Pity the poor American bankers in Britain!
Atop a 50% tax on their earnings, passed by a Parliament overwhelmed by populist anger, American bankers in Britain now face a ‘vesting’ requirement that allows them to take only 40% of their taxable earnings this year, with the rest paid out over the next three years — if financial circumstances warrant.
And they do not like it. Not one bit. They are, in fact, fed up.
Especially the American-bank-employed British bankers, who watch their counterparts back home rake in big bucks without a peep from anyone in the United States government.
Why, they might even move to Switzerland!
Here’s the policy chairman of the City of London:
“You can only push people so far.”
And the Lord of JPMorgan, Jamie Dimon (often mentioned as a likely successor to Tim Geithner if Obama ever realizes what a liability Geithner is, as if!) made a phone call to Britain’s Chancellor of the Exchequer complaining about the 50% tax. While everyone reports that the call was civil if not quite friendly, there was a subtext:
Still, even if unspoken, the message behind the call was clear: There is a limit to what banks will accept as the price of doing business in Europe’s premier financial center. With taxes increasing, scrutiny over pay on the rise and a vocal campaign by Mervyn King, the governor of the Bank of England, to separate the riskier trading functions of large universal banks from the their deposit-taking activities, the City of London was losing a bit of its luster.
Of course, what really loses its luster is the cardboard box some folks live in when they lose their homes to these criminals. The food pantry generic labels when your kids want Skippy — that’s some luster lost. Or waiting for your mailman to deliver the unemployment check, and he doesn’t — so you can’t actually make the trip to visit family for the holidays: lustrous? Not so much.
As the bankers are wont to say: there is a limit!
You know what else loses its luster? Answering the phone when the fifth bill collector calls that day, knowing there’s no money to pay any of them. Scraping change out of your kids’ piggybanks to pay the light bill.
Hoping no one gets sick this winter, since your health care ran out and the free clinic closed. That’s some luster gone from everyday living.
You can only push people so far.
People have already been pushed a lot farther than simply having to accept a 50% tax on their multi-million-dollar salaries. Americans struggling in the economy created by these pirates can show these overfed, overpaid banksters just how far.
Join them sometime, rich banker fatcats, if you dare. You haven’t any concept of what it’s like to actually be “pushed.” Your multi-million-dollar, many-home, luxury yacht, multiple Mercedes, Gucci-shod, mistress-bedecked cosseted lifestyle hasn’t even been dented — yet. But keep up your silly mewling, bankster pirates, and you may very well find out how bad it really is at the bottom. The least you can do before we arrive with the torches and pitchforks is pay your fucking taxes to fix the economy you destroyed and repair the lives ruined in your wake.