Columnist Geraint Anderson, the undercover scourge of London bankers, talks to Victoria Morrison
By Victoria Morrison
Published: February 26, 2009
Geraint Anderson, city analyst turned rogue, knows the high life. His recently published book, Cityboy: Beer And Loathing in the Square Mile, exposes the high-flying life of those working in the Square Mile, from £1,000 meals to insider trading—via drugs and a lot of drinks. . .
At a time when high-level bonuses have become infamous and symbolic of all that is wrong with the City, Anderson confirmed the notion that the bonus culture is the primary cause of the credit crunch.
‘The City and Wall Street became wild west casinos with everyone trying to make as much money as quickly as possible, thinking that the whole shebang, caboodle, whatever, was going to be falling down at any minute. The whole emphasis is to make money.’ Even since the publication of Liar’s Poker in the 1980’s, the original exposé of city life at Salomon Bros., Anderson thinks the city has developed a dangerous ‘get rich quick, anything goes’ attitude. He believes that the asymmetrical risk of the bonuses is to blame for much of the current economic situation—if you make money you keep some of it, if you lose it there’s little by way of a penalty. But the main problem is too short-term an outlook. . . . --NewsHammer 2/27/2009
Continue reading the Feb 26, 2009 article from Oxford University's Cherwell.
Posted by Alan Gillis | 5/01/2009 05:25:00 AM | Bailouts, Bankers, Banks, Cherwell, Economy, Feature, Meltdown, Money, NewsHammer On Campus, Oxford U, The City, UK | 1 comments »