Barclays again...

[Mich the Tester]

Libor scandal: Barclays executive Jerry del Missier given £8.75m pay-off - Telegraph

hmmm...

[sasguru]

So one of the management class that has appropriated capitalism for its own ends is behaving true to form?
Move on nothing to see here.

[Mich the Tester]

So one of the management class that has appropriated capitalism for its own ends is behaving true to form?
Move on nothing to see here.

Those three words sum up the problem IMO. There used to be classes of land or business owners who risked their own money and then gained the returns, traders and brokers who would mostly work for themselves and also tried to gain profits by risking their own money, skilled craftspeople and professionals who also worked for themselves, and employees who worked for one of the above and earned less, but also took less risk. But now we have this infestation of 'managers' who take no risk with their own money, often don't have any particular skill or learning, but can take other people's money with impunity. The manager class is a bastard 'class' with no place in any natural order; they produce nothing, they risk nothing, they don't supply capital, but they appropriate profits that should be going to others if capitalism is to work.

[sasguru]

Those three words sum up the problem IMO. There used to be classes of land or business owners who risked their own money and then gained the returns, traders and brokers who would mostly work for themselves and also tried to gain profits by risking their own money, skilled craftspeople and professionals who also worked for themselves, and employees who worked for one of the above and earned less, but also took less risk. But now we have this infestation of 'managers' who take no risk with their own money, often don't have any particular skill or learning, but can take other people's money with impunity. The manager class is a bastard 'class' with no place in any natural order; they produce nothing, they risk nothing, they don't supply capital, but they appropriate profits that should be going to others if capitalism is to work.

As good a summary of what's gone wrong as I've heard.
You sir, are wasted as a tester.

[Mich the Tester]

As good a summary of what's gone wrong as I've heard.
You sir, are wasted as a tester.

The management class may in the past have been robber barons, highwaymen or pirate ship skippers, parasiting off the trade of others. But now the heirs to those guys don't even have the honour of risking capture by a sheriff or the navy; they just steal and con their way through life with impunity. Some are even so morally inept that they don't realise what they're doing; they genuinely believe their 'science' of management is of value and arguably can't be punished for their destructive actions as they can't be expected to understand their crime; rather like a murderer or rapist who is sent to a mental institute instead of prison because his mind is so messed up he didn't know what he was doing, they can't be punished. Others though, and I believe this del Missier fits this category, know precisely what they're doing and should be shown no mercy by the courts.

[AtW]

Libor scandal: Barclays executive Jerry del Missier given £8.75m pay-off - Telegraph

hmmm...

He might have to spend a big part of that on lawyers because Americans certainly not taking this tulip lightly - I just hope he does not have aspergers or something like this to prevent possible extradiction to the land of the free