Friday 24 September 2010

Spivs and Gamblers...?

Vince Cable got some easy cheers by railing against City "spivs and gamblers" - how comforting to be able to blame our ills on those nasty fat cats.

The banking bailout, on current figures, looks as if it will break even or even make the taxpayer a profit. Meanwhile banks and finance contribute a huge proportion of UK taxes - and now salaries and bonuses will be taxed at 50%.

What would you call those who run an organisation for years, borrowing £1 for every £4 they spend of shareholders' money, leaving others to pick up the tab in the future? The man in charge of the purse strings of this organisation for a decade was fond of using the word "prudence" in every speech. Some might say that they were nearer the "spivs and gamblers" end of the spectrum.

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