This article in The Telegraph starts:
“The European Commission has banned all meetings with bankers
and bank lobbyists as it prepares new rules to deal with failed financial
institutions.”
But what’s truly hilarious is that a London banker feigns
incomprehension at this move by the EC. According to the article, the London
banker says:
“For us, it’s a bit bizarre that the Commission has chosen to
isolate itself in this way,” said one senior bank executive at a major international
lender based in London.”
Well perhaps I can help the above London banker and any other
bankers who don’t understand. Here goes.
Banks are in the business of taking excessive risks and keeping
the profits when the risks pay off, while sending the bill to the taxpayer when
they don’t. And the finance industry in the UK spends £90m a year on lobbying
to ensure this “heads I win, tails taxpayers lose” system stays in place.
Bankers (aka liers, scumbags, cheats, liars, etc) will devote
HUGE EFFORTS to persuading EU commission staff to keep the “heads I win tails
you lose” system in place. Hope that’s clear.
Of course, as intimated above, bankers know perfectly well
why the EU Commission is stopping its staff meeting bankers. But just in case
there’s any doubt, I thought I’d spell it out in black and white.
(H/t to Gerard Barrie (Positive Money supporter)).
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