samedi 18 octobre 2008

So here we are losing €600million

Hoooowl!!!! The tears are pouring down my face from the fits of hysterical laughter! Moralisation of the banking system! Hoooooooooowl!!! There must be a God, only a superior, omnipotent being with the cruellest sense of irony could have done this.

So, Sarkozy and Lagarde, the finance minister, go on TV making srious noises about moralising the system. 360billion of the State's money have been poured into the banks to give them liquidities and to guarantee new debts. In exchange, the State is now the boss and a whole plethora of new rules and regulations have been introduced, from the amount of bonusses bankers can hope for and, crucially, how much risk can be taken when investing. No more crisis for us sir!

So one can only hoooooowl!! Two days after declarations of Sarkozy to the French, to the Europeans, to the Americans, to the entire World, what happens? Three idiot traders from the Caisse d'Epargne, one of France's leading banks go and lose 600million, having failed to take the slightest bit of notice of the new rules.

This is only the first example that IMHO shows that if you simply bail these fuckheads out, they will not see the opportunity to clean up their act, simply extra money to play around with and, let's face it, despite the government's reassurances if banks do this, we taxpayers are going to have to pay for it.

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