This article in The Telegraph starts:
“The European Commission has banned all meetings with bankers and bank lobbyists as it prepares new rules to deal with failed financial institutions.”
But what’s truly hilarious is that a London banker feigns incomprehension at this move by the EC. According to the article, the London banker says:
“For us, it’s a bit bizarre that the Commission has chosen to isolate itself in this way,” said one senior bank executive at a major international lender based in London.”
Well perhaps I can help the above London banker and any other bankers who don’t understand. Here goes.
Banks are in the business of taking excessive risks and keeping the profits when the risks pay off, while sending the bill to the taxpayer when they don’t. And the finance industry in the UK spends £90m a year on lobbying to ensure this “heads I win, tails taxpayers lose” system stays in place.
Bankers (aka liers, scumbags, cheats, liars, etc) will devote HUGE EFFORTS to persuading EU commission staff to keep the “heads I win tails you lose” system in place. Hope that’s clear.
Of course, as intimated above, bankers know perfectly well why the EU Commission is stopping its staff meeting bankers. But just in case there’s any doubt, I thought I’d spell it out in black and white.
(H/t to Gerard Barrie (Positive Money supporter)).