Posts Tagged ‘hypocrisy’

Former BP boss Lord Browne admits sexuality fears

February 8, 2010

» Former BP boss Lord Browne admits sexuality fears

Lord Browne did not reveal that he was gay until the end of his 40-year career at the oil giant.

A correction: he was forced to admit it when he was allegedly blackmailed about it, and then committed perjury.

Lord Browne said there was “a fear that was engendered in people’s hearts about being gay”.

“In corporate life it wasn’t something you talked about, and in the oil industry is was not something you did,” he said.

I do. But there again, I’m not running a FTSE-100 company and he was so perhaps I should focus on acting macho. Hmmm, whining for most of the afternoon that a good man is hard to find was not, perhaps, the best way to start my new straight image.

I may be a banker, but HE’S a journalist

February 5, 2010

I am a banker; I am scum. This is a given.I have accepted it. I am no longer in the closet. Others, though, remain there.

Two interesting examples of interactions with journalists (financial journalists, I have yet to come to the attention of the tabloid press) that our corporate communications department had …

“So, rumour has it you’re going to buy bank ‘X’.”
“We do not comment on this kind of market rumour.”
“So that’s a ‘yes’.”
“No, it’s a reflection of the fact that we don’t comment on this kind of market rumour.”
“So that’s definitely a yes. We’re going to print it.”
“Errrr …”
“Byeee.”
“Look, you really shouldn’t print it.”
“That’s definitely a yes.”
“You shouldn’t print it because it’s completely, utterly, unambiguously false. You’ll harm your reputation, our share price, artificially inflate the price of the stock, mislead the market and generally cause nothing but harm.”
“But I’ve written it now.”

And …

“So, we’re releasing this new product.”
“Sounds good.”
“Planning the press release next week.”
“I’m out next week.”
“Ri-i-i-i-ight. So could someone else write it?”
“No.”
“Would you feel comfortable with us giving the story to another newspaper?”
“No. I’ll write a very negative story when I’m back.”
“So, we’ll delay the go-live.”

I do not think anyone actually thinks journalists are nice people, but I suspect most people think they tell the truth. Well they do. If it’s useful. Otherwise they, errr, fill in the gaps. Truth is so last century. Even this, I suspect, is not a surprise to most people.

What is surprising is how riled we do get about what the press reports. Given that significant proportions of it are untruth, manipulation, distortion or taken out-of-context it does surprise me that we bother.

Sorry is the hardest word to say (at least, meaningfully)

January 15, 2010

I am, apparently, overpaid. My employer does not think so, I am less certain, the public is really rabidly, absolutely, 100% doubt-free need-no-truth-drug call-me-a-liar-if-an-atom-of-doubt-crosses-my-mind certain. This is odd, because they do not know me and most people find my job difficult to describe. However, their basic assumption that I am not saving the world is safe, so this is hardly a Batman-esque public anger at the anti-hero ironic situation; other assumptions that I am as evil as a James Bond super-villain probably need further scrutiny in the court of public opinion.

It has been a tough week to be a banker. Well, no. It’s been a tough week to be a solider, or a Haitian, but bankers? I appreciate the public isn’t exactly in love with the banks (which is a shame because they used to be soooooo close) but it has been tough in the same way that the coffee shop running out of your favourite syrup has been tough. The investment banks are outraged but are not saying so for fear of being lynched (an unusually self-aware move): the world, strangely, did not tremble.

The rest of the script is supposed to work this way: I express remorse at mistakes made, look awkward on the subject of bonuses but insist they are necessary, try not to be too obnoxious and hope it all goes away.

Except I am not sorry. I did not take the government’s dollar. I am happy with the salary I am paid (although to be fair, I still have the mental age of a teenager so find being paid at all is a somewhat perplexing experience) and my employer is happy to pay it (as are others would-be employers). I did not create a housing bubble, encourage mortgage dealers to lend money they would never, ever get back. I did not gave credit ratings to unsound securities. I did not take out a mortgage I would never repay. I did not speculate on house prices (either by buying personally, or trading). I did not create regulators who are too proud to admit they do not understand the markets. I did not change how I viewed risk dependent upon my salary (or my bonus). I did not put my money in Icesave accounts. I spend some of my salary and when I do I try to benefit others. I pay tax. I try to do the right thing. I am not sorry.

It’s a hard life

December 18, 2009

Well no, no it’s not. Bankers who feel sorry for themselves are a bit like politicians who make moral judgements or newspaper columnists who complain about people being overpaid: hypocrisy crystallised.

That said, it does make you wonder how much of the fervent politician hatred that we’ve experienced since the expenses furore is driven by hard facts, and how much is just, well, our love of outrage. I’d continue with the same theme about newspaper columnists, but this area of potential injustice appears surprisingly under-reported.

Facts, alas, are in short supply. I could pretend I’m trying to bring facts to the debate – but really, it’s just my opinion. But at least I don’t confuse the two.