The scale of dissatisfaction in the City emerged in a global survey of finance professionals by recruiters Selby Jennings, which uncovered similar gripes in New York and Singapore. Globally, 67.2pc of bankers were “unhappy with their overall remuneration package” for 2012, compared with 63.9pc in London. In both London and the global survey, 48.4pc of respondents said their pay was unfair even “when asked to take the current market conditions into account”.
Recall the history of paper. It began in China a century after the death of Christ. 650 years later, there was a war between the Chinese and Ottoman Turks. During a major battle, Chinese paper makers were captured and taken to Baghdad, where the knowledge of paper production was transferred from the Chinese world to the Arab one. From the Arab world, it entered Europe. Our knowledge of Aristotle is connected with this transference. Now, can you imagine a war where bankers are captured and forced to teach some foreign power the things they know about financing? It is precisely the social uselessness of this profession that inflates its sense of importance.