Think of Dick Fuld, and realize it could be worse. Read more »
Gordon Dickson was once Bank of Scotland’s risk officer. His career spanned several decades and made him a nice chunk of money. Then the crisis happened, the shares he’d bought over thirty years collapsed, he fell into a depression and declared he wanted nothing to do with this godforsaken industry. But he needed to find meaning in something and he needed a source of income (having previously relied on dividend payments that were no longer). And that’s when he turned to pirates. Read more »
“The Chief Executive Of The British Bankers Association joins us on the line, Angela Knight. You’ve said that bankers are treated like lepers and carriers of bird flu. Do you not think that is no doubt because your members took huge sums of taxpayer money, caused a collapse of the economy, which is leading so some of the biggest cuts in public spending that we can ever remember and while the country suffers, your members take bonuses like nothing has happened? Is not then understandable that bankers are treated in that way?” [BBC]
I’m not promoting alcoholism, but like so many things in life, there are some activities many of you are better at while under the influence. Sadly, in London, one guy had to ruin it for the whole group. Steve Perkins, the oil trader who bought 7.13 million barrels of crude oil on behalf of his firm after “a drunken golf weekend” has been fined £72,000 and banned from the industry for a minimum of 5 years.
The 34-year-old, who lives in Brentwood, was a senior trader for PVM in the West End when he went on his spree last June. Working from a laptop at home after a weekend playing golf, he was able to move the oil market by engaging in huge amounts of speculative buying at ever-higher prices. In a statement, the FSA said: “Mr Perkins’ explanation for his trading on 29 and 30 June is that he was drunk. He says that he drank heavily throughout the weekend and continued drinking from around mid-day on Monday 29 June. He claims to have limited recollection of events.”
CNBC has stormed the castle. One of the queen’s bitches writes:
Don’t know if anyone’s noticed but CNBC is broadcasting from the den of mediocrity AKA the RBS trading floor throughout the day. We were told to be on our best behavior and to dress better than we’re paid. Tune in and watch us put the L in PnL!