Tuesday, June 21, 2016

Take on the spanking of a banker

In the US when a banker gets let go because of poor performance, he usually finds a soft landing using a golden parachute but in China things are a bit different. Forget bailouts and payouts, in Rural China when a banker underperforms he gets publicly spanked with a wooden paddle and that sort of sounds right. The big banks basically sunk the economy with their risky bets and crap AAA bonds and a couple of years after we bailed them out they are all sitting pretty again drinking champagne at their white parties in East Hampton. Except for one or two guys, nobody went to jail or was fined or anything substantial, they all just skated and after a few months in exile they were all brought back with open arms to sink the economy again

So maybe it is time to look East and take them to the mat to start publicly beat our bankers with a paddle when the F up, I nominate Gary Sheffield to man the paddle.

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