Banksters get Tagged in the UK, Only to Flee to, Guess Where?

(10 am. – promoted by ek hornbeck)

Finally a Representative body, that knows WHO they work for …

Class war breaks out in the U.K.

The Labor government announces a tax on exorbitantly-paid bankers. American populists gnash their teeth in envy

By Andrew Leonard, Dec 9, 2009

Unsurprising headline of the year: “U.S. Probably Will Avoid Matching U.K. 50 percent Bonus Tax.”

Alistair Darling, the U.K. Chancellor of the Exchequer, announced the tax — aimed squarely at overpaid bankers


From Bloomberg:

“There are some banks who still believe their priority is to pay substantial bonuses,” Darling said in Parliament. “I am giving them a choice. They can use their profits to build up their capital base. If they insist on paying substantial rewards, I am determined to claw money back for the taxpayer.”

Paul Krugman says the move is “entirely reasonable.” Justin Fox asks, “why the heck not?” Felix Salmon says “well done.”

But don’t expect a repeat across the pond.


Interesting … maybe the People CAN Fight back?

SO what do those Economic experts have to say about this 50% Crack Down in the UK, on Extreme no-consequence Profits?

Paul Krugam, NYTimes — December 9, 2009

Are we afraid that the best and the brightest will leave high finance and pursue other occupations? That strikes me as a good thing


As Paul Volcker says, it’s hard to come up with any clearly productive financial innovations of recent decades other than the ATM.

Or are we worried that it’s just unfair to discriminate against high-earning bankers? Bear with me while I stop laughing.

Justin Fox, Time.com –December 9, 2009

Discriminated against? These are people who work at companies that probably would have ceased to exist if it hadn’t been for government bailouts in the U.K. and U.S.


They are not in even the remotest sense victims. I guess we’ll find out soon if they’re quitters.

Felix Salmon, Reuters — December 9, 2009

To nobody’s surprise, bankers are complaining about the UK’s 50% supertax on their bonuses this year:

The government hopes the move will encourage banks to use additional cash to shore up their capital bases, rather than pay high salaries. But banking groups have warned that penalizing high earners in the financial sector will lead to an exodus of talent overseas.

But of course this is the genius of a one-off, nationwide supertax: while any individual banker might be able to move overseas, they can’t all do that en masse.

Overseas!? Uh-Oh #@!

Not only will the US Banking Lobby, NOT allow their guys, to be penalized too harshly HERE — soon they will have NEW Clients, in the form of UK’s Money-Grubbing Banksters, jumping ship, for Greener Pastures.

Afterall, WHY would they stay in a Country that is forcing them to make “rational investments” with their Customer’s Money, when that Last Frontier for “Predator Capitalism” is alive and well, in the County that’s Too-Big-to-Fail —

Or is that Too-Full-of-Itself? … I get those Ideas confused, with all the “bartering activity” that occurs daily, in the US Legislative Branch of governance.

Where is OUR “Labor” Party with the GUTS to represent REAL Working People???

To stand up for Unemployed People — the “cast offs” of unending Bankster Bartering, and endless Fire Sales???

Case in point — the US’ Party of the Working Class, is having some trouble remembering Who THEY work for …

Debating Wall Street regulations not easy for Dems

JIM KUHNHENN (AP) Dec, 10, 2009

WASHINGTON – After banks and their House allies won limits in the reach of state consumer banking laws, Democratic leaders on Thursday prepared to fight off efforts within their party to further weaken a crisis-driven financial overhaul bill.

Votes on key amendments loomed, including one that would eliminate the creation of an independent Consumer Finance Protection Agency. The agency is a central element of the Democrats’ legislation and of the Obama administration’s proposed regulatory changes.

The change was being offered by Rep. Walt Minnick, a conservative Democrat from Idaho, and seven other centrist Democrats. The U.S. Chamber of Commerce, which has been running national television ads against the creation of a consumer agency, said it would base its support for lawmakers in next year’s elections, in part, on how they voted on the amendment.

“I think we’re going to beat the Minnick amendment, but it’s a real test,” House Financial Services Committee Chairman Barney Frank, D-Mass., said Thursday. Creating a consumer agency is a top priority for consumer groups and for labor organizations such as the AFL-CIO.

Democratic leaders also were pushing changes that would add further restrictions on banks and financial institutions. One, vigorously opposed by banks, would let bankruptcy judges rewrite mortgages to lower homeowners’ monthly payments.

A coalition of banking organizations on Thursday sent lawmakers a letter urging them to vote against the amendment. The House previously passed bankruptcy-mortgage legislation, but it failed in the Senate.

Democratic leaders had to scramble Wednesday after party centrists rebelled and threatened to delay the bill if the House was not allowed to vote on their proposed amendments.


So I Ask again,

Where is OUR “Labor” Party with the GUTS to represent REAL Working People???

To stand up for Unemployed People — the “cast offs” of unending Bankster Bartering, and endless Fire Sales???

Either Congress Learns how to “throw the bums out” and “put the brakes on the Corporate Casino” —

Or the PEOPLE will “Throw them Out”

and Put on the Brakes — by taking OUR Business elsewhere!

(Like to local State Banks, and Local Banking Co-ops, which are owned by the People.)


Are Too-Big-to-Fail Banks even Safe Enough, for “safe-keeping” YOUR Hard-Earned Money?  … especially if the same old rules, apply?

Those “rescued” Banksters seem more like the “Take the Money, and Run” type,

than the “Investing for the Long Run” type,

which is what built this Country, from the ground up, in the first place.

Scam artists are a dime a dozen,

Soon they will be a dime a 2-dozen,

After we inherit the Banking Greed-merchants, from the U.K.

who are NOT too keen on paying a penalty, for their Mis-deeds —

NOT too keen on playing by the “New Rules” …

Bernie Madoff, was NOT the Only Bankster who belongs in Jail,

Too bad he looks to be the Scape Goat, to take the fall, however.

Move over Martha Stewart, your club for “Convicted Insider Traders”, has one new member.

Justice DONE!

Move along everyone, nothing to see here, this side of the Pond —

Except for More of the Same, Business as Usual, on Wall Street — with your Pension, and 401k’s.

Move along Workers, nothing to see, …

(Psst, one thing though, Watch your Wallet — since No One else seems to be … no one you can rely on anyways.)

There is No Shortage, of Victims,

No Shortage of collateral damage, for these Unquenchable Predators to swoop in on —

Only a Shortage, of Justice.

and Oversight.

and Brakes.

also posted on dkos


Skip to comment form

  1. jamess

    I want Justice!

    and a set of New Brakes.

  2. Underdog

    One thot I had on this was what is this 50% tax rate a change from?  I.e., I saw something that indicated they were already being taxed at the 40% rate, which would mean a 10% change.  Certainly something, but maybe not as extreme as one would think at first glance.  

  3. jamess

    We keep believing in

    the ultimate Pyramid Scheme … don’t ask me why.

    and then we routinely have to resort to,

    the ultimate Band-aid fixes.

    Is there no sense of History, anymore?

    Slate — meet Eraser.

    problem gone!


  4. dkmich

    Obama threw his weight behind the financial overhaul.  😉

Leave a Reply