Stop voting for fucking Tories

[Rhubarb & Custard]

Absolutely it was rogue compliance and those financial WMD. Actually worked as RM on several funds holding funky collatoralised auto financial loans, the valuations never made sense to me and was soon apparent why when the house of cards fell. Takes smarter people than I to package a bunch of stinky turds as an asset and sell for an inflated imaginary price. There were actually sub classes tranches of loans that had failed , again repackaged and resold to some other mug.

They managed to finagle a legal Ponzi scheme, and an awful lot of the bosses were very well rewarded for doing so.

Pretty much

It does take real skill though to collect a bunch of stuff that is bad, and sell it as something new and good - and a real lack of skill to buy such utter shite.

One fund I can still recall it’s system code HKQX with a shudder , as it broke daily nearly every breach, limit, exposure etc TPS and WENUS report going , my job was to inform the clients who always responded ‘thanks, it’s fine’. These clients were large pension funds , Alt investments, hedge funds, fund of funds , sovereign funds etc all of which in theory have their own governance and monitoring teams.

*shrugs*

My experience up till that point had been in equities and fund of funds, so I freely admit to knowing then bugger all about debt products - seems I was far from alone on that.

I do recall one Chuck Prince saying 'we're still dancing in the market' as the CEO at Citgroup after others were already really pulling back, or trying to. Prince was later forced out from his job after Citi lost untold sums and had to shed something like 100,000 jobs.

And sadly for Prince all he got was a $128 million dollar compensation packaged for some of the worst strategy ever seen anywhere not just in finance. One wonders how on earth he was expected to survive on such a miserly sum, and actually one wonders too what would he have been paid had he been a success, or even just borderline competent.

Telling too just how quick re-remics were being sold after the remics failed. And telling too the banks have changed the vehicles they're selling debt via, but they far from having changed selling debt as a model, if anything the've upped the scale. What could go wrong.

[Tichtheid]

They managed to finagle a legal Ponzi scheme, and an awful lot of the bosses were very well rewarded for doing so.

Pretty much

It does take real skill though to collect a bunch of stuff that is bad, and sell it as something new and good - and a real lack of skill to buy such utter shite.

One fund I can still recall it’s system code HKQX with a shudder , as it broke daily nearly every breach, limit, exposure etc TPS and WENUS report going , my job was to inform the clients who always responded ‘thanks, it’s fine’. These clients were large pension funds , Alt investments, hedge funds, fund of funds , sovereign funds etc all of which in theory have their own governance and monitoring teams.

*shrugs*

My experience up till that point had been in equities and fund of funds, so I freely admit to knowing then bugger all about debt products - seems I was far from alone on that.

I do recall one Chuck Prince saying 'we're still dancing in the market' as the CEO at Citgroup after others were already really pulling back, or trying to. Prince was later forced out from his job after Citi lost untold sums and had to shed something like 100,000 jobs.

And sadly for Prince all he got was a $128 million dollar compensation packaged for some of the worst strategy ever seen anywhere not just in finance. One wonders how on earth he was expected to survive on such a miserly sum, and actually one wonders too what would he have been paid had he been a success, or even just borderline competent.

Telling too just how quick re-remics were being sold after the remics failed. And telling too the banks have changed the vehicles they're selling debt via, but they far from having changed selling debt as a model, if anything the've upped the scale. What could go wrong.

IIRC, Iceland had an appropriate way of dealing with those involved in the events of that time

[Rhubarb & Custard]

IIRC, Iceland had an appropriate way of dealing with those involved in the events of that time

perhaps, but being smaller that was easier to manage. and for myself at least I don't want to blame those involved in the UK for not allowing the banks to fail when I don't know anyone could be sure what happens next

[tabascoboy]

Neighbouring Borough Council has just seen 8 Tory councillors resign from the party in the space of a couple of days, changing their standing to Independent meaning that the Tories lose the council to NOC. No reason yet given but perhaps it's simply the Tories becoming more and more of a Reform Light shitshow.

[dpedin]

Neighbouring Borough Council has just seen 8 Tory councillors resign from the party in the space of a couple of days, changing their standing to Independent meaning that the Tories lose the council to NOC. No reason yet given but perhaps it's simply the Tories becoming more and more of a Reform Light shitshow.

The Tories are really becoming irrelevant now and are in real danger of disappearing up their own arses. Trying to wrestle the far right end of the spectrum has seen them come a distant 2nd to the bampot racists in Reform, surrendering the middle ground has left it to Starmer to take control of the centre and even many of his centrist 'Tory' policies now seem to left wing for the Tories. Badenoch is hopeless and wont last till the next election and by then it might be too late. I had hoped the more moderate traditional one nation Tories might come to the fore but they seem leaderless and afraid of coming forward. Meanwhile the ongoing scandals and albatrosses of the Blonde Buggerface, Mad Liz and midget Sunak drags them down and wont disappear, like a floating turd. Something needs to happen for them soon otherwise it is bye bye.

[SaintK]

Neighbouring Borough Council has just seen 8 Tory councillors resign from the party in the space of a couple of days, changing their standing to Independent meaning that the Tories lose the council to NOC. No reason yet given but perhaps it's simply the Tories becoming more and more of a Reform Light shitshow.

The Tories are really becoming irrelevant now and are in real danger of disappearing up their own arses. Trying to wrestle the far right end of the spectrum has seen them come a distant 2nd to the bampot racists in Reform, surrendering the middle ground has left it to Starmer to take control of the centre and even many of his centrist 'Tory' policies now seem to left wing for the Tories. Badenoch is hopeless and wont last till the next election and by then it might be too late. I had hoped the more moderate traditional one nation Tories might come to the fore but they seem leaderless and afraid of coming forward. Meanwhile the ongoing scandals and albatrosses of the Blonde Buggerface, Mad Liz and midget Sunak drags them down and wont disappear, like a floating turd. Something needs to happen for them soon otherwise it is bye bye.

Sinking by the week

The Conservatives have fallen behind the Liberal Democrats in the polls for the first time in more than six years, a survey for The Times suggested.
YouGov found that the Tories had slumped into fourth place behind the Reform, Labour and the Lib Dems.

https://archive.ph/jW73W#selection-1505.0-1513.26

[Tichtheid]

Neighbouring Borough Council has just seen 8 Tory councillors resign from the party in the space of a couple of days, changing their standing to Independent meaning that the Tories lose the council to NOC. No reason yet given but perhaps it's simply the Tories becoming more and more of a Reform Light shitshow.

The Tories are really becoming irrelevant now and are in real danger of disappearing up their own arses. Trying to wrestle the far right end of the spectrum has seen them come a distant 2nd to the bampot racists in Reform, surrendering the middle ground has left it to Starmer to take control of the centre and even many of his centrist 'Tory' policies now seem to left wing for the Tories. Badenoch is hopeless and wont last till the next election and by then it might be too late. I had hoped the more moderate traditional one nation Tories might come to the fore but they seem leaderless and afraid of coming forward. Meanwhile the ongoing scandals and albatrosses of the Blonde Buggerface, Mad Liz and midget Sunak drags them down and wont disappear, like a floating turd. Something needs to happen for them soon otherwise it is bye bye.

Sinking by the week

The Conservatives have fallen behind the Liberal Democrats in the polls for the first time in more than six years, a survey for The Times suggested.
YouGov found that the Tories had slumped into fourth place behind the Reform, Labour and the Lib Dems.

https://archive.ph/jW73W#selection-1505.0-1513.26

The most recent polls for the Scottish Parliament election next year (May 2nd) have Reform in second equal place with Labour on 19%, Cons on 11, equal with LibDems. SNP are on 33 - it's heartening that 81% are not intending to vote Reform, but still...

[C T]

Neighbouring Borough Council has just seen 8 Tory councillors resign from the party in the space of a couple of days, changing their standing to Independent meaning that the Tories lose the council to NOC. No reason yet given but perhaps it's simply the Tories becoming more and more of a Reform Light shitshow.

The Tories are really becoming irrelevant now and are in real danger of disappearing up their own arses. Trying to wrestle the far right end of the spectrum has seen them come a distant 2nd to the bampot racists in Reform, surrendering the middle ground has left it to Starmer to take control of the centre and even many of his centrist 'Tory' policies now seem to left wing for the Tories. Badenoch is hopeless and wont last till the next election and by then it might be too late. I had hoped the more moderate traditional one nation Tories might come to the fore but they seem leaderless and afraid of coming forward. Meanwhile the ongoing scandals and albatrosses of the Blonde Buggerface, Mad Liz and midget Sunak drags them down and wont disappear, like a floating turd. Something needs to happen for them soon otherwise it is bye bye.

Sinking by the week

The Conservatives have fallen behind the Liberal Democrats in the polls for the first time in more than six years, a survey for The Times suggested.
YouGov found that the Tories had slumped into fourth place behind the Reform, Labour and the Lib Dems.

https://archive.ph/jW73W#selection-1505.0-1513.26

The Reform numbers are really quite concerning.

Whether you think their policies are disgusting or great, my main concern is competence.

The Tories, were utterly incompetent by the last few years (to be kind) of their reign. Starmer's Labour appear to have a degree of competence, no matter how small.

Reform will be utterly, completely incompetent.

OK Reform, you want to shoot the boats out of the water. Fine, I'm so beaten down by it all, fine. But you can't, can you? Can we just skip the bit where we waste a load of money trying to do something that we can't, to please the media, and move on to actual governing. Spoiler alert - They won't.

[Paddington Bear]

The Tories are really becoming irrelevant now and are in real danger of disappearing up their own arses. Trying to wrestle the far right end of the spectrum has seen them come a distant 2nd to the bampot racists in Reform, surrendering the middle ground has left it to Starmer to take control of the centre and even many of his centrist 'Tory' policies now seem to left wing for the Tories. Badenoch is hopeless and wont last till the next election and by then it might be too late. I had hoped the more moderate traditional one nation Tories might come to the fore but they seem leaderless and afraid of coming forward. Meanwhile the ongoing scandals and albatrosses of the Blonde Buggerface, Mad Liz and midget Sunak drags them down and wont disappear, like a floating turd. Something needs to happen for them soon otherwise it is bye bye.

Sinking by the week

The Conservatives have fallen behind the Liberal Democrats in the polls for the first time in more than six years, a survey for The Times suggested.
YouGov found that the Tories had slumped into fourth place behind the Reform, Labour and the Lib Dems.

https://archive.ph/jW73W#selection-1505.0-1513.26

The Reform numbers are really quite concerning.

Whether you think their policies are disgusting or great, my main concern is competence.

The Tories, were utterly incompetent by the last few years (to be kind) of their reign. Starmer's Labour appear to have a degree of competence, no matter how small.

Reform will be utterly, completely incompetent.

OK Reform, you want to shoot the boats out of the water. Fine, I'm so beaten down by it all, fine. But you can't, can you? Can we just skip the bit where we waste a load of money trying to do something that we can't, to please the media, and move on to actual governing. Spoiler alert - They won't.

Depends. JD Vance and others entering the inner circles of MAGA has shown that you can make progress in government from the hard right in a way Trump couldn’t do in his first term. Are there similar characters in Reform? PM Farage wouldn’t care either way, he’d give them the keys and get sloshed at Chequers

[fishfoodie]

Sinking by the week

https://archive.ph/jW73W#selection-1505.0-1513.26

The Reform numbers are really quite concerning.

Whether you think their policies are disgusting or great, my main concern is competence.

The Tories, were utterly incompetent by the last few years (to be kind) of their reign. Starmer's Labour appear to have a degree of competence, no matter how small.

Reform will be utterly, completely incompetent.

OK Reform, you want to shoot the boats out of the water. Fine, I'm so beaten down by it all, fine. But you can't, can you? Can we just skip the bit where we waste a load of money trying to do something that we can't, to please the media, and move on to actual governing. Spoiler alert - They won't.

Depends. JD Vance and others entering the inner circles of MAGA has shown that you can make progress in government from the hard right in a way Trump couldn’t do in his first term. Are there similar characters in Reform? PM Farage wouldn’t care either way, he’d give them the keys and get sloshed at Chequers

In the sense that if you give a pyromanic the keys to your refinery, they can make "progress" !

All they do is destroy, that can hardly be considered "progress".

[Paddington Bear]

The Reform numbers are really quite concerning.

Whether you think their policies are disgusting or great, my main concern is competence.

The Tories, were utterly incompetent by the last few years (to be kind) of their reign. Starmer's Labour appear to have a degree of competence, no matter how small.

Reform will be utterly, completely incompetent.

OK Reform, you want to shoot the boats out of the water. Fine, I'm so beaten down by it all, fine. But you can't, can you? Can we just skip the bit where we waste a load of money trying to do something that we can't, to please the media, and move on to actual governing. Spoiler alert - They won't.

Depends. JD Vance and others entering the inner circles of MAGA has shown that you can make progress in government from the hard right in a way Trump couldn’t do in his first term. Are there similar characters in Reform? PM Farage wouldn’t care either way, he’d give them the keys and get sloshed at Chequers

In the sense that if you give a pyromanic the keys to your refinery, they can make "progress" !

All they do is destroy, that can hardly be considered "progress".

They are clearly governing in a meaningful way is my point - i.e. they are getting stuff done which Trump didn’t do first time out. You don’t have to consider them to be saints or sign up to their policies to accept that