Wednesday, April 01, 2009

G-20 protests focus on bankers

The G-20 meeting in London is attracting protests in the City of London. The target of the protesters' ire this time is not globalisation or climate change but banks. Entirely understandable given that banks are perceived to be at the root of the present chaos in the world economy and that several bankers have had no qualms about pocketing bonuses even when their banks were being bailed out by tax payer money. Sir Fred Goodwin, the erstwhile CEO of RBS, has had his home in Scotland vandalised.

FT carries a story on the protests:

Four marches, led by representations of horsemen of the apocalypse, converged on the Bank in the Financial Fools’ Day protest as demonstrators chanted “storm the banks”.

...Some of the banners read: “Balls to the Bankers”, “Eat the Bankers”, “Capitalism Isn’t Working” and “What a Load of Bankers”. One group of protesters urged people watching from the top of Santander bank to “jump”.....Olivier Dale, a 28 year old attending the demonstration said: ”I am sick of these bankers and this greed. It has got to stop. We have to make a stand. But we want it to be peaceful.”

...Most big employers – including the global investment banks and law firms – told employees they were expected to come into work as usual. But those near locations where demonstrations were held told staff to dress inconspicuously and avoid drawing attention to themselves.

3 comments:

vancouver real estate said...

It's not that I am an expert in this field, but a few days ago I came across interesting explanation of what has caused the current mess. And interestingly, at the root of the problem are politicians, not banks alone. If interested, see here http://jtcontracelsum.blogspot.com/2009/03/systemic-failure.html

Take care,
Jay

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Rational Thinker said...

The protesters claim "Capitalism Isn’t Working" is just a knee-jerk reaction.It is beyond their purview to see that much of the mess we are entangled in right now is a result of the government's control over the financial markets.For instance, In US Fed reserve had cut housing rates to all time lows...rest is history.