This article belongs to And That's the Way It Is column.
There Is More To Be Made Robbing People Working For A Bank.
Ah yes indeed. What is the difference between a gangster and a banker? None really, they both rob people blind while living off the taxpayer. Hence from hereon in a banker may well be known as a bankster.
Try this one out for size.
The US Government had to bail-out the various financial institutions to the tune of US$375 billion, not much if you say it quickly, but the same institutions that had to be bailed-out have since paid out almost US$40 billion in staff bonuses at an average of US1 million a piece.
One of the banks, JP Morgan was one of the banks that had to be funded by the US Government and yet 1600 of its staff received the US$1 million each.
I can just imagine the JP Morgan recruitment slogan.
"Well, son, if the bank does well, you will get a million dollar bonus".
"If the bank does badly, you will get a million dollar bonus".
"If the bank does really badly, you will still get a million dollar bonus".
"Thank you Sir, I will take the job and where might the nearest expensive gourmet restaurant be located?"
Who would even want to work for the mafia when you can work for a bank and get better returns while being able to rob the US taxpayer at the same time?
And those who have been following the US financial crisis must be wondering as to what happened to two organisations that were partly responsible for the crisis issuing dodgy credit ratings.
Moody's and Standard and Poor's both issued AAA credit ratings to institutions that went bust only days later, a scandal that appears to have been quietly hushed up in the US. Both these agencies are still issuing their ratings, even though they mean absolutely nothing as their credibility has been shot to bits, never to be revived again. Surely, the US Government must do more in order to reign in these crooks.
And whilst we are at it, we might also wonder about the movement of staff between banks and credit ratings agencies.
So there it is and before I blow a fuse, a nice cup of coffee would be good.
Oops, the coffee manufacturer with the AAA credit rating has just gone bust. Ah well, back to the cheap stuff.
After all that, Cheers to all.
My name is Henk Luf
And that's the way it is.
Ah yes indeed. What is the difference between a gangster and a banker? None really, they both rob people blind while living off the taxpayer. Hence from hereon in a banker may well be known as a bankster.
Try this one out for size.
The US Government had to bail-out the various financial institutions to the tune of US$375 billion, not much if you say it quickly, but the same institutions that had to be bailed-out have since paid out almost US$40 billion in staff bonuses at an average of US1 million a piece.
"
Who would even want to work for the mafia when you can work for a bank and get better returns while being able to rob the US taxpayer at the same time?One of the banks, JP Morgan was one of the banks that had to be funded by the US Government and yet 1600 of its staff received the US$1 million each.
I can just imagine the JP Morgan recruitment slogan.
"Well, son, if the bank does well, you will get a million dollar bonus".
"If the bank does badly, you will get a million dollar bonus".
"If the bank does really badly, you will still get a million dollar bonus".
"Thank you Sir, I will take the job and where might the nearest expensive gourmet restaurant be located?"
Who would even want to work for the mafia when you can work for a bank and get better returns while being able to rob the US taxpayer at the same time?
And those who have been following the US financial crisis must be wondering as to what happened to two organisations that were partly responsible for the crisis issuing dodgy credit ratings.
Moody's and Standard and Poor's both issued AAA credit ratings to institutions that went bust only days later, a scandal that appears to have been quietly hushed up in the US. Both these agencies are still issuing their ratings, even though they mean absolutely nothing as their credibility has been shot to bits, never to be revived again. Surely, the US Government must do more in order to reign in these crooks.
And whilst we are at it, we might also wonder about the movement of staff between banks and credit ratings agencies.
So there it is and before I blow a fuse, a nice cup of coffee would be good.
Oops, the coffee manufacturer with the AAA credit rating has just gone bust. Ah well, back to the cheap stuff.
After all that, Cheers to all.
My name is Henk Luf
And that's the way it is.
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