If you are new to this blog, you are invited to read first “The Largest Heist in History” which was accepted as evidence and published by the British Parliament, House of Commons, Treasury Committee.

"It is typically characterised by strong, compelling, logic. I loosely use the term 'pyramid selling' to describe the activities of the City but you explain in crystal clear terms why this is so." commented Dr Vincent Cable MP to the author.

This blog demonstrates that:

- the financial system was turned into a pyramid scheme in a technical, legal sense (not just proverbial);

- the current crisis was easily predictable (without any benefit of hindsight) by any competent financier, i.e. with rudimentary knowledge of mathematics, hence avoidable.

It is up to readers to draw their own conclusions. Whether this crisis is a result of a conspiracy to defraud taxpayers, or a massive negligence, or it is just a misfortune, or maybe a Swedish count, Axel Oxenstierna, was right when he said to his son in the 17th century: "Do you not know, my son, with how little wisdom the world is governed?".

Thursday, 24 December 2009

Will extra tax levy on the bankers' bonuses really "damage" the City?

Last August the author of this, being no self publicist, published anonymously, in extenso, a letter that he received from the CEO of one of the largest and best known banks in the world together with the blog's author commentary. The title of the post was: "Liquidity risk".

Although the CEO did not request or implied confidentiality, it was intended that the CEO's identity would be kept secret. It is the intention of the author of this blog to keep the discussion on its merits without undue personal self-publicity. However the above mentioned CEO recently publicly criticised planned extra 50% company tax levy on top bankers' bonuses (over £25,000). In the circumstances the author of this blog decided that it was in the public interest to disclose the said CEO’s identity. The CEO's concern was that "Banks are competing globally - this bank, Barclays, competes with banks all around the world and we have to be able to compete on a level playing field," Mr Varley told the BBC."

The readers are invited to assess the articles "Liquidity risk", "Loan to deposit ratio and banks liquidity" and "Commentary to an article 'Loan to deposit ratio and banks liquidity" and the exchange of arguments, and decide for themselves whether it would "damage" the City and the financial industry in general if such talents as Mr Varley's (who is frequently referred to as one of the very top bankers) were eradicated.

Of course, any discussion – on the merits - from Mr Varley (and indeed anyone from Barclays) are welcome and will be published on this blog.


  1. Mr Varley, For you everything is baseless since Barcley's would and in my opinion should be sued to hell otherwise, so your comment has no merrit at all.

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