Peter Reynolds

The life and times of Peter Reynolds

A Diamond With No Pearls

with 15 comments

“There was a period of remorse and apology for banks. I think that period needs to be over.”

If this is what Bob Diamond regards as wisdom then he is stupid as well as deeply unpleasant.

Spiv

The spectacle of this ostentatious, overpaid and arrogant Yank defending the banker robbers against their richly deserved condemnation is sickening.  Almost as sickening as Cameron and his poodle’s capitulation over bonuses.  See here for the full story.

We shouldn’t be surprised really.  It was too much to expect that integrity and justice should triumph over the greed and corruption of the banks.  They are worthless parasites on society which contribute nothing worthwhile at all apart from an administrative process for transferring money.

Diamond also says that banks should be allowed to fail and not be bailed out by the taxpayer.  The man is clever.  I’ll give him that.  As clever as any cheap, wide boy, conman spiv.  He says that Barclays took no money from the taxpayer but he knows full well that his own reckless, roulette wheel gambling was only possible because the taxpayer had no option but to stand behind him.

I will not shrink from the truth.  Men like Bob Diamond are unfit to be in charge of banks.  I would prefer him and his cronies to be in jail but I would be content with lifetime disqualification and, in his case, deportation.

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Written by Peter Reynolds

January 11, 2011 at 4:41 pm

15 Responses

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  1. Quite agree,

    The days when you could trust your bank manager have long gone. And Spiv and Wide-boys is exactly what they have become.

    Reminds me of the American election campaing slogan:
    “Would you buy a used car from this man?”

    The Debt Collector

    January 11, 2011 at 4:47 pm

  2. Question is, of all those here bleating about banks, how many of you have bank accounts, loans or credit cards?

    Hypocrites all?

    David

    January 11, 2011 at 9:55 pm

    • Are you mad? That’s not hypocrisy. It’s being a victim of oligopoly and another reason why we should “bleat” on and on and on about the banks until they are brought to heel! They must be the servants of our economy, not the slave drivers.

      Peter Reynolds

      January 11, 2011 at 10:31 pm

      • Yes it is, if you don’t like them why go along and use them~? You can live without them if you meant a word of what you say. I do and have done for years.

        David

        January 12, 2011 at 3:20 pm

      • I’m sorry David but I think it is impossible to avoid using banking services unless you are prepared to accept serious disadvantages in the modern world.

        Peter Reynolds

        January 12, 2011 at 3:40 pm

      • Well I do not have any , I travel around the World, pay my Bills and do pretty much anything anyone else does? I didn’t say it was easy but if you hate banks that much surely all those complaining would have done the same as me?

        David

        January 12, 2011 at 7:24 pm

      • If you don’t want to indulge the “casino”, then there’s always old school building societies like Nationwide 🙂 They’re only(!) paying bonuses up to around £250,000 too.

        Graham Hopgood

        January 12, 2011 at 10:21 pm

      • Agreed Peter,

        Since we are becomming increasingly reliant on making payments by Credit/Debit Cards since electronic “cash”, is more secure (or so we are told but all know is a fallacy) and it is known that people spend more on a Credit Card than when they are physically parting with Pound notes.

        To that end, as you rightly say regrettably we are going to be increasingly reliant on banking services.
        Of course the banks know this, so will shaft us even in more in Bank Charges for services which cost little or nothing, but cost the user hundreds of Pounds a year. Most banking is electronic now.

        How often do your phone your “branch”, to be met by a computer generated voice and a series of options. Getting to to talk to a human, particularly one who knows what they are talking about is getting increasingly difficult.

        Where I live has doubled in size, but the number of branches in the town has reduced by tow thirds. Ironcially one branch has become an Undertakers !

        The Debt Collector

        January 13, 2011 at 7:10 pm

  3. Spivs they are, not only that, they know there system is wrecking the planet but there greed knows no limits!
    One day, when the last river is polluted and the last fossil fuels are used up and the soil is so degraded we are unable to nurture it, then and only then will they realize you cannot eat Money!

    fractional reserve debt based money system will destroy the world
    IF most of the people knew how this worked – protests – you would never see such a large one – one even the police could not control
    These parasites are destroying our childrens inheritence and it’s called planet Earth
    http://gilliganscorner.wordpress.com/2008/04/01/debt-based-money-a-guarantee-to-destroy-the-planet/

    smiffy

    January 12, 2011 at 11:23 am

  4. […] This post was mentioned on Twitter by Peter Reynolds, Peter Reynolds. Peter Reynolds said: A Diamond With No Pearls: http://wp.me/pgXXJ-Up […]

  5. Disconcertingly, Bob Diamond is actually among the most laudable of the “bankers”, especially compared with the real casino cowboys who work in the hedge fund industry. He waived his bonus for the last couple of years, and pushed the rest of the Barclays board to do the same. He also tried to ensure that Barclays took no public bail out money during the credit crunch (which it didn’t, directly at least). He contributes substantial amounts to philanthropic causes through his Foundation, and Barclays is one of the most active banks in the CSR field (which I work in, incidentally).

    Plus, a lot of what he talked about during the Treasury Select Committee was pretty much on the mark. The public-private sector workforce rebalance that the current government is so keen will need to rely in a large part on a highly competitive and growing financial services industry. For better or for worse, finance is something that the UK can claim to be a world leader in, and one of the few real growth industries. If we are all so keen on more young people going to university, we need the growth in graduate recruitment in the finance sector otherwise we’ll have legions of debt-ridden young people in the dole queue.

    What I’m getting at is that any future changes to the regulation of financial services can’t be driven by political point-scoring or the public calling for blood, we’ve simply tied ourselves to closely to the banking system and it’s dripfeed of debt.

    Graham Hopgood

    January 12, 2011 at 4:07 pm

    • I’m sorry Graham but talking about Corporate Social Responsibility and banks in the same sentence is nonsense. CSR for bankers is a euphemism for bribery and hush money.

      I think that many people in Britain would be prepared to lose a large proportion of our financial services industry as we could then focus on industries and businesses that actually contribute something rather than just behave as parasites.

      We are being blackmailed at the moment to accept the banks’ behaviour because, as Diamond said yesterday, 20% of all tax revenue in Britain comes from the banks. I think we should call their bluff and I don’t speak as an idiotic, pie-in-the-sky socialist. Banking is bad business. It’s dishonest, parasitic, immoral and, ultimately, pointless and useless.

      I appreciate that this would mean losing a lot of tax revenue and emplyment to begin with but none of it is real anyway. There will be another banking crisis and unless we make ourselves less reliant on these shysters and wide boys we will suffer again.

      Peter Reynolds

      January 12, 2011 at 4:27 pm

      • I agree with both you and Paul Smith, modern society is too reliant on debt and on the banking industry, but who’s fault is that and what can really be done to change it? Even now the government is urging banks to lend *more* to people and small businesses! And, perhaps most importantly, it’s a global problem, which means the answer is going to be complex and multilateral and probably won’t sound particularly vote winning to the general public.

        I’m not suggesting answers here, because I don’t have them. But the financial system as a whole is severely broken and frankly not fit for purpose. There are very clever companies in the City basically making money from nothing, with no regard to the effect that this has on the wider world. Is that the fault of the banks? Partly. But we live in a relatively free market and if money can be made, it will be made, no matter the ultimate cost. Fundamental, grass roots reform of the financial systems itself is likely to be the only solution, beginning with a look at how the markets work and what relevancy they should really have to all of us. This speech by the Governor of the Bank of England is the best and most rational call for proper reform that I’ve heard:

        http://www.bankofengland.co.uk/publications/speeches/2010/speech455.pdf

        And I’m afraid to say that banks do an awful lot in terms of Corporate Social Responsibility. Perhaps it is just a PR exercise, but there are countless charities, arts projects and other social enterprises that rely heavily (or solely) on generous handouts from the banking industry. They certainly give more than some other industries I can think of (tobacco, pharmaceuticals, etc), and this is already more important due to the government’s austerity drive.

        I’d personally much prefer the government be forcing the banks to give even more to good causes, rather than trying to urge a business in a capitalist free market to cap the money they pay to their staff. But I work for a charity, so I guess I would say that!

        Graham Hopgood

        January 12, 2011 at 10:37 pm

      • I can’t think of anything I would be more cynical about than the banks and CSR. As I said before, it’s all bribery and hush money, carefully calculated as a cost/benefit analysis.

        The banks should be obliged to provide finance to legitimate businesses based on fixed criteria and if they don’t like it then we’ll take their licence away.

        Making “money from nothing” as you put it is what I call pointless and useless. It’s also immoral.

        We would be better off without the banking system as it is currently constituted. We should pull the rug. The world will survive. The selfish, conniving, fat cat, banker robbers won’t.

        Peter Reynolds

        January 12, 2011 at 11:13 pm

  6. Graham Hopgood
    with respect, i have to disagree with everything you have said. Firstly we have to take a fundamental look at our money system because it is broken and cannot be repaired. Bob Diamond either knows this or is stupid.

    I dont think he is stupid. He knows a debt based money system that works of the fraud called fractional reserve banking, but he plays along as he is a vested interest.

    There is a better way, debt free money

    may i also point anyone whom is interested in this subject to a great book on it:
    The Grip of Death: A Study of Modern Money, Debt Slavery, and Destructive Economics [Paperback]

    Michael Rowbotham (Author)

    see the reviews

    http://www.amazon.com/Grip-Death-Slavery-Destructive-Economics/product-reviews/1897766408/ref=dp_top_cm_cr_acr_txt?ie=UTF8&showViewpoints=1

    Paul smith

    January 12, 2011 at 8:33 pm


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