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SgtPatrickHarper

Listed below are comments made by SgtPatrickHarper between Wednesday, 8th July 2009 and Thursday, 10th December 2009.

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Time to hug a banker? 6:41pm on 10 Dec 2009 Pie81, the reason the restriction should apply to the other banks is if RBS, Lehman, HBOS, Merrils, etc all went down without government intervention, the others would have gone down as well.

Say RBS owed Barclays £50bn in a series of deals and RBS ceased trading. If Barclays didn't get thier £50bn back, they are going down too.

The dominio effect would have put every bank in the UK out of business with out intervention.
Time to hug a banker? 6:36pm on 10 Dec 2009 I am a simple person however I Imagine the £1,100 an hour tax partners are poring over schemes and I reckon the bankers will avoid the 50% tax on their bonus pools.

What they will do is set up an LLP or SPV whcih is not a company somewhere on earth, this LLP or SPV will invoice the bank for a transaction which they create and equates to the bonus pool. They will do some legal stuff to ensure it appears to be a bonefide commercial transaction.

The bankers will then subscribe to some sort of insurance / investment / endownment policy in an LLP which pays out profits once a year again somewhere in the world which will be a beneficiary of the money paid to the LLP by the bank.

This way the money gets to the banker without ever entering a bonus pool and gets paid to the banker by an LLP or trust etc avoiding the new legisation entirely.

Watch this space........
Time to hug a banker? 6:20pm on 10 Dec 2009 People are talking about the fundemental flaws in capitalism.

The most fundemental breach of the ruls of capitalism was the "too big to fail" approach to banks.

THe schadenfrude part of me would have loved to see them fall like dominios until none still stood but I accept the propping up argement.

I the bankers were willing to accept that government intervention hept them all going, that would be a good sep forward to rehabiliation

Adam Smith documented the greed of man many years ago. How do we control this?

The irony about these free marketeers, is they work in one of the most closed industries in the worls were the entry requirements are impossible to overcome for the man in the street. If more people could become Banks or Bankers, the rewards available would start to fall as goold old demand and supply kicks in.

Is there anything that can be done to increase the number of Banks and Bankers? Sound a peverse thing to say but it will solve the problem in the longer term
Time to hug a banker? 6:11pm on 10 Dec 2009 I notice the draft legislation does not apply to Limited Liability Partnerships, Partnerships or Limited Partnerships.

Is the route of anti avoidance the banks are going to take.......
British banks and Dubai 09:31am on 28 Nov 2009 The danger here is over stated for a number of ways.

For a country with no income tax or corporation tax, introducing a modest taxation regime would wipe out the debt at a stroke.
Business still being crunched by banks 9:11pm on 26 Jul 2009 Lies, Damn Lies and statistics.

The most important individuals to get us out of recession are private sector taxpayers yet they are treated with no respect the government strategy of taxing them to death is short term and misguided.

In addition, the new generation of entrepreneurs are no where to be seen as the banks will not lend and they cannot get started

My brother has fought for a year to get a bank loan for a small london business making a profit and employing 8 people yet no loans are available and all denied for a pathetic range of excuses. e.g. it turns our the business loan guarantee scheme, is not available for companies which made a trading loss in the first two years which excludes 90% of the small businesses out there. Yet this is a scheme Labour shout about saying how much support it gives small business.

The government need to make the rules fair and give genuine entrepreneurs a chance. Find ways to help them, not find ways to wriggle out of giving them support which is currently the case.

The way things are going, the country will be bankrupt as we are not encouraging entrepreneurs.

The rules the banks have for lending ridiculous. They have set the qualification bar so high that most business fail thier applications.

The banks should be asshamed, but alas, the greedy have no morals.
Treasury patches up regulatory system 1:25pm on 08 Jul 2009 What is most annoying abut all this is watching the Goldman and other bankers earning massive bonuses selling the government debt which we the tax payers took out to keep them all in business. Surely the government should have the entire banking industry signed up as a precondition to work commission free or ensure bonus's would not apply to this work activity.

Also with a global bank, who knows thier capital position? The way lehmans moved money round the world in its last days shows the tricks banks can pull. The UK branch may have all the readies on deposit, but a subsiduary in say Nigeria could have no funds on deposit yet the risk exposre is still there. Any thoughts Robert?

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