If they made a profit, what business is it of Peston?

Watch the video, and listen to the condesension in his voice.

Cameron jumps on the bonus bandwagon

This just about sums up everything that I find so irritating right now. Why on earth should the leader of the Opposition want to stop a bunch of pretty junior people in a retail organisation making a bonus of about £1,000 (against a salary of about £17,000) for working their asses off and hitting targets?

How would Cameron define "executives"?  From what I can see Lloyds are not talking about giving bonuses to executive directors already. So who else does he mean?

Asked whether staff should get extra cash, Mr Cameron said "Basically no. Those banks that are owned by the taxpayer or where the taxpayer has a large stake - it's completely wrong to be paying bonuses."  

Interesting. Is he even remotely interested in retaining any degree of value in the businesses that the government owns a stake in?  This is the absolute perfect reason why politicians should not be running businesses, even ones they own.

Never one to miss out on a passing bandwagon, Employment Minister Tony McNulty also appears to have waded in, saying staff on lower salaries should not forgo their bonuses, but the issue was totally different for senior executives.  "I would draw the line between senior managers, board members, executives, those responsible for the business model and strategy that got them into the mess, they shouldn't get a penny," he said.

Erm, okay. What about everyone else in the middle who also worked hard for their bonus?

I know the peasants are revolting at the moment but this is getting absurd. 

Hello... this is London calling. Except that name was already taken.

This is my first post.  I am a 29 year old professional working in the City of London.  

The last 18 months has proven to be the most tumultuous in the history of the financial services industry and there is no doubt that this has contributed significantly to the current economic doom in which we find ourselves.  I say 'doom' though I do not accept in fact that we are in such a state.  To my mind, the only 'doom' around comes from the coverage of the current situation by the media.

Before anyone criticises that view, I accept that things are bad and that for anyone who had lost his or her job over the last year, or is in financial difficulties for any other reason such as the lack of available credit, this is a very difficult period.  But my premise is this: the biggest reason for the current state of our economy is not the original cause (the dislocation in the credit markets, and the knock on effect on credit availability for consumers and SMEs) but the irresponsible and, at times, intellectually dishonest coverage of this in the media.

I intend to use this blog to publish an alternative view, and to expose what I consider to be the dishonesty and glee of those who, through their lazy or incorrect reporting of events, are exacerbating the problems.

I will probably also comment from time to time with insights from inside the financial services industry.

And before you think "yawn", I also have a semblance of a life outside of work so I will comment on the random and inane things that happen or that I see as frequently or infrequently as I like.

PS - though I work in the City I am not what David Mitchell would call a "Wanker Banker" of any kind.  OK so I work for a City firm (the identity of which I am contractually obliged not to reveal) but I am not a banker, trader, speculator or anything client facing.  I am one of the cogs that keeps the machine working, and who over the last year has been working 80 hour weeks to keep the show on the road.  I am not paid a king's ransom for my work (I am unable to afford to purchase a property in London, for example - though more of my financial woes later) and I object to the implication that all who work in the City are money grabbing talentless spivs.

So here we go.  I hope you enjoy, and maybe even participate if you agree or (more likely) disagree.