Scrambled Clegg....???

[matthew123]

Of course any investment / bet / punt carries a risk - we all know that. It's just now people want to nail some scape goats to the cross for some good old fashioned revenge regardless of whether it has a positive or negative effect on the economy.

[Loz]

You would have to (quite rightly in my opinion) legislate against it but then the whole city will wail injustice and persecution.

Yes, they would wail. Quite loudly. Then they'd bugger off to New York/Zurich/Frankfurt or wherever else they could do what they do without being whined at. Look, no company like to pay over the odds for their employees. Bankers get paid what they do because, rightly or wrongly, the company that employs them thinks they are worth it.

London is currently the financial capital of the world, which brings in quite a lot of money and employs lots of people. And you want to encourage them to go elsewhere? Well, I suppose we can fall back on our manufacturing base. Oh...

And, no, I am not a banker.

[Brendan]

Yeah they?ve proved a real asset lately.

I?m not sure which is more implausible the fact that you think that the entire financial services industry is going to pack their bags and bugger off overnight or the fact that you have spelt my name with an ?o?.

[Loz]

(Erm - sorry about the spelling. I hate that. I'd fix it, but it would make your post look weird.)

Not the entire financial industry, just the stuff that is so international (generally the very profitable) that it really does not matter where in the world it resides. At the moment it resides in London. Make it hard for them and they will go somewhere else.

Why wouldn't they?

[Brendan]

Yeah but weren?t these (and correct me if I?m wrong) mostly the guys who were responsible for causing all the shit? So why would America, Switzerland or Germany let them endanger their economies?

[Loz]

Because, as this lesson proves, when the crap goes flying, it flies a long way. London's financial institutions suffered because of a bubble on the other side of the world in the US housing market. And when London's financial institutions sneezed, everyone caught the cold. America, Switzerland and Germany. And everywhere else. People from Bombay to Botswara suffered.

On the other hand, in the good times, the money stayed relatively local. Not just for the bankers, but the other City employees, the shops and lunch bars and cafes and wine bars, the taxis, the couriers, the office suppliers - everything that revolves around city money. And, of course, the taxes that all that generates.

So that's why - you are going to get crapped upon when it all goes wrong, so you may as well be around for the good times.

[Jeremy]

???? Wrote:

-------------------------------------------------------

> So leaveriging up yourself massively to make risky trades, as an investment bank Lehmans did, isn't risky?

Clearly it is... but taking on risk (i.e. prop trading) isn't the core business of investment banks. Actually in America, they are currently trying to pass legislation to prevent banks from prop trading at all.

['bout now]

Matthew, my best friend is a consultant of emergency medicine.If you're in the Sheffield area and missing a limb, organ or are just bleeding uncontrollably give him a shout, I'm sure he'll be available, 'cos he's only in it for the cash, honestly, thats what its all about.

['bout now]

Gun shot wounds are extra by the way.

[Gimme]

How fabulous. Here's a chap who thinks someone incorrectly spelling his name is implausible.

"Can you imagine my shock when I realised what had happened..... Nothing like this has ever happened before"

;-)

Brendan Wrote:

-------------------------------------------------------

> Yeah they?ve proved a real asset lately.

>

> I?m not sure which is more implausible the fact

> that you think that the entire financial services

> industry is going to pack their bags and bugger

> off overnight or the fact that you have spelt my

> name with an ?o?.

[silverfox]

Hal summed it up for me.

"...That business model..."

We all know "...That business model..." was only the latest in a long line of 'business models' that are attempts to make money out of people.

Don't trust anyone who wants to use your hard-earned money. Simple lesson in life.