually broke all kinds of laws. No one is bothering to investigate and prosecute.

It just dawned on me that Jack may be saying it was the (socialist) bailout that brought us to our knees rather than the collapse of the banking system that made the bailout necessary. Maybe he'll explain.

John

Government pressure to loosen lending guidelines perhaps?

Pete

They cant understand that Pete.

http://online.wsj.com/article/SB1000...052141456.html

The only thieves here are the ones that took my money and yours and loaned
it to idiots.

:rolleyes:





.....

Even if that happened - and it didn't - it wouldn't be socialism.

John