Mrs M's London
Mrs M's London
Mrs M Recommends - Regrets, Reminisces, Remembers, Revisits, Rants & Raves


IS THIS CRISIS ABOUT GREED?
Written by Countess du Ruel   
Sunday, 19 October 2008 00:00

My friend Gildas, who worked for Goldman Sachs, the ne plus ultra of investment banks, tells me that Lehman Brothers was rolling in the green stuff, moans Countess du Ruel.  He says they handed out $16 billion in bonuses last year.  No wonder they went down the tube.

One Lehman executive received a $50m bonus last Christmas.  These are Casino Economics, based on traders gambling on their laptops with our money, until the economy collapses, while paying themselves huge bonuses.  This unscrupulous behaviour goes unpunished and un-regulated.  I never hear Wall Street or City traders admit or take responsibility for this, because they are afraid of killing the goose that laid the golden egg.  Regulation might be the end of this waterfall of billions.

The Fear Factor is here.  The financial world must wake up and stop this hedging volatility.  We have reached the Armageddon/End of the World scenario.  How many world economic crisises must we have before the City and Wall Street say, ‘Okay, guys, enough is enough.'  We need transparency and regulation.  These greedy, unscrupulous traders must stop their rumour mongering which sends stocks spiraling down, where these very traders can buy them for a bargain.  This modus operandi has resulted in banks collapsing and  investors losing faith in the markets.

I told Gildas that investors like me are sick of reading about huge bonuses and pay packages for executives, while we are watching the value of our investments slump.  Even if these executives are sacked they have secured deals for themselves so they are paid £30m to leave!

We all know what's wrong, and it's time for a real correction.  Let's stop these cowboys from profiteering at our expenses.  Enough is enough.  Let's see the end of the Fat Cat culture.

Show/Hide Comments
 

Add your comment

Your name:
Comment:

Contribute ZestSign UpAbout UsContact