Talent Costs

We are told that to have talent at the top of a bank or business costs a lot of money, but it is the best way to guarantee returns to shareholders and drive economic progress.  The revelations over the last few years of how business and media work, suggests that the system is now run completely for the benefit of the few who go to the top universities, work up through large corporations and award themselves huge pay settlements.  If these few choose the political route, then after setting in place light touch regulation and making the countries business friendly, they can walk into directorships at the very corporations that have benefited from such largesse. 

Now since the crash of 2008 we are propping up the banks and the ethical hole in the middle of the system has been exposed.  The system was about making returns for the holders of capital, if you look at the pension mis-selling, the insurance mis-selling, unsound mortgages, toxic derivatives, LIBOR fixing and loan mis-selling and even phone hacking, it points to a rotten ethos and culture of making as much money whilst you can at the expense of customers, shareholders, taxpayers et al.

The rotten foundations upon which the modern financial system seems to be based, are now being propped up by taxpayers to the tune of about £20,000 per household, that is the true cost of the talent we have running our banks and businesses.