City of London Bankers ‘rage at G20 witch hunt’….

London 1510

London 1510

I love British History. The phrase ‘As goes London, So goes the Crown’ was historically true and is probably politically true today. James II found this out the hard way, but the way Charles I found out was even worse…

…He continued, however, to make various attempts to get estates into his possession on the pretext of invalid title, and on the 12th of May 1635 the city of London estates were sequestered. Charles here destroyed one of the most valuable settlements in Ireland founded by James I in the interests of national defence, and at the same time extinguished the historic loyalty of the city of London, which henceforth steadily favoured the parliamentary cause…..Charles returned once more to measures of repression, and on the 10th imprisoned some of the London aldermen who refused to lend money…..The next day Charles was equally unsuccessful in obtaining their surrender in the city.

“The king had the worst day in London yesterday,” wrote a spectator of the scene, “that ever he had, the people crying ‘privilege of parliament’ by thousands and prayed God to turn the heart of the king, shutting up their shops and standing at their doors with swords and halberds.”‘ On the 10th, amidst general manifestations of hostility, Charles left Whitehall to prepare for war, destined never to return till he was brought back by his victorious enemies to die…..

The power of London in British History is profound, and the system of  ‘taxation incorporation licensure patent levies tariffs wages’-BANKING!, are ones which have evolved and had great impact on this nation, and Europe and America..and the City of London is trade in its heart and that runs on banking…Gordon Brown seems oblivious to the backlash..the same way our Dems are here ignoring our Tea Parties…

London in the time of Henry VII

London in the time of Henry VII

The City of London bankers cannot have been too happy with anarchists breaking into the lobby and media fawning over both the demonstrators and the bank bashing politicians….

The Guardian:

Bankers and hedge fund managers were furious yesterday at attempts by the G20 to cap their pay and regulate them for the first time, calling it a “witch hunt” by world leaders.

Bankers in Canary Wharf or Moorgate could face caps on the hefty bonuses they have enjoyed for almost a decade, whilst secretive hedge fund managers in Mayfair will have to start disclosing their positions or strategy. The changes, which are still to be specified in detail, may bring to an end an era that brought financiers astonishing levels of money, status and power.

“Supervisors will assess firms’ compensation policies as part of their overall assessment of their soundness,” world leaders agreed on Thursday…

…”Salaries in the banking and corporate finance world are not outrageous. The big reward is in the bonus,” said Larry Schechter, a director at Schechter & Co, a boutique investment bank in Mayfair. “I am not a proponent of arbitrary compensation restrictions. I believe that bonuses – the rewards – should be commensurate with the level of success. You cannot have the whip without the carrot, and vice versa.”…

Apparently the next boom is in Asia for banking as well as consumer spending, Hell Jim Rogers and Faber are already there!…

Bankers say their bonuses contributed to tax income and were spent on cars, restaurants or homes that indirectly created other jobs. Those who flew from New York to London over recent years as the capital established itself as the world’s financial centre, may now move east if bonus caps limit the attraction of the west.

“This will drive talent out of the industry because if we regulate in London, but not in the Middle East or Singapore, people will go elsewhere,” Prest said.

Visscher's Panoramic View of London, 1616

Visscher's Panoramic View of London, 1616

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April 5, 2009. Tags: , , , , , , , , . Economy, Finance, Obama Administration, Politics, Taxes, Uncategorized, Wall St. Comments off.

WaPo: Obama Team helping Treasury get access to TARP Part Deux…

WaPo is reporting that the Obama Transition team is accompanying Treasury officials to Capitol Hill to ask Congress for access to the second tranche of the TARP funds- an additional 350 billion. Conflicting reports yesterday from Bloomberg cited Chris Dodd D-CT of the Senate Banking Cmte indicating he was opposed to giving access to the second tranche to Paulson. If they are making a move for the second tranche, Congress may be able to enact restrictions on the use of the funds..

Hank is Under Pressure and I want HOLC HOLC baby..

Everyone together now: We want HOLC, We want HOLC, We want HOLC (If you aren’t familiar with HOLC, see Hillary Clinton’s WSJ OpEd of 9/25/08).

WaPo reports:

…President-elect Barack Obama’s transition team has agreed to accompany Treasury Department officials to meet with Capitol Hill leaders to help the Bush administration gain access to the second half of the $700 billion financial rescue package, government sources familiar with the matter said.

(more…)

December 5, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, Entertainment, FDIC, Finance, Foreclosures, Hillary Clinton, Housing, Labor Department, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. 3 comments.

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