Sunday, January 25, 2009

Myners blasts “fat cats” Masters of the Universe

Tom P at Labour & Capital links here to a superb interview in the Times with government minister Lord (Paul) Myners.

I've met more masters of the Universe than I would like to, people who were grossly over-rewarded and didn't recognise that. Some of that is pretty unpalatable. They are people who have no sense of the broader society around them . . . I think there is quite a lot of annoyance and much of that is justified. Let us be quite clear: there has been mismanagement of our banks.”

Of course, Tom also makes the valid point that workers pension funds didn’t challenge these rumination packages. The vast majority of trustees would have not been even aware that their fund managers were actively supporting this "mismanagement". This has got to change in the future.


Anonymous said...

Why don't you blast fat cat Union leaders as well? Or tell us about Gordons other Banker friends? How about Mervyn Davies (Standard Chartered) just given a peerage and a ministerial post or his mate and fellow Scot Sir Fred Goodwin from RBS, that he is now desperately trying to disown? This is the man described as the worst banker in the world. Gordon and Labour have been shamelessly drinking at the trough with these people for more than ten years. Now Gordon is trying to raise millions through US banks in a desperate attempt to keep our own banks afloat. What happened to REGULATION? - Oh sorry I forgot - now the banks have problems its nothing to do with this Governments stewardship, it is infact all someone elses nasty old problem that's come over here and distrurbed our public finances and support for industry that is otherwise the envy of the world. The good news is that apparently according to Gordon we are well placed to survive the depression? Duh!

Anonymous said...

Unlike when 100,000 people lost their homes and one million lost their jobs under the Tories

a price worth paying as the tory toffs said at the time

I see Boris is calling for more banking deregulation

when will any of our bankers go to jail

make the rich pay for the crisis

Anonymous said...


re Fat cat

what your pay

I am sure I can get someone to do it for less

Anonymous said...

My pay is 150K..I'm the head of local Govt...sorry i meant the head of a Union.

Unknown said...

Good effort to cover this important issue, John, from a most respected voice like PM. I like Myner's reality check to "responsible investment" in 2008, it is still a closed club, but the exec rumerneration issue has wings, and the tone is right in the US now too. Fundamental appraisal of all ESG factors is critical to investment decisions, see


Anonymous said...

Just fancy that...according to Gordon we are well placed to survive the economic downturn..acoording to the IMF's leading econimist we are the worst placed? Mustn't forget its a global economic downturn that started in America..actually that's where our UK house price bubble started...small town USA. I was looking at houses in Detroit and I thought " I must borrow five times my salary to get on the housing ladder in Neasden quickly". OK so maybe the average adult in the UK does have 22K of debt (excluding mortages), but that also started on Wall Street too. Its that new Wall street high street catalogue I got through the post - I couldn't help myself. They shouldn't have sent it to I don't think I should pay. The UK government may have the highest levels of debt of any developed nation in the world and is borrowing so much that it will take until at least 2030 to get back to normal, but actually this is down to the bonuses paid to banks. Get that obese pie eater back..shagger Prescott..its just what the "most successful post war Chancellor" could do with to help him. No more boom or bust! Hooray! Well done Labour! Top marks! We are the envy of the world. Hooray!

Anonymous said...

if we are lucky enough to get away with one million losing their jobs this time we will be very lucky indeed...there is nothing left to fall back on. I'm going to leave this country - Labour have well and truly stuffed it up.

Anonymous said...

That's right...and they have given a record number of work permits in 2008 to foreign workers? Its a joke.

John Gray said...

Sorry I have not responded sooner.

Hi Anon 19.33
I don’t think it is all a regulatory “fault. I think it is the neo-liberal unhindered free market model that has very nearly brought our economy to melt down. You are a right wing ultra fanatic and your policies have failed to deliver and you have nothing to offer at this time. You are yesterdays people and it is now our time. Bye, Bye.

Hi Anon 09.11 et al
Good stuff – keep it up!

Hi Anon 19.23
It’s not £26 million – get some prospective boyo!

Hi Graham
Very good points. More power to your elbow.

Hi Anon 18:57
As with 19.33 – get a grip! This is the real problem. You are current losers in history and we will be the winners. This will not last forever and I get no pleasure from the current failure but Labour is the only Party to sort this out. The Tories are too tainted and at present idealogically incapable of dealing with the solutions that are needed.

Hi Anon 19:00
If you need any help with emigration please let me know.

Hi Anon
And if you want to go as well to balance the migration figures then I am more than willing to help. There are a lot of bigots in some Eastern European countries apparently. So no doubt you will feel most at home there.

Anonymous said...

Actually I will be on the picket line with many other Unionists over Brown's "British jobs for British workers" lies.

John Gray said...

Well be careful out there anon – as well as the usual strike chasers there will be the Nazi BNP stirring things up and spreading their lies and hatreds. I’ll post on this issue later today.