Reply to: Gordon Brown to announce closure of the City of London

[OwlHoot]

Brown was more than happy to indulge the City's activities without any thought for long-term implications. He'll react in a similar short-sighted way now. ...

Sorry if a dozen people have pointed this out later in the thread, but I'm bungy posting today.

Brown is all mouth, and just because he announces grandiloquent plans doesn't mean he has any intention of carrying them through.

This is just about throwing a bit of red meat to the slavering growling left-wingers at the party conference.

[sasguru]

Bonus? I didn't know you were a permie?

Why would I want to earn a contractor's pittance?

[The Lone Gunman]

Bonus? I didn't know you were a permie?

How slow are you !!!!!!

[BrilloPad]

Indeed they will - wonder what my bonus will be next year!

Bonus? I didn't know you were a permie?

[sasguru]

Sad but true.
Very sad indeed

Bollocks. These taxpayers bailing out the "non-productive" City -who do they work for?
There must be very few in manufacturing or any other real private sector wealth generator.
The majority must be public sector employees. And since they have their fat pensions, I don't worry too much about hitting them with extra taxes.

[Sysman]

Is this the same city the taxpayer bailed out?

Nah we can do what Northeners do?
Actually what do Northeners do?

Pay our taxes for the next 3 decades to bail out the city that generates so much wealth

Sad but true.
Very sad indeed

[sasguru]

what upcoming Tory Govt will do, which I am sure won't be much and things will return to "good" old days shortly

Indeed they will - wonder what my bonus will be next year!

[The Lone Gunman]

Sorry all this talk of hedge funds bailing out of London, needs to be backed up with some facts:

http://www.wealth-bulletin.com/wealt...nt/1055110307/

2% of hedge funds have left London so far ...

Not saying the possibility isn't there, but FFS can we stop turning into the Daily Wail.

And companies aren't going to stop listing on London Exchanges because bankers bonuses get deferred, they'll stop because the fees get too much or regulation costs to much etc. They're all here at the moment because financially it makes sense, and they can base themselves here and be surrounded by other potential clients/partners/deal makers etc.

The far east is going to grow (And I'm heading that way, gold rush here I come), but London is still and will be for the foreseeable future a financial powerhouse.

IMO

With Golden Clowns record I would suggest that he will implement some onworkable, half arsed, unclear and unsuitable legislation which will have myriad unforseen or unintended consequences which will make it impossible for the City and the banks to operate so they will all leave.
I suspect that GB and his ministers have not even considered the fact that these global businesses may abandon the UK if they see a commercial reason to go.

[AtW]

They won't leave en masse until they see what upcoming Tory Govt will do, which I am sure won't be much and things will return to "good" old days shortly

[snaw]

Sorry all this talk of hedge funds bailing out of London, needs to be backed up with some facts:

http://www.wealth-bulletin.com/wealt...nt/1055110307/

2% of hedge funds have left London so far ...

Not saying the possibility isn't there, but FFS can we stop turning into the Daily Wail.

And companies aren't going to stop listing on London Exchanges because bankers bonuses get deferred, they'll stop because the fees get too much or regulation costs to much etc. They're all here at the moment because financially it makes sense, and they can base themselves here and be surrounded by other potential clients/partners/deal makers etc.

The far east is going to grow (And I'm heading that way, gold rush here I come), but London is still and will be for the foreseeable future a financial powerhouse.

IMO

[Lockhouse]

I've been working in IB for 20 years and the smart money says the Far East is the place to be now if you want to make a name for yourself.

[Gonzo]

Would that Bank of England prevented the contagen eminating from the USA?
Most of the devices used to crash the banking system (default credit swaps etc) would not have even showed up on their radar. This was the same bank lowering interest rates when any numpty could see they needed to be increased thus encouraging the boom. But that's a moot point, the UK is a minow in the scheme of things.

It seems a long time ago now but this line of business would have been regulated by the Securities and Futures Authority, i.e. industry people not civil servants at the FSA.

We saw banks collapse under the old system BCCI and Barings but these didn't bring the whole system to its knees.

I don't think we would have been immune to the problems from the States though - where the relaxing of the rules that used to separate the banking operations from the casino operations were ultimately the downfall.

[Bagpuss]

Would that Bank of England prevented the contagen eminating from the USA?
Most of the devices used to crash the banking system (default credit swaps etc) would not have even showed up on their radar. This was the same bank lowering interest rates when any numpty could see they needed to be increased thus encouraging the boom. But that's a moot point, the UK is a minow in the scheme of things.

The only thing worth knowing is capitalism begets boom and bust always has and always will. It's just most people have short memories. Play it wisely and you will always win.

[Gonzo]

You think Thatcher, Milton Friedman, right up to Alan Greenspan were wrong then? You seem to imply capitalism and free markets don't work.

I don't recall any of them arguing that dishonest people should be free to do whatever they wan't.

Free markets are fine in my book but there are plenty of dishonest people that have to be dealt with.

[Bagpuss]

You think Thatcher, Milton Friedman, right up to Alan Greenspan were wrong then? You seem to imply capitalism and free markets don't work.