48OE Blog  
Sep 25

Written by: 48OE Admin
25/09/2011 15:00  RssIcon

Is it only me that sees a clear connection between much of the Banking crisis and the vast salaries and bonus schemes on offer?

The Banks and Global Business can cry foul all they like but if I had my way I would take much quicker and draconian action against the greed that seems to permeate throughout large corporations. Bring on the reform!

UBS has just called in the police after finding a hole in excess of $2 billion due to unauthorised trading. The individual concerned no doubt was given vast bonus payments so little wonder he risked everything on a gamble that did not pay out. When individuals can receive seven figure sums with no personal downside none of us are safe.

If the world economy collapsed it is not these people who would suffer most. A couple of years on a million a year and I could retire for ever and not even need to draw my state pension (if it exists when I retire). These individuals however do not wish to retire or lead a philanthropic lifestyle. There is no such thing as enough as far as they are concerned.

There are many good things in society but the greed we see in some areas and the worship of materialism are some of the most harrowing challenges we face today. I am not a Lib Dem but Vince Cable was right about News Corp and he is right about the Banks. I hope someone in Westminster will wake up and realise action is needed now. Every day the haves and the have nots grow further apart.