The Grumpy Old Blog

Some of the financial moralists have come out with guns blazing, baying for Chancellor of the Exchequer George Osborne's head. "The dip of 0.7% is all his fault." "He's good on work experience but nothing else". "Sack him." "Worst double-dip for 50 years" Etc etc. Oh shut up the lot of you, you bunch of moaning, overpaid, under-talented, hypocritical wastes of space. Granted, he might preside over the most expensive fuel in Europe -  but it hasn't escaped my notice that the previous incumbents did nothing much about that themselves, did they? So come off it guys! It's not just his fault. What exactly do you want the poor man to do? It's the dishonest bankers and financially suited low lives who have got us into this particular mess. Fixing LIBOR. Gambling with our money. Offering mortgages to those who could ill afford them. Sucking millions out of us with their flatulent pay and bonuses to reward their incompetence ...

There has been much commentary in the media about the shed-loads of cash awarded to the failed and recently retired bank chief executives, as they hang their heads without too much shame in their financial services trough. Then there's the dismal senior executives in councils up and down the land who, having fouled-up in their Boroughs, leave with huge golden handshakes, only to pop up again in a different Borough, on an equally huge remuneration. And more recently, chief executive of G4S, Nick Buckles, not as yet resigned, but on a salary of £890k and reckoned to walk away with £20million should he resign. That these people are handsomely rewarded for sheer incompetence and total failure, there can be no doubt, but there are others outside these high-profile merchants. Take Frankie Cocozza (and quite frankly, I wish someone would - as far away as possible), one of the rejects form the finals of X-Factor. So well-known, that his name has to be subtitles with "former X-...

It seems to be coming a regular feature of the British way of life. The banking chiefs (not the ordinary, customer-facing members of staff, you will note), not content with their huge and immoral remunerations and unwarranted honours from HM The Queen, continue to line their pockets unhindered and unconcerned. The banking chiefs get found out. The FSA (Financial Services Authority and not the Food Standards Agency, although I suspect given the use the former has been, the latter might in all probability be more effective in these matters) does nothing, having forgotten, once again, to put its teeth in that morning. Yes, read all about their tranche of successes in Private Eye magazine every fortnight! The banking chiefs get away with it. Already on hefty 7-figure salaries, through the kindness of their own hearts, and as a wonderful, thoughtful, empty and meaningless gesture, forgo their annual bonus because of the absolute hash they make of things. Big deal, as th...

Thanks to my contacts at the new News International business "Phonetaps'R'Us", I was exclusively sent a copy of a letter sent to the Chief Executive of Barclays Bank, Bob Diamond, from the Chancellor yesterday. "Dear Bob Trusting you and yours are well. Listen mate. Sorry the F inancially S tupid A sses wrote to your bank yesterday to demand £290million as a fine. It's nothing personal, and just because your bank head office people are a bunch of dishonest, thieving bastards, I thought there was no reason to carry on that way and fine you. I made this clear to the FSA yesterday as soon as I heard the news. I told them that the taxpayer would have been more than happy to bail you out. And also. Look mate. Sorry you've had to give up your bonus this year. It must have come as quite a shock, and was a wonderful thing for you to volunteer to do. I only hope you've put something by from the £17million you received last year. No doubt the bank pay...