Cuts n' Bonuses
Comments
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I wouldn’t want the job as money isn’t my God and it actually sounds like quite dull work to do, plus 40hours a week is plenty enough for me, I value my leisure time more than anything.
I’m intrigued about your question wanting those who think the bankers were stupid were to cause the crash to speak out. Presumably you don’t think they were stupid so what word would you use? Careless? Incompetent? Misguided? Unfortunate? I’m curious to know because when you lay it down in the simplest terms, mortgages were given to people with no or little income with that debt then sold on in packages for a profit to people who didn’t seem to know what it was they were buying, well, is there any other description for that than acting stupidly?
Asking if they could do a better job? The obvious answer is ‘Well couldn’t possibly do any worse!’ given that many banks were effectively bust and the system was about to fail. Sticking to the simplest remit, where by don’t buy into what you don’t know and perform the correct due diligence to ensure your solvency...well that doesn't sound that difficult does it?0 -
verylonglegs wrote:I wouldn’t want the job as money isn’t my God and it actually sounds like quite dull work to do, plus 40hours a week is plenty enough for me, I value my leisure time more than anything.
I’m intrigued about your question wanting those who think the bankers were stupid were to cause the crash to speak out. Presumably you don’t think they were stupid so what word would you use? Careless? Incompetent? Misguided? Unfortunate? I’m curious to know because when you lay it down in the simplest terms, mortgages were given to people with no or little income with that debt then sold on in packages for a profit to people who didn’t seem to know what it was they were buying, well, is there any other description for that than acting stupidly?
Asking if they could do a better job? The obvious answer is ‘Well couldn’t possibly do any worse!’ given that many banks were effectively bust and the system was about to fail. Sticking to the simplest remit, where by don’t buy into what you don’t know and perform the correct due diligence to ensure your solvency...well that doesn't sound that difficult does it?
The implicit point is that it's stunningly complex, and when it goes wrong, it's all straightforward in hindsight, but certianly not at the time. Black Swan theory etc.
When you say they couldn't have done worse - from where i'm sitting - they could have done way worse.
You also can't take the crash out of the context of financial sector sucess for the previous years.0 -
Rick Chasey wrote:verylonglegs wrote:I wouldn’t want the job as money isn’t my God and it actually sounds like quite dull work to do, plus 40hours a week is plenty enough for me, I value my leisure time more than anything.
I’m intrigued about your question wanting those who think the bankers were stupid were to cause the crash to speak out. Presumably you don’t think they were stupid so what word would you use? Careless? Incompetent? Misguided? Unfortunate? I’m curious to know because when you lay it down in the simplest terms, mortgages were given to people with no or little income with that debt then sold on in packages for a profit to people who didn’t seem to know what it was they were buying, well, is there any other description for that than acting stupidly?
Asking if they could do a better job? The obvious answer is ‘Well couldn’t possibly do any worse!’ given that many banks were effectively bust and the system was about to fail. Sticking to the simplest remit, where by don’t buy into what you don’t know and perform the correct due diligence to ensure your solvency...well that doesn't sound that difficult does it?
The implicit point is that it's stunningly complex, and when it goes wrong, it's all straightforward in hindsight, but certianly not at the time. Black Swan theory etc.
When you say they couldn't have done worse - from where i'm sitting - they could have done way worse.
You also can't take the crash out of the context of financial sector sucess for the previous years.
Hmmn I'd be tempted to argue that the 'success' of the previous years has in the end turned out to be rather illusory given the situation we are in now.0 -
verylonglegs wrote:Rick Chasey wrote:verylonglegs wrote:I wouldn’t want the job as money isn’t my God and it actually sounds like quite dull work to do, plus 40hours a week is plenty enough for me, I value my leisure time more than anything.
I’m intrigued about your question wanting those who think the bankers were stupid were to cause the crash to speak out. Presumably you don’t think they were stupid so what word would you use? Careless? Incompetent? Misguided? Unfortunate? I’m curious to know because when you lay it down in the simplest terms, mortgages were given to people with no or little income with that debt then sold on in packages for a profit to people who didn’t seem to know what it was they were buying, well, is there any other description for that than acting stupidly?
Asking if they could do a better job? The obvious answer is ‘Well couldn’t possibly do any worse!’ given that many banks were effectively bust and the system was about to fail. Sticking to the simplest remit, where by don’t buy into what you don’t know and perform the correct due diligence to ensure your solvency...well that doesn't sound that difficult does it?
The implicit point is that it's stunningly complex, and when it goes wrong, it's all straightforward in hindsight, but certianly not at the time. Black Swan theory etc.
When you say they couldn't have done worse - from where i'm sitting - they could have done way worse.
You also can't take the crash out of the context of financial sector sucess for the previous years.
Hmmn I'd be tempted to argue that the 'success' of the previous years has in the end turned out to be rather illusory given the situation we are in now.
The actual crunch was a very specific issue in a very specific part of IB. Elsewhere, in all the different parts of the bank, they are doing what IBs are suppopsed to be doing.
Anyway, as far as I am concerned, if you can't beat 'em, there's no harm in joining 'em...0
