UK
So, let me get this straight. In simplistic terms:
1. Shanice, a single mother of four (by four different fathers) from Alabama who has never had a job in her life, is granted a $180,000 loan for by a mortgage broker spiv for her first home, in true ‘American Dream’ fashion.
2. Mortgage-broking spiv mis-sells such applicants to lenders, as ifShanice actually has a hope in hell of paying off her mortgage.
3. Wall Street collates together thousands of Shanice-from-Alabamas, wrapped up and sold as CDOs, mitigating the risk that some mortgages won’t be paid. As demand for CDOs rockets, broker spivs are offered increasingly attractive terms to provide more sub-prime mortgages.
4. When it’s eventually figured the CDOs are not worth the certificates they’re printed on all hell breaks loose, with a global meltdown and a financial crisis increasingly looking to rival the Great Depression. And literally 100% of the blame is pointed at ‘bankers’ – not just the 1% of financiers responsible for structuring and dealing CDOs, but anyone remotely associated with financial services.
Thanks to Obama’s finger-pointing, American bank executives whose roles had NOTHING to do with the crisis are inundated with death threats aplenty. Therre are coach tours of AIG executive’s Connecticut mansions. On this side of the pond brace yourselves for the “Storm the Banks” riot coming this April Fool’s day. Trust me, it will get bloody and it will get nasty.
However, flick over the above timeline of the credit crunch. Are bankers honestly to blame for this mess? Do you really think CDO dealers would have aggressively continued pumping out contracts if they hadn’t been mis-sold what proportion would fail? Do you honestly think they would have happily continued trading knowing that they’re ripping off clients? No – over the years it’s typical to develop good relationships with your clients, and it’s awful to see them lose money on your recommendations. Furthermore, the majority of bankers involved would have obviously desired to be in a stable business line, rather than to have a couple of booming years and then be unceremoniously kicked out onto the streets.
The primary responsibility for, cause of and fault for this mess is anyone choosing to be levered up to the eyeballs, living massively outside their means. No degree of ignorance or pushy brokers are an excuse for simple common sense – how on earth can anyone expect to pay off a 6-figure mortgage when they’re out of work, or on the minimum wage?
I’m actually delighted this crisis has unravelled, because it will lead to a much-needed positive correction of values and attitudes, both at individual and corporate level, in the longer term:
1. People have hopefully learnt that overleverage is unhealthy – whether that’s a family with a 10k household income and 20k of credit card debts on plasma TVs and cars, or a multinational with 20m annual profit but 20 times more debt. The mass deleverage we’ll see will bring us into a more sensible, prudent environment.
2. Bonuses now look like they will better reflect longer-term performance of the bank. The most recent bonus structures had a large proportion of the reward deferred over 3 years, often with contingencies making them subject to long-term performance. This will avoid any of the get-rich-quick schemers we saw in the CDO era. We will have a culture more genuinely interested in the long-term interests of the bank. I have no issue with taking home a smaller annual income than previous years – it is still a healthy six figures, and multiple times more than I could earn in virtually anything else – something some peers need to appreciate more.
3. Before the crunch, the financial sector was heavily over-saturated. It is an immense privilege to work in such an exciting, dynamic industry, with financial rewards more than many could have dreamed of, and until recently there were frankly too many people who did not deserve to be a part of it – poor attitudes and work ethic, no passion, and generally being deemed as ‘dead weight’. Whilst the mass waves of redundancies have of course not been perfectly meritocratic, it seems evident that the space-wasters at most banks are being cleared out.
There’s of course a catch to all this, particularly with the latter point – in this brave new world we now enter, massively delevered and prudent, we face an enormous unemployment crisis. With the UK’s optimal population closer to 40m than its present 60m, there’s no humane solution to that mess, so brace yourselves for the angry protests this Wednesday, stick it out and ride through the further calamities we all face, and pray for better times to come!! :-)
‘Henry’ graduated from Cambridge in 2004, and is now a 25 year old Vice President working as an FX trader at a major investment bank. Some of that is not strictly true as he feebly attempts to retain his anonymity (after 4 friends have now figured out who he is), but he is very, very real. You can contact him at henry.efc@googlemail.com.
That should be henry.efc@googlemail.COM at the end.
Hannah, drop me a line!! ;-) x
“The primary responsibility for, cause of and fault for this mess is anyone choosing to be levered up to the eyeballs,”
So it is banks then.
We established earlier this week that Henry works at Goldman. So that narrows the field quite a lot. I think Henry wants to be outed as the next “City Boy”. Must be another book exposing the scandals of the City in the pipeline!
Haha, yeah you’re right, am planning a book, but not for some time to come. I think like CityBoy I’m quite obvious to anyone who knows me but will be near impossible for any outer masses to find me…
I don’t think bankers of all shapes and sizes can get away so easily, “it was the guys on the other desk” is the modern day equivalent of a Nuremberg ‘I was just following orders’ defense. We all knew deep down that huge swathes of the industry were a scam. 3 years after graduating, I was earning more than my father’s final salary after 30 years in the police. I frankly had no idea why. Absolutely baffled. All I was really doing was fiddling with Excel and watching Bloomberg. The AIG witchhunt, although fun to watch, is just playing to the gallery. A much more serious conversation about financial services/executive pay/greed in US/UK needs to take place. Why does a bank boss deserve compensation potentially hundreds of times that of his underlings for an industry based on a collective delusion that if we all put money into the stock market we can get 8% return annually compounded over 20 years.
You know what, I dont really disagree with anything there at all….no matter how stupid the person is, it is a little difficult to claim that you dont understand the concept of not being able to return the debt after borrowing a large amount of money when you are on the dole! Everyone learns that when they are kids right? And this was actively encouraged by the govt too…..
“The primary responsibility for, cause of and fault for this mess is anyone choosing to be levered up to the eyeballs”
Henry, the uneducated, gullible Shandice can be blamed for believing what she was told when she was offered a free house.
However putting the blame on the weak who took those loans or the sharks who mis-sold them is a narrow-minded and incomplete view-point
More to blame are the banks who leveraged themselves grossly, beyond reasonable limits and let go of all wisdom. Wasn’t Citi leveraged 47 times or something? I can’t find my source anymore. Don’t you think someone should bear some element of responsibility for letting a firm get so disconnected from the real economy?
Davros,
In my first year as a banker I earnt multiple times more than my father did at his peak. But I’m completely not surprised why – it is simple, basic capitalism – I take a cut of the profits I generate. It makes perfect sense if a car salesman sells 300k of cars he makes a 30k annual income, then if I make the bank $30m profit I get a nice healthy 6 figure paypacket – the fact that I’m young / what I’m doing doesn’t require huge amounts of “hard work” vs others is completely irrelevant to that.
Cata, seriously, you would not believe how many people out there don’t understand the concept of money and returning debt. No, not everyone learns that when they are a kid. Education was/is the problem here.
Rodolphe, were banks the only institutions that grossly overlevered themselves? I absolutely agree they are guilty, and have resultantly suffered, however the behaviour where bankers have taken 100.0% of the blame for this mess – including guys at boutiques which never levered up and had nothing to do with the toxic instruments – is what I’m trying to say is beyond ridiculous.
i’ve said this from the get-go:
the problem was caused by 2 things after the banks expanded from a controlled subset of the sub-prime segment into the full cowboy sub-prime:
1) deceit and/or extreme irresponsibility at the retail level (both the individual mortgagors and the retail mortgage sellers’ individual agents)
2) excessive trust and/or naivety by the wholesale mkts, eg CDOs (not factoring in that new deceit/irresponsibility: treating wholly specious promises as having merely Financial risk –as is the case in the relatively extremely regulated and monitored wholesale debt markets– rather than now also having Existence risk)
Claire,
Find that shocking but will take your word for it, I don’t know how the inner city Detroit ghetto operates.
If that’s the case mortgage spivs, I have no doubt actually some will have said “get a free house!! No strings attached!!” should be effergized (I don’t think that’s a word…), not the investment bankers!
Henry,
Nice article. I’ve dropped you an email. Get in touch babe….
Hannah xx
Nice to see some intelligent comments coming from Henry for a change, however his lack of maturity lets him down every time. As does his arrogant, elitist, bigoted, racist and greedy mentality. If you read the majority of Henry’s outpouring there is more than touch of the Marie Antoinette about him. As with many of his peers.
Whatever way you cut it, those individuals in the top 10 % earnings bracket in the financial services community have let us all down with their unbridled greed. It is a shame for us all that the top 0.2% will sail away into the sunset with levels of wealth that most of us cannot even imagine.
Western economies will return to a more stable base when young men in their 20′s, working in large banking corporations, aspire and are made to work for a six figure base rather than assume it is the right to be compensated in this way.
good comment Henry – i couldn’t agree more. you da man
I thought you already had a girlfriend straight from the pages of Tatler Henry darling?
Henry
after your juvenile analysis of this crisis, its obvious that you are at best an fx spot or vanilla options trader. Usually its only those with the most superficial knowledge, that keep taking about CDOs to explain what happened. CDOs were at best a minor factor in what happened. Are you trying to make a career out of this? I hope you are good at your job cause your writing certainly is not taking you places
The fact that someone is making unreasonable amounts of money for workload and work expertise that does not reflect the expertise to deserve the money should have rang alarm bells that something is wrong. And what is wrong was that the financial services industry became a huge SCAM.
Basically, they were charging unreasonable and inflated sums to people in a giant PONZI scheme as they set up SPVs that removes all risk for them and places it to the customer who can only make a profit as long as the market is there.
A mid 20s banker making 250K for twittling with spreadsheets loaded with people’s pensions in trust of fund managers that don’t give too much of a damn is a SCAM.
How come the bankers did not take their profits out of the chimera profits they deceived their customers that the customer’s investment has made? They take the profit and bonus from the real money and leave the customer with mirage profits and intiatial capital (less the banker’s profits and bonus).
And then some group of &%&$* want to get a bonus after there company was rescued from collapse. Would there be a bonus if AIG did not exist anymore?
Higherupathsbc,
Even the most basic FX traders here make multiple times more what the best earners at their level at HSBC make. Has to be the worst-paying bank that exists vs its reputation as a OK 2nd-tier bank. Poor you.
Absolutely crap article. For someone who purpotedly graduated from Cambridge (one of the most hallowed of academic institutions), I expected much better. If you work in financial services (which I now honestly doubt), you must really be an estate agent or mortgage broker in one of the seedy joint of London. Gosh!
Dude, tell us something we don’t already know! The content of “Your” entire “article” – if it is worthy to be called that – has been in the public domain for ages. What have you contributed to the body of knowledge in the public domain? Zilch! Nought!
Frankly, I find the level of discourse on the site – at times- scary. You could have talked about contagion, human psychology, irrationality of investors, mark-to market (or model) effects, over reliance on models, compensatory policies, regulations (or lack of it), fraud (yes fraud), cyclical scenario analysis, lack of executive oversight and so on. My pet monkey and a keyboard would have come come up with a better article – probability almost surely.
In the immortal words of one of the contributors, Henry, GO COPULA YOURSELF. And Sarah, please spare us this brain-dead mutterings.
Have a nice weekend.
For those that are interested theres a great audio doc on subprime whihc interviews people the whole way along the chain from the proverbial Shandice in Alabama, the broker, the structurer…
http://www.thisamericanlife.org/Radio_Episode.aspx?episode=355
Also pls note the ‘Henry’ moniker got heavily stolen and there’s about a dozen people posting idiotic, misspelt comments under my name. I’m Slim Henry I’m the real Slim Henry…
it’s geraint anderson…. again.
he’s doing a sasha baron cohen
next off the production line – gay austrian fishnet shirt wearing banker with a heart of gold who blames le crunch on himself
This pains my eyes. Just how much further are you willing to degrade yourself? Have you got no shame?
“Frankly, I find the level of discourse on the site – at times- scary. You could have talked about contagion, human psychology, irrationality of investors, mark-to market (or model) effects, over reliance on models, compensatory policies, regulations (or lack of it), fraud (yes fraud), cyclical scenario analysis, lack of executive oversight and so on. ”
I got feedback from a few friends before submitting the article. They all told me to strongly over-simplify down the article, given the normal calibre of people who read these pages. Too many back-office people, 3rd-tier bankers with crap A-Levels and low-quality university degrees…
Lacks the sophistication and depth that Tom Woods’ ‘Meltdown’ has on the responsibility of Central Bankers for the artificial boom. Also I have to say this article also lacks the insight the forever interesting Steve Sailer brought to the origin and ideology of subprime mortgages on his blog.
Nothing fundamentally wrong though the points raised even if this is at best half the story.
Henry, hate to say this but your business model is all wrong. Geraint Anderson was able to reinvent himself as a big selling author because he wrote for the masses in the London Paper and portrayed himself as a cheery drug taking chappy taking the P out of banking. You, however, are writing for a niche website and are defending bankers as best you apparently can. You will not have a big audience for your book and you are, at best, risking your job in the meantime. Had to be said.
OK, thanks. I’m more quanty, this is my first attempt at writing anything and I know it lacks the fluency or funny metaphors of Geraint Anderson. Will stick to cheap paragraph-long shots in future…
Hi Henry,
I think most people now realise you are not really a complete arrogant, bigoted twat. You are just playing on a stereotype of the Cambridge rich kid to get yourself some notoriety to launch your alternative career outside banking.
Everyone is scared of losing their job and there is no shame in looking for a Plan B.
If so many degenerates read these pages then why debase yourself by associating with the site? I don’t understand why a major global player, such as yourself, would even bother with EFC unless you’re looking for work or just plain bored! What are you compensating for, Henry?
Agree with Frank White.
The article is a joke, something suitable for a GCSE Business Studies class at best.
To the editor – don’t let the site lose its credibility.
Not saying your writing is no good Henry. On the contrary, it is fine and Geraint Anderson is an idiot who’s only talent lies in dropping in dodgy similes stolen from Black Adder. Your big issue is branding.
Henry I actually expected more, didn’t learn anything new.
There was an article in Guardian, “25 people to blame” some time ago. your article is basically a cut version of that plus your personal attitude.
besides, the topic is hackneyed subject. we studied it in details a year ago at uni. Regards
One element is missing in the chain of causes and effects here. Why does the bank provides mortgages to insolvent people ? It is based on the fact that the book to value ratio of the mortgage is going to increase over time, because someone let the real estate market rise at double-digit figure by keeping the base rate at 3% for decades, namely A Greenspan, he is the culprit.
Henry darling, as a writer myself and one who is a novel based on the exploits of real players (you know big boys, not like you) I would say that you need a lot more wit and humility in order to bother putting pen to paper. With your lack of manners, you utter lack of insight and poor judgement you are so last year my dear.I would be surprised if you got laid: you are more likely to see God first.
Fine, was just an idea to write a book at some point as have a lot of experiences. Will leave then given a ‘branding’ issue. I’m not bothererd as I’m still anonymous enough.
I look at plenty of sites like these. The content of the articles on the News site can be pretty good – to the point I send some onto my clients / senior people if they’re interesting. Its just the background of some people commenting seems shocking.
Collect the experiences Henry….. think about them and decide what to do with them. And don’t be so rude about people whom you obviously think are below you. That is just unnecessary. Never kick anyone, no matter how untouchable you think you are. Because as events have demonstrated, you’re not. Bon chance.
Events have demonstrated that I AM untouchable!! The worst global crisis any of us will ever experience in our lifetimes and I’m doing better than ever!!
Btw, if what I said is so bloody obvious, then why is the entire country still blaming every “banker”, including people with zero to do with the crisis? Does the above need spelling out in a national paper?
It might not have the posh twang you would associate with some aristocratic Cambridge graduate, but underneath it the points are strongly made and its a great piece.
However, your piece is highly biased in favor of the bankers who may have not been the perpertuators, but were complicit in a crime of irresponsibility. If your an American tax-payer, the twin word ‘bail-out’ begins to give you sore ears. Firstly, the Shanice’s of this world deserve to feel the full impact of the current crisis, but what about the other responsible taxpayers and investors? Secondly, (you’ve heard this one before) it was the banks who sold these risky products, why should we bail them and their bonus schemes out? Thirdly, there is something systematically wrong if an insurance giant which is meant to bail out other institutions, organisations and individuals, has to be bailed out by the government. In that case, the government might as well let AIG fail, and replicate its functions …………. but then that would be too socialist!
Um, difference is, Shanice from Alabama isn’t getting bailed out by the Government.
Also she’s not being paid hundreds of thousands of pounds for her knowledge of structuring risk. If she WAS being paid to structure a CDO then she almost certainly wouldn’t be stupid enough to assume a 40% recovery rate on every debt instrument going.
Think Henry missed an opportunity here to include the policies of the Clinton Administration encouraging and measuring banks on how many of these PC and frankly idealistic mortgages to Hannah types in this article!
They shouldn’t have been bailed out, they should have been allowed to fail. Otherwise it just opens up an enormous kettle of fish with now every automaker wanting to be bailed out… the double-standards are too big if a small business-owner goes bankrupt and starves but an inefficient multinational isn’t allowed to fail.
poor henry
while you might be right about juniors at HSBC, the senior gold diggers like me are quite well paid to be honest. as for you being a spot fx trader, yes I can see your intellect being limited to that. Only your type talk about CDOs without knowing a thing about them. Their impact in this crisis is as limited as your ability and comprehension
I’m actually really enjoying people slating my competency and basic knowledge. Makes me feel great that I’ve reached VP level age 25 at a top bank with a lot less intellect, time and effort than people doing nowhere near as well.
CDOs / subprime were the huge starting block that kicked off the domino spiral, so you can’t really say they had limited impact…
exactly how may Henry’s are there.There is no way that the Henry that we all love to hate wrote the article. It is relatively coherent, well spelt and reasonably grammatical……the only problem is that it is a “load of old cobblers”.The Banks Toxic trading desks caused the problem…they did not understand what they were playing with and they ( and the rest of us) got caught out badly, as they aimed for massive profits in the short term
I’m the original Henry who authored this. . All my posts have been well spelt / grammared / coherent (and admittedly simplistic…) My first comments here were on this thread (thanks to me the most popular article in eFC’s history) – http://news.efinancialcareers.co.uk/newsandviews_item/newsItemId-13545
Hi Henry, I’m afraid that you have been supplanted as the author of the most popular article in eFC’s history. That accolade now goes to http://news.efinancialcareers.co.uk/News_ITEM/newsItemId-17060. Yours is one of the most commented on ever though.
Hi Henry,
I have read many of your comments on this website and like many other people I have posted a few of my own comments in response out of boredom at work. However, there is a big difference between popularity/ notoriety on a free careers website and actually getting people to pay for a book you’ve written.
I think most bankers have interesting experiences which they could also write about – think how many compromise agreements have been signed out there to gag bankers from disclosing what has been going on at some of the big banks. I’d pay to read about that!
ok dear infant henry
1. Read my post, I was talking about CDOs not subprime. Do you understand the difference child?
2. Unlike you who increasingly looks more like a booking boy than a trader, I have work to do and this will be my final post for today. I will go now and motivate all dimwits like you who still believe that they are “untouchables” or that banking is going to ever be as profitable again
3. 6 figure bonuses after 5 years is pathetic. 7 figures after 5 and 6 figures after 1 is good. No wonder your intellect and ability restricted you from getting into derivative desks
4. your comment about CDOs/subprime shouts out your incompetence. If you really are at a top tier bank and I have been at few (of course I dont include HSBC here), your time is limited. In fact if I get to know who you are, I promise you that time will get shorter.
Sarah, by “most popular” I was referring to most commented on – given when you click “Most Popular” on the news page it ranks them in order of number of comments, not hits.
Good article, not what I expected but very good all the same.
Is that a threat higherupathsbc
Hm,
I would say quite a nice article, but why would anyone working at Goldman have so much time to compile this?
Anyway, there are more important things than Finance in life, but this guy seems quite obsessed with a dying industry, money, status, bla…probably 25 years indeed and quite immature judging from previous comments
I go back to work
Tom
Oh, I see. Didn’t want you feeling too indispensable ;)
“I would say quite a nice article, but why would anyone working at Goldman have so much time to compile this?”
?!! I wrote it in 25 minutes this morning before going to work!!
Henry, you seem to have missed a rather fundamental point.
Although you have somehat managed to remain anonymous during your recent spouts of trumped up, mildly racist and farcicly pompous garbage; as soon as you expose yourself in order to launch your career, outside of whatever job you actually do, a lot of people will want to hurt you very much. They will hunt you until you are forced to exist in a cave. Such is your self-publicising stupidity, I wouldn’t be suprised if you were still barking on about how successful/great you are…
Sarah – a serious point. I can appreciate that you are keen to increase the level of popularity and participation on this site by continuing to publish Henry’s obscene comments; however giving him his own article is a large step into sensationalist ‘journalism’. Please don’t do this again, for efinancial’s sake as well as everyone elses.
Henry is like the irritating kid at school who would blindly stick to their ridiculous stories no matter how well others disproved/discredited them. For goodness sake, grow up!
Henry –
I understand your point abouts Shanice, the mortgage broker and the investment bank, however I work for a very strong Asian bank, which was NOT sunk by the ABS/CDO catastrophe. The reason we’re all still alive, growing, enjoying our bonuses (not Goldman size, I may add) & salary increases is that we have a different culture of RISK & leveraging. Yes, blame Bill clinton & Alan Greenspan for creating the excess liquidity & lax credit controls, blame the mortage broker for misselling the mortgage – but the ultimate responsibility is down to the banks’ view of risk. If you can’t price it…..don’t buy it !
haha, your stupidity forces me to make another comment. If you did write it in 25 minutes, before coming to office, then dear child…how the hell did you get feedback from your friends and then rewrite the article based on their feedback ? Did you do that all while booking trades for your senior trader? I am sure your superiors would be very interested in the matter. While incompetent at work, you are also a terrible liar
“I got feedback from a few friends before submitting the article. They all told me to strongly over-simplify down the article, given the normal calibre of people who read these pages. Too many back-office people, 3rd-tier bankers with crap A-Levels and low-quality university degrees…”
- why does it make me think you are describing yourself here Henry?
- i can you actually being jobless, and hence posting away here like mad and giving 5 comments to every article ever posted on this site..
-loking for a career change? maybe financial journalism? you had your chance today honey, and unfortunately, despite the article being fundamentaly not wrong- you will have no chance. maybe you should yourself on other jobsites… ?
“haha, your stupidity forces me to make another comment. If you did write it in 25 minutes, before coming to office, then dear child…how the hell did you get feedback from your friends and then rewrite the article based on their feedback ?”
Had a couple of friends on MSN and Facebook chat this morning. Copied and pasted them the paragraphs as I wrote it, they came back with quick amendments.
I’m sure they could verify that, but don’t really need to justify myself to you though. Typical pain of this site, people endlessly calling me a liar for things I know are true…
“loking for a career change? maybe financial journalism?”
Yeah I’d love to swap a 400k job for a 40k one……..
“i can see you actually being jobless, and hence posting away here like mad and giving 5 comments to every article ever posted on this site.. ”
Another hilarious thing about this site, the endless assumption that if you spend time on this site you can’t get your work done. Today I’ve (a) written more comments on this site than ever before, (b) worked maybe harder than ever before this year at work – have a ton to wrap up nearing the end of Q1. How on earth is multitasking so impossible for people here to comprehend?
Henry – I played rugby at school, and once, whilst playing against a monk-run, boys only Yorkshire based boarding school, a chap called Henry said to me “get off me, before I tell you that your fathers a dustman!” just after I tackled him very hard. I wonder if this was you?
Maybe you need to find a new job Henry instead of writing crap all day
http://www.urbandictionary.com/define.php?term=DABA%20Girl
Ha ha ha. Sounds like me age 11, but am/was from further down south.
Rumbed: I’m afraid your theory is wrong, although I can’t vouch for the distinction between Hannah and Henry.
I know who Henry is, He works for a hedge fund in Mayfair. The whole IB thing is to throw you idiots off. Whats up Babu!!
This is juvenile. It’s actually insulting and a waste of time.
Henry cant even decide how old he is!!
Found this posted on an old thread he posted last year!!
trader (who was promoted to Vice President 4 years after starting as a grad, age 26).
If the comments and attitude from Henry are taken more or less at face value, it really demonstrates the problem with the culture and reward structures at many financial institutions.
An apparently moderately intelligent young man with extreme over confidence and a grossly simplified view of the world being quickly promoted and overpaid. While I imagine those with a more rigorous intellect but less bravado are quickly pushed aside to the detriment of the collective benefit.
I am sure half of the comments here posted as Henry are not even from him, but from idiot monkeys that just want to spice this up.
I don’t think Henry is Sarah, but she seems quite happy to have him in order to rise the number of eFC readers…
Just don’t forget to screen some comments, as this is still a financial and a useful site for many of us. Let’s leave gossips and stupid and useless comments for The Independent.
Henry, you probably are a 25 (or 27) yo VP at GS or whatever, but from your comments, u obviously lack maturity and common sense. As some people said before, that is a shame for the general image of successful bankers at the City. Good luck anyway
So this was the promised brilliance that was so long in the making? I guess self-obsessive hype & an overpriced education can only take you so far.
I can’t believe that you give this clown the oxgygen to breath Sarah!
Every comment he makes is designed to rile someone up. He adds no value and is a stain on your otherwise informative website.
Just ban the juvenile and be done with it!
Nice to see that the first line of this article was featured on none other than CNN this week!!!
http://tinyurl.com/cnn-sramek
Did you manage to figure out exactly how old you are yet though?
Thanks for the article.
Here’s me all this time thinking it was corrupt bankers aided by their politician friends which caused the near collapse of the western economy when in fact it’s the fault of the poor who weren’t experts in finance that obviously took the advice of those who knew basic enough maths that income matches debt and who were the ones selling them knowing this.
Just curious though if the poor should’ve known then surely all these experts must’ve known and therefore stand guilty of outright fraud and possibly in the larger context treason?
I know the guy is only 25 but surely he’s bumped into logic somewhere in his life.