Realist, not conformist analysis of the latest financial, business and political news

Do As I Say, Not As I Do – Banking Edition

In what will come as the most terrible surprise to all it seems that when offered lots of money people will take it. Even those who have argued, vociferously, that people shouldn’t take lots of money:

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””] The banking industry’s chief cheerleader, who was Gordon Brown’s communications director when he vowed to put an end to “unacceptable” big bonuses, has earned nearly £12m since leaving No 10, The Telegraph can reveal. Simon Lewis was the then-prime minister’s spokesman before he joined the Association for Financial Markets in Europe, a bank lobby group, in 2010. [/perfectpullquote] [perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””] He was paid £1.7m last year and is understood to be in line for £2m in 2019 – almost as much as the base salary of RBS chief Ross McEwan. It is estimated he will have earned £12m by the time he leaves AFME when his contract ends this autumn. [/perfectpullquote]

But of course it’s OK as it’s the right sort of person earning the moolah. And more than that, it’s not in bonuses, is it?

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Matt Ryan
Matt Ryan
1 year ago

These people are paid shills. One message in government when on the state teat, another in finance now on their dime. They’d probably sell their mother an over-priced funeral if they were given a shekel by the Co-Op.

Phoenix44
Phoenix44
1 year ago
Reply to  Matt Ryan

Unless you think regulation is somehow a moral issue, then so what? They are paid to reduce the costs to their client. Regulation can cost them hundreds of millions a year, so if they help avoid that cost, why not pay them £1 million? Seems cheap to me.

Matt Ryan
Matt Ryan
1 year ago
Reply to  Phoenix44

Ask Tim – it’s his article.

I made my point. They are sales people (after a fashion) and they sell what they are told. You might think of people who are two faced liars as upstanding folk just earning a crust whilst saving their clients millions.

Others won’t.

Jonathan Harston
Jonathan Harston
1 year ago

If he’s earned it, he’s earned it. Why all the complaints? People *should* be paid what they’ve earned.

Matt Ryan
Matt Ryan
1 year ago

I realise that business is done on personal relationships and networking. But there is also the revolving door between business and government.

Now you don’t want to stop people being able to work wherever they please, but you also don’t want government subverted by business for the own means. Is he earning the money from inventive new ideas or selling access to his old friends?

Corporatism is not a good system.

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