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Lord Turner financial crisis banks credit city

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Banker bonuses? Give them to everyone.

There’s a very simply answer to the problem of banker bonuses.  Give them to everybody.  No, I’m serious.   The banks are only in existence because of the hundreds of billions in state support.  Had it not been for the guarantee of public money to back up their dodgy asset base, not just direct capital … Continue reading

Red Adair Turner is right banks are socially useless

All praise to Lord Turner, the chairman of the Financial Services Authority, who admitted last week that much of what happens in the City is “socially useless”. Lord Turner of Ecchinswell makes an unlikely anti-capitalist; he’s a former vice chairman of the investment bank Merrill Lynch. But it takes one to know one, I suppose. … Continue reading

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