An enemy that wishes to die for their country is the best sort to face - you both have the same aim in mind.
Science flies you to the moon, religion flies you into buildings.
"If you can't trust the local kleptocrat whom you installed by force and prop up with billions of annual dollars, who can you trust?" Lemur
If you're not a liberal when you're 25, you have no heart. If you're not a conservative by the time you're 35, you have no brain.
The best argument against democracy is a five minute talk with the average voter. Winston Churchill
The only time bonuses are contractually provided for is when you poach someone from another bank at a point of time in between bonus periods when you might pay them out for the bonus they believe they have accrued at their current employer and will "lose" by jumping ship. Also CEOs tend to have contracted bonuses (because in most cases they also chair the compensation committee!)
The over-riding reason why bonuses are being paid at the banks that have received government funds is that a) the governments did not give themselves any rights over determining compensation and b) the banks are generating huge profits from trading and are afraid they will lose their best people to competitors if they do not 'keep up with the Joneses'.
To a large extent this is true - most investment banking employees have close to zero loyalty to their employer who they recognise as a soulless money-making machine which will fire them as soon as they stop making money. They are, on the whole, right about that.
frogbeastegg's TWS2 guide....it's here!
Come to the Throne Room to play multiplayer hotseat campaigns and RPGs in M2TW.
They slew him with poison afaid to meet him with the steel
a gallant son of eireann was Owen Roe o'Neill.
Internet is a bad place for info Gaelic Cowboy
Then their bad loans would have to be marked to market, their creditors and the counterparties to all their transactions would realise a whole load of currently unrealised losses, financial contagion would spread like wildfire again as banks would be unable to lend to each other and to industry, the economies of western countries and quite possibly export-driven emerging market countries would fall off a cliff and we'd fall back into a depression the like of which we haven't seen since the 30s.
Which is why the government stepped in to begin with, right?
frogbeastegg's TWS2 guide....it's here!
Come to the Throne Room to play multiplayer hotseat campaigns and RPGs in M2TW.
Let's be clear - to all intents and purposes Greece has defaulted. It can't pay its debts and others are being forced to do so for it. The only debate is whether the resulting loss is taken by governments (via bailout funds) or by the banks that hold its loans.
For me the scariest chart I saw throughout the whole financial crisis in '08 had nothing to do with bank losses but showed the volume of global trade. It fell off an enormous cliff because banks were not extending the finance necessary to keep it going. World trade is the world economy.
Whatever you think about the causes of all these issues (and I am increasingly coming to the view that there was clear fraudulent activity on a massive scale in the origination and packaging of the sub-prime mortgage loans) one thing is clear to me: the banks are in too much of a mess to be simply cut loose. This was true in '08 and it remains true now because substantially the same problem exists and has simply been moved from one place to another.
frogbeastegg's TWS2 guide....it's here!
Come to the Throne Room to play multiplayer hotseat campaigns and RPGs in M2TW.
Furunculus Maneuver: Adopt a highly logical position on a controversial subject where you cannot disagree with the merits of the proposal, only disagree with an opinion based on fundamental values. - Beskar
frogbeastegg's TWS2 guide....it's here!
Come to the Throne Room to play multiplayer hotseat campaigns and RPGs in M2TW.
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