What a knob. Mervyn King is turning into Charlie Sheen.
The man at the helm of the Bank of England will soon be regulating all the banks. The last thing he wants to do is tell his underlyings they are greedy bastards and don't give a fcuk about the little people.
Of course bankers are greedy bastards and don't give a fcuk because they have unlimited upside and limited downside thanks to the inept global governments who were lobbied into the ground to keep the status quo.
Yesterday, I had some 31 year old arse trader telling me he was worth GBP5m a year. I told him he was worth about GBP20,000. The rest was a premium that had been determined by the cartel of banks who have in their own interests been keeping people like him highly paid so they too can be highly paid. He didn't understand what I was saying and boasted about his new car. It is nice to see the money goes to the nice people.
The solution is quite simple - the banks should be turned into Partnerships. That would realign risk with reward.
We also need more small banks. Big banks must not be allowed to happen. Lots of hedge funds, lots of banks who have to work together. Its quite simple really.
King is a Charlie (telegraph)
Charlie King has one less bank to worry about: HSBC is off to Hong Kong (telegraph)
Facebook to gobble up eBay, Skype and Twitter (bloomberg)
Goldman Sachs The Inside Tapes (bloomberg)
Mervyn King to be found at Butlins, Minehead with a porn star and his nanny.