Dominic replies to various comments…
Dominic replies to various comments…
@BadmashJavawallah That one comment justifies the effort I put into those pieces, if you’re ever in the City please contact me directly and I’ll buy you lunch somewhere like the Capital Club.
Several people have said that that they prefer building societies, I point them to the example of “Thrifts” in the USA which are much the same thing, or should I say *were* since most exploded.
@Meh is right about suggestions, I should have included that, but with the rider that you must make sure they are not seen as frivolous.
@Thad RBS is not and will never be a client of my firm. They have outsourced recruitment to a firm whose male staff help you to understand that “bimbo” is not a term that only applies to women.
@I ain't Spartacus Yes, explaining this stuff is a “mission” of mine, indeed one my better sidelines is lecturing on “soft skills” for bankers for a private training firm. You are also 100% right that nearly everyone wants to do their job well and get really depressed, sometimes to clinical levels if they are prevented.
@jacqui asks if all bankers are wankers. I have to say that the vast majority of the ones I know (my work means I know more than most) would not be classed by any reasonable person as such. Certainly the City is the least sexist or racist industry I’ve encountered (note I say least, not zero). I’ve done stints in manufacturing, IT firms like IBM and Nortel and of course the media.
Go to a City bar and you will see Managing Directors who are coloured and female occasionally both, do we see union leaders who aren't fat white males ? Is there any senior female UK politician who didn't get there on a quota ? Is there anyone with a "creative" job at the BBC or Sky whose dad who earned his living through manual labour ?
Hint: Being finance director at a construction firm is not manual labour.
City types of which I suppose I must include myself are not popular partly because so many are noveau riche and/or first generation immigrants like myself. and we're not freak show celebrities.
I don't believe Bob Diamond, the head of Barclays should resign, I believe he should be taken in a carriage to Mansion House, given a nice lunch then publicly horsewhipped in front of the Bank of England. Either he knew or should have known.
So please don't think I see the City through rose tinted glasses.
As it happens I know a bit about the Libor process and can prove mathematically that BarCap did not act alone, the short version is that the system *cannot* be subverted by the rogue data points of one firm. This is an area in which I have direct experience with both the maths and personally writing code, I just haven't yet worked out how to turn it into a Reg article.