With every Pound Sterling they generate, investment bankers in the City of London – they earn around 1.0 million Pound Sterling – destroy seven Pounds worth of common property.
Says the British Think-tank nef.
During 20 years of his “career”, a City banker generates around 4.71 million Pounds in value. During the same time, the damage he does amounts to 33.4 million Pounds.
On a European scale, the loss due to the financial crisis during the first half of 2009 was estimated at 2 billion by the EU commission. That is an average of 4,000 Euros per capito.
The Asian Development Aid Bank said the total damages are around 40 billion Euros.
More than 5o% of the profits made by an investment bank end up with the bankers – rather than going to the shareholders or serving as risk buffer in the form of capital.
Herr Ackermann recently announced 5 billion Euros profit. For 2010, he aims at 10 billions and warns against restrictions in investment banking.
The sum of all CDS (Credit Default Swaps) – that is what those “insurance” papers that caused the crisis and that currently are betting on the Euro getting weaker are called – has climbed to 85 billion Euros.
Greek borrowings that, incidentally, were not even in the portfolio were subjected to “insurance”.
At the same time, borrowing unlimited money from the EZB has been going on for more than a year now. Among other things, that money has been invested at 7% in Greek bonds. So far, that equals a profit of 600%.
Any more questions?
Yes: What or who exactly are we protecting by sending German soldiers to Afghanistan?
(Translated by EG)