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Tuesday, 3 January 2017

Banks - More Fake News from the Guardian

The Guardian has started 2017 as it ended 2016 - with Fake News, distortion, omission and misrepresentation. The paper's decline from the 1970s and 80s when it represented fearless journalism to the sad little agitprop rag it has become today is precipitous. Now just a platform for waspish spite and crude post-truth corporatist Federast propaganda, Paul Foot will be spinning in his grave. Still fighting the Brexit battle with Fear and Smear, today's risible guff is a story that banks are preparing to leave Britain

What the paper knows but omits from printing is that:-
  • All banks are tackling how to split their retail from their investment operations by 2019 - a post 2008 crash requirement and nothing to do with Brexit
  • That there is NO risk whatsoever that retail banks will move offshore
  • That banks have a duty to examine options for the future location of investment bank operations - which require separate HR, legal and risk back-office support rather than shared as at present
  • That London will retain global #1 ranking for financial ops, that Frankfurt, currently at #19 in the world ranking, is a dreary little provincial town to which bankers will not move
  • That it is almost inevitable that the options appraisals will demonstrate that London remains the best option for bank investment ops - better staff pool quality, advantageous employment law, preferred law and court structure, best legal pool quality, best transport and time links - but just in case Juncker's bent chums in Lux suddenly offer banks a 5% tax rate, alternatives must be considered
Of course, if the Guardian had printed the truth, there would be no story. So they go with lies, omissions, distortions and misrepresentation of which Goebbels would be proud. Sad, nasty little rag.


Poisonedchalice said...

I heard from Herr Juncker that he wants Teresa May to agree to move the Greenwich line so that it will run through Luxembourg. I wonder if she'll agree?

Dave_G said...

Shame you couldn't introduce a drop-down box selection menu from which the major paper-portrayers-of-lies could be selected from.

Just for the sake of completeness of course.......

Anonymous said...

Prinny Mappin&Webb Luxemburg Junckin' jollies

Any connection?

Thud said...

One experience of Frankfurt airport would be enough to keep people away.The entire middle east either transits through or lives there,filthy place and very unGerman.

Anonymous said...

Raedwald said:

'Sad, nasty little rag.'

Touche mon ami. Tuscan Polly was on Sky this AM giving it large about press regulation. She really is weird.

Looking forward to having my Williams & Glyn's account reinstated this year.

Happy New Year O King of the East Angles.