masters of the universe
Can any of you remember the highly enjoyable novel/TV play from the 1980’s starring Ray McAnally as fictional Sheffield Prime Minister, Harry Perkins, ‘A Very British Coup’? Well, it was an excellent piece of work developed by a group of actors, writers and production staff from the socially aware days of ‘Play For Today’ and it brought together a scenario comprising a left-wing Labour Government, the Tories, police & military, the IMF and the controlling financial institutions of the City. Sound familiar? Forget the left-wing connotation and it is surprisingly, nay worryingly, reminiscent of the financial and political dilemma we find ourselves in today, conspiracy theorists and all.
The one subtle difference is that unlike the portrayed quasi-communist government bringing the country to its knees it turns out in real-life to be the profligate bankers that almost succeed. And don’t think for one minute they’ve learned their lesson. Call it a victory for taxpayers or commonsense but the Allied Oirish Bank has thankfully backed down from its ‘commitment’ to pay 40Bn Euro in bonuses to its executives. Bankers coming to their senses? Nah, that’s not likely to happen this side of an economic collapse. Faced with a government threat to withhold billions of funding revenue and with the power of recently passed legislation preventing them from taking counter action, they’ve thought better of their crass action and have slunk away to undoubtedly lick wounds and live to fight another day. So why are we in the UK, mainland Europe and the US still allowing this obscene practice to take place?
In another display of its incompetence the Financial Services Authority concluded last week that there was ‘no failure of governance’ on the part of the RBS board in agreeing to 2007’s £49Bn purchase of almost defunct Dutch bank, ABN Amro. Now, you’d expect howls of protest from those shareholders attempting to bring legal redress but when the principal contradiction comes from none other than current RBS chairman, Sir Philip Hampton, surely you’ve got to question the veracity and accuracy of the FSA’s investigation? Rumour has it the forthcoming WikiLeaks ‘city’ expose will show us his belief that they completely failed to apply any level of due diligence and fiduciary duty. Bring them on, Julian!
With Harry Perkin’s famous quote ‘the dead ask the best questions, and we are answerable’ ringing in his ears, I’m sure Bernard Madoff is contemplating his current pickle. Despite the tragic suicide of his youngest son, Mark, chief liquidator Irving Picard still has to do his damndest to get to the bottom of the $200m siphoned off by the family in the world’s largest and most corrupt pyramid scheme. Having made-off with all the money, were the jets, the yachts and the Rolexes really worth it, Bernie?
