Milliband To Pledge To End “Fast Buck” Culture
According to this report, Milliband is going to pledge to end the “fast buck” culture.
Ed Miliband will vow to end Britain’s “fast-buck” culture and ensure the “right people” are rewarded, in a speech to Labour’s annual conference.
The Labour leader will say later that the country needs “a new bargain based on a different set of values”.
Unfortunately, the get rich quick ideas have always been with us at all levels of society. As an example, the only shop I can see from my house is a betting shop. If I go down Dalston High Street, it is a sea of similar shops and pay-day loan companies. And look at the success of those legalised loan-sharks, Wonga.
In fact, it will be much easier to curb, the “fast buck” culture in the City, as many responsible people I know, steer well clear of the more dodgy practices that brought us some of the very high risk financial instruments, that took a lot of banks to their knees. It used to be in the city, that when you invested in Lloyds and similar companies, if it all went wrong you lost everything. Consequently, the risk management was a lot better, proving Dr. Johnson totally right about hanging.
Incidentally, I was urged to join Lloyds and didn’t! Why? Because it’s my money and I like to have some slight control over what happens to it.
Thinking after what I have just written about Lloyds, wouldn’t it have been better to have put the various bad banks like HBOS and Bank of Scotland into receivership, rather than use them to poison Lloyds TSB. After all, they were very much a victim of Milliband’s “fast buck” culture. But NuLabor made the mistake of saving them. And who was at the centre of that process?
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