[Bucksnet]

Virgin gets 23 month extension: –

http://www.telegraph.co.uk/finance/newsbysector/transport/9725897/Two-year-extension-for-Virgin-Rail-after-West-Coast-chaos.html

[SimonS1]

So the cost of civil service incompetence is now approaching £50m including almost £10m on two reviews…

http://www.bbc.co.uk/news/uk-20634670

And one of the civil servants is also suing the DfT

http://www.bbc.co.uk/news/uk-20514004

Still it’s only taxpayers’ money, isn’t it?

[canucklad]

Simon1….”So the cost of civil service incompetence is now approaching £50m including almost £10m on two reviews…”

The National Audit Office blame “The Management”

Good to know that a Permanent under Secretary trumps Theresa Villiers and Justine Greening….

Let’s save some cash in these austere times, sack the elected politicians and let the civil service get on with….

[AnthonyDunn]

SimonS1 – 07/12/2012 03:27 GMT
canucklad – 07/12/2012 09:16 GMT

As I object to the implicit portrayal of the public sector as being uniquely incompetent and poorly managed, might I suggest that the apostles of “private sector good, public sector bad” take a trip across the internet to the Bank of England’s website:

http://www.bankofengland.co.uk/publications/Pages/fsr/2010/fsr28.aspx

If you look at chart 5.9 (page 51) of the Bank of England’s Financial Stability Report (Issue No 28, dated December 2010) you will see that Andy Haldane, the Bank’s Director of Financial Stability, has calculated the implicit subsidy to banks from the taxpayer in 2009 ALONE of some £100 Billion. The bigger the bank, the more profits they were able to derive courtesy of the implicit “too big to fail” taxpayer guarantee. It pre-dated the economic Armageddon of 2008 (let’s call it for what it was) and it continues to this day.

The taxpayer funded backhander to the financial services industry is the biggest in the UK’s entire economic history and positively dwarfs all of the subsidies and bailouts combined to the erstwhile British Steel, British Coal, British Rail, British Shipbuilders and British Leyland etc. All this to the self same group who have spent decades lecturing the rest of us about the virtues of competition, self-reliance and getting away from dependence upon public sector bailouts.

Still it’s only taxpayers bailing out bankers and their bonuses….

[canucklad]

AD……..interesting viewing…even more so when it took 1 month to research and check for accuracy

http://www.youtube.com/watch?v=UC31Oudc5Bg

As I’ve said already….. if i lost this amount of money…..i would go looking for it

But in this case, its made up money, lost in the ether of financial corruption….

Its Saturday afternoon logic….. You put your £20 on a 5 team accumulator and Hartlepool United let you down ……
You always hear people say Hartlepool cost me £280…not Hartlepool cost me my £20 original stake!!!

Its the same logicthat was applied to potential revenues from WCRL!!

[canucklad]

AD……..interesting viewing…even more so when it took 1 month to research and check for accuracy

http://www.youtube.com/watch?v=UC31Oudc5Bg

As I’ve said already….. if i lost this amount of money…..i would go looking for it

But in this case, its made up money, lost in the ether of financial corruption….

Its Saturday afternoon logic….. You put your £20 on a 5 team accumulator and Hartlepool United let you down ……
You always hear people say Hartlepool cost me £280…not Hartlepool cost me my £20 original stake!!!

Its the same logicthat was applied to potential revenues from WCRL!!

[AnthonyDunn]

canucklad – 07/12/2012 10:09 GMT

Thanks for the Bird & Fortune item from Youtube.

The penny has finally dropped: I now understand why, after some four plus years, the BBC TV “Newsnight” programme retains its empty chair awaiting a representative of the banking and wider financial services industry to put any spokesman/woman forward to explain their actions across the years leading up to 2008. As far as they are concerned, George Parr provided all the explanations that were ever required!

Instead, we are subjected to the likes of Michael Spicer, former Treasurer of the Tory Party and the chief executive of inter-dealer broker ICAP bemoaning (in the Sunday Torygraph) the criticism of the City of London and its conduct:

“Certainly there was some bad stuff that was promulgated in the banking industry regrettably over a number of years. But it has turned into a witch-hunt with the presumption that all bankers are crooks which is absolutely not true.

“The institutions themselves are of very high integrity. Unfortunately, there may be some individuals who have not maintained the same standards.

“The banker bashing has been in dangerous excess and is in danger of being counter-productive, damaging our whole nation.”

So, the banks screwed up comprehensively and you, the taxpayer, had to bail us out to the tune of £hundreds of billions, now leave us alone…! Other than the print meedjah trying to have their cake and eat it, it would appear that banksters are the other holier than thou group we are supposed to tolerate.

[Author]

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