Sir Fred Goodwin's £700k Pension

Ok so this may be slightly off topic, but I'd just like to say something about Goodwin's pension. He did a job (albeit for only a few months) and signed up to a gigantic pension on the back of it.

Needless to say, the shareholders want it back. And remuneration is something that the g20 leaders were talking about.

There's two things here - firstly, this is simply the way the city works. I've said it before and Ill say it again, the city was built by bankers for bankers. If you had the power to build yourself a car, would you build a Saxo or an F430? If you find it immoral than so be it. But its the way it is. So on this basis there is no reason for him to feel guilty about getting this rather arse whooping pension.

Secondly, when he signed up to the job the benefits would have clearly been laid out for him. This would have been an agreement between both the big bods and Goodwin. So say if you went to a restaurant and ordered pasta, only to find that just when you were about to tuck in, the owner of the restaurant takes the dish away from you and gives you a KitKat - is this right? (Or 'moral' - as the g20 protestors like to say). Well clearly the restaurant owner is in the wrong!

Actually another point - not that I know Goodwin personally, or the stress level's involved in running a top tier investment bank - but Im sure he worked bloody hard. The thing is that Im staring at 6 screens for 12 hours a day. There is stress - Im under pressure to make the right decisions day in day out. If I don't there are consequences. So Imagine what it's like running an investment bank then!

Ive been writing on this blog for only a few days and Ive pissed a lot of people of.

I am sorry for this. I know I am a bastard.

But for all those people who left those comments on my posts - and to all you reading this now (whether you were actively protesting or not), let me ask you this:

IF YOU WERE GOODWIN WOULD YOU HONESTLY GIVE SOME/ALL OF IT BACK?

I think you know what I would say - but I want you to be truthful

What Did Obama Want To Achieve In the London G20 Summit?

You know what, I was just browsing youtube on Obama and the g20 summit and came across this

I wish I found this before and put it up here before Wednesday.

But anyway, you might find it interesting. Especially the regulatory framework he talks about (given what I just wrote in my previous post).

Don't Hate Me - Just Do Something About It

Some of the comments that have been made about me are just plain unfair.

Firstly, don't make a judgement on how hard I have worked to get where I am. If you haven't realised we are living in a capitalist society; a meritocracy if you will. You get what you put in. And let me tell you what I have put in - 3 A* and 8 A for GCSE and 5 A levels. Oh, and also a degree in Economics. I have worked hard, and I wasn't part of the city boys before I started - I had to work my way up there.

There were a few lucky breaks, but I worked hard to put myself in those positions in the first place. I bet most of you wouldn't understand this because you've not done it - to be honest I don't even think you realise that we live in a meritocracy.

This is why I am where I am.

If you are jealous of how much I earn then I am giving you two options:

1) Do something about it

2) Shut up

Your choice guys.

The Aftermath of the London G20 Summit

Right, so it looks like I've upset quite a few people with my opinions. That's the great thing about this place, I can say whatever the hell I like, make my voice heard - but your reactions are your own, why should I have to take responsibility about how you feel, its your own fault. I've responded to all your comments.

First things first though - what is the outcome of the infamous London G20 Summit.

OK so Im not denying the scale of the challenge which Brown, Obama and their fellow colleagues were faced with - trying to reboot a chugging world economy must be like trying to climb a mountain of stinking turd.

The outcome of the summit is to pledge an extra $1.1trn to restore growth and implement measures to stop a situation like this happening again. The only way they are going to get this going is to give global demand the erection it so badly needs right now - anybody who knows anything about the pricing of stocks must understand that this is essential. If this can be done without credit - then waaaaheeeeey! 

Truthfully though, I can make a lot more money for my investment bank when I borrow more - and at the end of the day this means a bigger bonus for me. So when lending and borrowing picks up again, Im not going to change my ways - unless the summit puts more more pressure on regulators to limit the amount I can borrow. 

So: the main point - the g20 summit needs to raise demand.

But how EXACTLY is this going to happen. I mean really? Really think about this one!

Let me help you out.... we've got to trade our way out of this. Yep, thats right - me and my fellow bankers are going to have to trade our way out of this mess. We are the solution to this because the financial sector plays such a crucial part in the global economy; basically I/the markets dictate the values of the businesses you own and work for.

So its all very well the London G20 summit saying they are going to get demand going again, but I am the solution for this.

But even then, Im telling you all this: banking is an industry run and made by bankers. None of these measures are going to change shit, unless the psychology and mentality of the city changes. That means that greed and fear need to be addressed.

Truthfully ask yourselves if this can happen?

OFCOURSE NOT!

One of the pledges from the g20 summit wasn't to send the city to a buddhist school for 10 years on the top of a remote mountain in the himalayas.

Make your own opinions, but Im not going to change the way I trade unless Im forced to. 

My colleagues feel the same.

Russell Brand at the G20 London Protests

OK So Im probably earning more money than Russell Brand, but Im not famous - so when I saw him at the protests I was kinda wondering what in the hell he was doing there? Let's face it, he isn't exactly the sharpest tool in the drawer. Does he even understand the economy is in a recession?

Sorry what am I saying - you probably don't either.

This is him walking past the Tokyo Bank opposite Cannon Street

Some Other Pictures I Took Today

My girlfriend says I should put more pictures here to show you what it was like, so here they are (you might be interested to know that I'm sitting in a pad costing £3.4mm in designer clothes - I've earned everything and worked so hard for it - I want to let you know because I'm not pissing your money up the wall).

Today's G20 London Protest - It Ends Here

TODAY WAS THE DAY!

Ok so I managed to sneak a lunch break for 15 minutes and head down to the protests (if anyone is familiar with the area I work in Liverpool Street, so the Bank of England is a 2 minute walk). What can I say? You already know my opinion of the idiots who are protesting.

There's no point in the g20 london protests!

And what kind of people did I see? Would you be surprised if I said drunk students? Its a sad fact that those students are the kids who are going to be applying for the trading graduate schemes on my trading floor. This is such hypocrisy don't you think? I mean, even if you don't agree with my point of view you have got to admit this is crazy?

Anyway, the place was packed.  I can't really describe the feelings there - the atmosphere was a mix between a carnival and a football riot. I saw a few famous faces - including Russell Brand and I saw a few disturbing things (a group of rough teenagers covering their faces and shouting loud comments).

The people who were protesting don't have a clue about economics. They don't have a clue about how markets function.

And most importantly, they don't have a clue about how important I am in society.

Yes you heard me right - without me and my fellow bankers you wouldn't have stable prices for anything - from bread to oil. And what about your retirement? Let me tell you something, without me you would be screwed. Which is why when I saw a couple of houligans smashing the windows of RBS it makes me so angry.

Idiots.

Markets Need More "Family Values"

OK one last post for tonight. You may find it interesting (or on the other hand humbling) that my boss has asked me to come in earlier and leave later tomorrow. This is ofcourse for my own protection. Sure...

And why is this?

Well the fact that the police are uncovering drain covers to check for bombs kind of gives something away. It makes me think that these g20 protests are the new IRA.

This is ofcourse crazy, because the summit is designed to move things forward.

Actually, an interesting quote from our number one guy, Mr Gordon Brown, is that the markets need more "family values."

If the G20 summit tomorrow can figure out a way to do this Im all for it. Until then, Im going to continue placing bets where I can get the biggest bonus. I don't care - I want to retire by 35.

A G20 London Preview

I just came across this video on youtube - if you plan on protesting tomorrow, please comment on this, let me know what you think:

I work in one of the biggest 5 investment banks in the world - I indirectly manage the money in your pension pot. I manage your future! The protests for the g20 London summit are pointless tomorrow - lets look forwards

We need to discuss this!

Another Thing...

Let me just say one more thing...

Im sitting here wathcing the news, seeing all these business boarding up their windows. Its like the IRA is back.

Look, g20 london protests aside, Ive worked bloody hard to get the job I have. I worked hard at school, worked hard at uni, and everday I give blood sweat and tears. The money I earn I deserve.

Its crazy that that g20 london riots are all people who don't understand this!

I work to live - I don't let my job judge me and the protestors shouldn't do this either. Sure things went bad, but the whole point of this g20 summit in London is to correct this.

Lets look forward

Less Than A Day For The G20 London Riots

OK so we are less than a day away from the G20 london riots.  I work in the city in one of the largest investment banks in Liverpool Street and Im starting this blog as a view from what is going on from the inside.

If you've been living under a rock for the past year, the economic world is pretty much in the worst shite its been in since the early 1900's. 

The g20 group is just a list of the largest economies in the world, which represent about 84% of the entire world's economy - so it makes sense for these countries to come together to try and figure a way out of this mess.

This is why I think its crazy that people feel the need to protest in the square mile. I play an important function in the economy - without me prices wouldn't be able to stabalise supply and demand. Protestors are jelous that I am 23 and earning twice as much money as both their parents put together.

But still they feel the need to protest and riot and cause havoc at the g20 in london.

Whatever makes them happy I guess.

There's no need for the g20 riots. The aim of the sumit in London is to reach better monitoring of the banking industry, better communication between regulators, make it less easy for reckless speculatino on behalf of hedge funds and to put constraints on how much banks can lend (in the long run I mean).

Im not a fool though. I know that in reality there is no way to eliminate the billions of dollars of toxic debt. Maybe this is what the g20 london riots are about... actually I take that back, the protestors aren't intelligent enough to understand this.