Slog
News & ArtsMonday, March 11, 2013
Money City Bankers Want More Pay
Posted by Charles Mudede on Mon, Mar 11, 2013 at 8:22 AM
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.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.
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”.
3
See: Adams, D., Hitchiker's Guide to the Galaxy.
In-depth analysis of the value added by lawyers, bankers, and telephone-sanitizers.
In-depth analysis of the value added by lawyers, bankers, and telephone-sanitizers.
4
The Ottomans didn't beat the Chinese at Talas. It was the Abbasids, a very different dynasty/empire.
5
"...social uselessness of this profession ..."
That's a pretty tepid description for the largest heist --- or series of heists in human history:
The fraudclosure model originating out of JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup and Bank of America: JPMC creates the Credit Default Swap and CDO variants for the mortgage fraudclosure model, collusion between the banks to establish specious, substandard tranches of loans, then they file millions of false affidavits and mortgage documents (which each individual one constitutes a FELONY, and together criminal conspiracy to commit mass tax evasion, as the REMIC regulations are violated completely), while tacking on an amendment to the Bush administration's bankruptcy law aimed at the middle and lower economic groups, to give preference to derivatives dealers and bond holders (the banksters) after declaration of bankruptcy, etc.
Who founded the Markit Group, to price their junk paper (credit derivatives)?
JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America.
Who financed the InterContinental Exchange (ICE), where the bulk of financial manipulation, price speculation and wash sales, occurred? (Principal speculators: Goldman Sachs and Morgan Stanley)
Goldman Sachs, Morgan Stanley, Deutsche Bank, BP, and Royal Dutch/Shell.
"...social uselessness of this profession ..."
Huh???????????????????????
More...
That's a pretty tepid description for the largest heist --- or series of heists in human history:
global price fixing at the highest and most egregious level -- LIBOR rates manipulation over a period of many years
securitizations, re-securitizations, re-re-re-securitizations, coupled with endless layers of credit derivatives over credit derivatives over credit derivatives . . .
the largest insurance swindle in human history: the bailout of AIG, 'cause they sold $460 billion worth of unregulated insurance (after the banksters lobbied heavily to insure it was unregulated -- we're speaking of Credit Default Swaps) with the potential payouts of from $20 trillion to well over $40 trillion(and we now know the banksters ripped us off at least $22 trillion)
The fraudclosure model originating out of JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup and Bank of America: JPMC creates the Credit Default Swap and CDO variants for the mortgage fraudclosure model, collusion between the banks to establish specious, substandard tranches of loans, then they file millions of false affidavits and mortgage documents (which each individual one constitutes a FELONY, and together criminal conspiracy to commit mass tax evasion, as the REMIC regulations are violated completely), while tacking on an amendment to the Bush administration's bankruptcy law aimed at the middle and lower economic groups, to give preference to derivatives dealers and bond holders (the banksters) after declaration of bankruptcy, etc.
Who founded the Markit Group, to price their junk paper (credit derivatives)?
JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America.
Who financed the InterContinental Exchange (ICE), where the bulk of financial manipulation, price speculation and wash sales, occurred? (Principal speculators: Goldman Sachs and Morgan Stanley)
Goldman Sachs, Morgan Stanley, Deutsche Bank, BP, and Royal Dutch/Shell.
"...social uselessness of this profession ..."
Huh???????????????????????
6
What mechanism are we going to have to use to redistribute all this wealth? With different economic classes stratifying --über-rich only hanging out with über-rich-- we (the not rich) can't socially shame them into giving back. The rich obviously won't do it voluntarily, unless it personally benefits themselves, somehow. And the State isn't bold enough to take it from them. There's no 'jubilee' on the horizon. And mass looting of this digitally-kept wealth isn't really feasible.
And we already know things are untenably bad.
As has been mentioned elsewhere: "Western turbo-capitalism, as is well known, does not do redistribution of wealth and empowerment of communitarian values."
And we already know things are untenably bad.
As has been mentioned elsewhere: "Western turbo-capitalism, as is well known, does not do redistribution of wealth and empowerment of communitarian values."
8
Sorry Charles but thems were the Abbasids, Arabs, not the Ottomans, Turks. Plus, there was, like, 600 years between the two. I actually knew this off the top of my head and shall retire for the day having sprained my wrist by patting myself on the back too enthusiastically.
9
The most over privileged people always screech the loudest when they are taken down even one tiny peg.
10
" It is precisely the social uselessness of this profession that inflates its sense of importance." This is one of the best descriptions of the financial industry that I have ever heard. Well played, sir!
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