Britain: We should feel bankersā€™ pain

January 23, 2011
Issue 
Barclays CEO Bob Diamond (centre) says bankersĆ¢Ā€Ā™ Ć¢Ā€Ā˜period of remorse and apology should be overĆ¢Ā€Ā™.

At last someone has dared to defend the oppressed people of the British banking community. Bob Diamond, chief executive of Barclays bank, who himself has to suffer the trauma of an Ā£8 million bonus, said yesterday that the bankersā€™ ā€œperiod of remorse and apology should be overā€.

And you feel his pain, because the first words to cross your mind when you see a banker are ā€œremorseful and apologeticā€.

Then youā€™re left worrying: ā€œOh, how I wish the poor souls were slightly less burdened with remorse about their bonus, and »å¾±»å²Ōā€™t apologise with such agonising sincerity about putting it into their wifeā€™s name in a series of untraceable accounts based in uninhabitable islands off Ecuador.ā€

But at last theyā€™ve learnt to stand up for themselves, and Diamond has emerged as their Martin Luther King. Soon the whole banking community will declare: ā€œSay it out loud, Iā€™m 27 million quid in the black and Iā€™m proud.ā€

Eventually, some of them will feel able to come forward with stories of their plight, of how they were ashamed to tell even their parents they were a hedge fund manager, and at weekends they would lie to their friends by saying they were putting up shelves when in fact they were flying to the Indian Ocean to buy one of the Maldive Islands.

Already, Bankersā€™ Rights activist Lord Jones of HSBC has protested that bankers who received smaller bonuses last year received ā€œnot one jot of praiseā€.

Isnā€™t that always the way? It was the same with Ronnie Biggs. Everyone goes on about the year he robbed a train, but no one gives him credit for all the years he »å¾±»å²Ōā€™t rob any trains.

So is it any wonder the bankers have reverted and taken Ā£7 billion in bonuses this year? Because last year they received the much more frugal sum of Ā£7 billion, which may look the same, but that doesnā€™t take into account the higher remorse rate and the punitively high apology index.

In the British Independent, David Buik, a market analyst with BGC Partners, showed his analytical skills with a detailed economic response to the bonuses: ā€œLife is not fair ... Folks, get over it! Letā€™s move on!ā€

This is why we have to pay seemingly vast sums to people in the City, because you wouldnā€™t get that level of fiscal genius from any idiot down the pub.

So at last, the bankers may win the human rights they deserve, as even Prime Minister David Cameron seems likely to back down. According to a January 11 British Daily Telegraph headline, ā€œCameron admits defeat over bonuses for bankersā€.

This shows how flexible Cameron can be, because he fought so hard to reduce those bonuses, asking the bankers as many as one time if they wouldnā€™t mind reducing them although it »å¾±»å²Ōā€™t really matter, but when the bankers resisted through the wily tactic of taking no notice, he showed he was prepared to think again.

But deputy PM and Liberal Democrat leader Nick Clegg is still as tough as ever, insisting if they want to swipe this much again that ā€œthe key issue is to be sensitiveā€.

So now the same attitudes will probably trickle down to the poor. The government will scrap their plans for cutting housing benefit, and replace it with a voluntary scheme in which they ask claimants whether they fancy receiving less.

And instead of student tuition fees, there will be a ā€œgraduation loan schemeā€ in which students are asked to loan a sum of their choosing to the government, unless theyā€™d rather not.

Then the head of the Confederation of British Industry will present a series of adverts about benefit fraud, in which heā€™ll say: ā€œThis man claimed unemployment benefit for six months while he was driving a truck for his brotherā€™s removal firm. But when he »å¾±»å²Ōā€™t claim it one week, he received not one jot of praise. Doesnā€™t it make you sick?ā€

Then a social security analyst will inform us that there are deep social reasons for some people remaining on benefits, which is ā€œLife isnā€™t fair, get over itā€, and Clegg will insist that when someoneā€™s caught claiming Ā£8 million in disability benefit while theyā€™re training to compete as an Olympic triple jumper, the key issue is they should try and be a bit sensitive.

[First published in the Independent.]

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