On both sides of the Atlantic, while Conservatives and Republicans have returned to power, a myth has begun to spread like a fog. At its clammy heart is the notion, actually fantastic, that banks and bankers carry no real, important responsibility for the worlds present woes. To hear it told they were merely dupes, all but innocent, of reckless politicians.
The miasma is well-timed. Main Street USA is suffering grievously, but Wall Street’s life is a cabaret once more. The blows rain down on Britain’s public realm, but there was a merry Christmas in the City, and a happy new year lies ahead. Which is to say: they’re making money again, hand over fist.
With new European rules governing remuneration having just been agreed, they also allow the banks to claim that they are putting their houses in order by moving away – inching away? – from the bonus culture. Should anyone believe it? Billions in bonuses will be paid, and those vaunted new rules are unlikely to inaugurate the often-threatened exodus from the City.
Unfortunately the politicians remain in thrall to the movers of money.
For more: Accept the unacceptable, and keep soaking the poor - Herald Scotland | Comment | Ian Bell
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