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[Blitzen]

Banking pays more because it is higher skilled job than other jobs

Now c'mon SIM...do you REALLY believe that?

Is this the same ultra skilled bankers that have been responsible for making these finacial institutions go bust?

or the same ultra skilled bankers that are being supported by tax payers because they got their numbers VERY wrong in the last few years?

Remember, this was happening before the so called Credit Crunch.

[kalniel]

Now c'mon SIM...do you REALLY believe that?

Is this the same ultra skilled bankers that have been responsible for making these finacial institutions go bust?

Well, I don't think anyone would say that Lewis Hamilton wasn't skilled at driving a car, despite the number of accidents he's had during a race.

[TheAnimus]

And yet for the most part (with rare exceptions), the people that managed the banks while they were doing this are still in their jobs. Why? Given that they've failed so spectacularly as to cost their investors a huge percentage of the value of their investments (which also means the vast majority of pension fund asset values, by the way), and given that several of them required vast amounts of funds from the taxpayer, such managerial incompetence deserves immediate dismissal, seeing as these people obviously (with an exception or two) don't have the moral fibre to accept where the buck stops and do the decent thing by quitting.

I don't know anyone who works in Credit at a senior level who still has their job, let alone bonus.

This is a bit of a problem because how do you wind down without culling those people.

The people even higher up often simply didn't begin to understand what was been done. I'm very lucky in my desk location, i've direct access to a very sucsesful desk head, whos stratergy was based around the collapse we've now seen. He obviously dosen't understand everything there is to know about FX or Credit. Thats why these people are constantly asking eachother, and this is on the multi million salary level. People who can understand EVERYTHING to that level are as rare as rocking horse shti.

Plenty of people have resigned over it, often with insainly nice benefits that they contract included.

The fact of the matter is this was about 5% of the bankers money in total that was been lent 'badly', the nock on effect then comes accross to other businesses, plenty of these highly paid people that have lost money lately, working in finance are LESS TO BLAME than say someone who owns a chain of Gyms. (check out the stock prices, virtual beer for the person to state the 'accepted' argument for why they are all plummetting).

The funny thing is, if credit hadn't started to dry up, in this country we wouldn't be fealing the pinch quite as hard, as the majority of lending wasn't NINJA like in the US. Plus the people been lent to, could normally understand their future repayments. There where some absolutely dispicable tales of sub-prime lending in the US, where people watching the Moron (god) channel, where sold complex loan products that started off cheap, gave the salesman their commission (normally 4 figures) and they had no hope of repaying.....

Its all shades of grey.