Friday, 26 November 2010

It's now time for the Blessed Vince to pipe down on the bonus question

So goes the wisdom of bankers. On the day that Vince warns bankers about excess bonuses again, I bring you the political pronouncements of the bankers themselves.

In a letter to clients from an investment management firm passed to me, they have this to say on the political issues of the day:

"Whilst one may dislike good companies disappearing, particularly to overseas predators, it is surprising how often they resurface at a future date in a somewhat different form after some imaginative financiers have had a bob or two. Apart from contributing to some banker's bonus, takeovers keep a lot of company directors on their toes to the overall common good.

"It is probably now time for the Blessed Vince to pipe down on the bonus question and remember that one banker's £1 million pound bonus is very often the Chancellor's £500,000 tax take - a fact that is conveniently forgotten in banker bashing. "

Well, Vince has been dubious about the "common good" of some takeovers for a while now and has also expressed the view that excessive bonus may be better spent, in the "common good", lending to small companies or improving the fragile banks balance sheets to allow them to lend more and to improve the worth of TAX-PAYER OWNED banks. But thank to Messrs Bankers I can now see the error of my ways!

UPDATE: Due to the letter passer being paranoid, I've now removed the company name!


Anonymous said...
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Anonymous said...

Sad to see you remain a blinkered party political animal who will follow his party wherever they lead. You should feel ashamed of yourself, to slightly misquote Father Jack 'progressive my Arse'.