The talk of the town for the past 2 days has been about China unveiling the $586 billion stimulus plan. Although shares in China and Hong Kong have gained, most other Asian stocks have plummeted due to concern over worsening company earnings. China’s benchmark CSI 300 Index is still down 66 percent this year, twice the drop of the Dow Jones Industrial Average.
What amuses me the most is when several economies around the world are facing recession, there are parties and dinner receptions being thrown by the various troubled banks. Just three days after the Government threw a £20 billion lifeline to Britain's beleaguered banks, RBS came under fire for spending £150,000 on a party for staff at a five-star hotel. Talk about opulence eh?
And just the other day again The Royal Bank of Scotland blew £300,000 on a secret champagne junket for its executives. The bankers and their partners enjoyed the lavish party to mark their 'success' after a year in which the collapse of the banking industry led to global financial meltdown. The supposedly stricken bank laid on the celebration amid extraordinary secrecy to try to prevent details reaching the public, even cancelling the original venue, a top hotel in Hampshire, and transferring the party 350 miles north to Edinburgh. What the hell is going on?!? If I was one of those tax payers I would be an extremely disgruntled one. I mean using lay mans money to scoop them out of problem they themselves caused!!! Have them jobless without the fancy bonus and overflowing champagne parties, out in the real world and probably they mite realize, just mite… And whats with the secrecy? Too scared of the public? Why is the government not intervening in any of this??
According to the UK press an RBS spokesman said: 'This was an entirely appropriate staff event to recognise outstanding performance by a small number of our staff.' The spokesman would not be drawn on the cost of the cancelled booking at Chewton Glen. One of the previous nights 300 executives-from another bank, HBOS - bailed out with £11.5billion of public cash - enjoyed a £330,000 party at an Edinburgh hotel. A spokesman for HBOS insisted: 'It was a modest affair, an event we hold every year to reward our star performers. It was well deserved. I mean “HELLO”?? “Too bad the entire world is facing the grunts of a meltdown- Cést la vie, but our lives must go on.”
Isn’t it just annoying to read such things? I mean who gives these morons the right to blow up stupendous amounts of money on frivolous merry making? What on earth are the regulators waiting to act on? This has to stop.. but how, by whom ? So many questions and still waiting for answers.
Such is life.. Cést la vie indeed..
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