The banking community and its bizarre practices has a moral obligation to pay for its ‘crimes’ – one that immediately springs to mind is packaging up dodgy mortgage loans in credit derivative driven bundles and reselling them in some cases to other institutions up to forty times – safe in the comfort that they could pocket the insurance on these loans should things go wrong.
Well, after many years of such sharp practices and many years of paying themselves bonuses for actions that in other professions would result in jail sentences – justifying it in public this way… as the former CEO of one investment bank said ‘if the music is still playing you keep dancing’ – the music stopped. And the world was on the brink of financial collapse.
In the last 16 months the tax payer and governments have bailed them out and are in the process of ‘absorbing the toxic loans’ that these amateurish charlatans created. These governments pumped billions of dollars into the financial system at near zero rates of interest in order to get the banks going again. These banks have leapt at the chance of lending this money to near-crippled and desperate companies at high rates of interest. And, Hey Presto! within a few months they are highly profitable again.
I think Mickey Mouse and Donald Duck would have made these banks profitable again in these circumstances and against these backdrops. There is nothing here to justify skill, talent, experience, international brilliance. So, why are they receiving obscene levels of bonuses for doing what a small child fresh out of maths class would have been able to do?
There is no sense of humility. No sense that they did anything wrong. No sense of guilt or responsibility. No sense that they would ever not do it again. That is why it is perfectly normal for them to pay themselves obscene bonuses for achieving targets that would have been almost impossible not to hit. They think the dance music is playing again and every thing is back to normal.
When a group of people like this have no sense of moral compass they are unfit to manage, govern, or rule a monkey’s tea party. Still, let’s no be bitter. Let’s give them a chance. Throw them a lifeline and allow them to donate as much of their bonuses as possible to the tremendous gobal tragdy in Haiti. I’d be delighted to hear from bankers who have done this. I’d be delighted to see it publicised.
So let’s get this process moving – use every social media tool you have at your disposal and start putting in a hashtag #bankersbonusesforhaiti – then we can get the media behind this ‘campaign’ .