Bankers cannot have it both ways

[AtW]

IMO 75% should be maximum mortgague advance by law - still higher than the 60% in Germany.

Just why on Earth they used gross income for calculation of how much to lend? Clearly even if just taxation is taken into acccount then people will have different disposable income from which they pay morgage? I would have understood the gross calculation if morgage payments were tax free, but they ain't. The disaster was just waiting to happen and I don't think we have seen anything yet.

[cojak]

the banking system cannot be allowed to do whatever it might like without interference. It cannot have it both ways - complete freedom of action in pursuit of profits - and taxpayer support to cushion losses.

taken from http://www.telegraph.co.uk/money/mai...31/ccom131.xml

Looks like bankers need a taste of their own medicine to me.

Not until I spread my savings across multiple accounts...

Warning! You savings may not be safe!

[Moscow Mule]

Naturally the price for this would be tens of thousands jobs lost in the City, but I am sure the whole country will their hearts bleeding for them.

slightly

But not all of those people will be traders on ridiculous salary bonus schemes though will they? A lot of it will be back & middle office peeps on small(er) salaries.

The outlook for Essex doesn't look good.

[AtW]

A lot of it will be back & middle office peeps on small(er) salaries.

True. However these people were taking part (knowingly or not) in a big scam, it is only fair they face the consequences of it even though obviously these people are not the most guilty party in this but you simply can't expect a sustainable job of a coder supporting exotic derivatives tulip that is now causing big losses.

[EternalOptimist]

True. However these people were taking part (knowingly or not) in a big scam, it is only fair they face the consequences of it even though obviously these people are not the most guilty party in this but you simply can't expect a sustainable job of a coder supporting exotic derivatives tulip that is now causing big losses.

never worked in derivatives but I was asked to develop a database module that targeted the poor and gullible for a finance company based in Leeds. I did it but did not accept an extension, I still feel v bad about the whole thing

[cojak]

Flippin' heck - it must have been verging on the criminal to tweak a contractor's conscience!

[EternalOptimist]

Flippin' heck - it must have been verging on the criminal to tweak a contractor's conscience!

It WAS criminal

just not against the law

[BrilloPad]

Flippin' heck - it must have been verging on the criminal to tweak a contractor's conscience!

"conscience" - does not compute - do you have a definition please?

[Moscow Mule]

"conscience" - does not compute - do you have a definition please?

There you go.

It's all Greek to me.