Letters to the Bouncy Banker...

Letters to the Bouncy Banker...
...from a struggling artiste.
Showing posts with label regulation. Show all posts
Showing posts with label regulation. Show all posts

Thursday, September 1, 2011

Letter to the Bank #71 (The Bouncy Banker meets Inspector Clouseau)

Dear Bank Manager,

Oh the weight of the load you carry. I know your job involves so much more than this but would you say the following is a fair description of what your responsibilities are vis-a-vis the customer?

“The bank manager is responsible for increasing or maintaining the deposits on hand at the bank. This may mean developing incentive programs to increase the customers that use the bank or developing programs that encourage the savings of existing customers. Bank managers work closely with the bank president and marketing team in developing these programs. The bank manager may also work on increasing other aspects of the bank's business such as the loan department, the investment consultants, or even the mortgage and finance divisions of the bank.”

I pulled this job description off the web and I accept that it may not do you justice. From this description I get no sense that your customer is regarded as any more than a cash machine. There is no emphasis on making your client’s funds grow or helping them manage the octuple draws on their meagre savings. Rather the emphasis is on getting as many poor saps to give up their money so you can invest it for your bank’s own benefit. No wonder we regard that extended hand and gold tooth smile reservedly.

Now most artists are probably smart enough to avoid biting the hand that feeds them but I seem to have somehow developed the habit of doing quite the opposite. Picture that cartoon of Inspector Clouseau at the beginning of the Pink Panther movies. I see Clouseau holding with both hands the large wrist of a poor, unsuspecting central banker, cufflinks gleaming, a massive gold band on the ring finger, and nibbling at it like a corn cob—though corn on the cob is not something the French relish. In France they feed corn to the pigs. Huh. I see Clouseau being severely reprimanded by his boss, the ever compromised Dreyfuss who always is stuck playing both ends against the middle, himself.

When I was growing up there was a toy called the Weeble. “Weebles wobble but they won’t fall down!” That is you! You may wobble, you may even crash, flop, flounder for a while but in the end you’ll always bounce back. You’ll get up, brush yourself off, buy a new suit if you must. You’ll lose everything on paper but it is only paper and miraculously it’ll all come back restored by an uptick in optimism contrived by lobbyists, corporations and politicians. They hold a gun to the temple of that pessimistic economist who now turns round and declares a run on diapers as a sure sign that consumer confidence is up. The Government, also feeling pessimistic but oh so dependent on the banks that so brilliantly create wealth if given enough rope, gives them rope. With a gentle slap on the wrist, that immortal wrist that clutches that never ending purse, the government says (between pursed lips): “next time we let you fail”. Both the government and the banks know full well that’ll never happen. They stay afloat together or go down together albeit long after the rest of us have already sunk down in oceans of debt never to be repaid. Given the inevitability of this I feel compelled to repeat my brilliant but utterly ignored although to me compelling idea we should erase ALL debt. Imagine the worldwide sigh of relief! Everyone would suddenly be presented with the chance to start over from scratch. Optimism, that foundation stone of a functioning market would be restored, and if that in turn were built on a real bedrock of regulation perhaps we could all start over on the right foot, or the left.
 One day you’ll thank me for being so upfront and straight with you. I make no bones about the fact that I find your operations quite sleazy. I find them dubious to say the least. I mistrust your institutions. There. Note: I am not being rude to you—here there will be no name calling, no killing the messenger. If I am rude in any way it is a polite rude. That is my specialty! That said if corporations are people as both the Supreme Court and Mitt Romney would like us to believe then I guess what I say is offensive. Tough. I’ll refer to bricks and mortar, and the wads of paper, the signage that declare you are now facing or confronted with a corporation, any way I wish. Honestly if I can find chinks in the armor, and hurt the feelings of a corporation, I’d be thrilled! But I digress. Why would I bother writing this unless I held out some hope you might listen to me? That is trust. I’m trusting you’ll engage with me despite my niggling notes. I trust you’ll see beyond my school boyish way with a metaphorical handheld catapult. Instead of swatting me away as I kick furiously at the shins of the massive redwood tree that is you, I hope you’ll bend down and hold out your hand extending the flat of your palm toward me. I’ll sit next to the throbbing blue ulnar artery of your fine institution and we’ll finally hash a few of these things out—together.

Gosh this was a long one. I get so caught up in the language, the metaphors, similes and idioms. I SO need the discipline a writing workshop, or the limitations of Twitter might provide. Until I get going on those fronts bare with me.

Sincerely,


Kristian Witherkay

Monday, July 4, 2011

Letter to the Bank #62

Dear BM,

I decided it was time to check in once more with you, representative of my nemesis—financial institutions everywhere, in all corners, on every block—good and bad (because even the good are never, ever above board). I’m checking in with you just as you all check out, cash out, before anything approximating a noble regulation kicks in and causes you to have to part with a single cent of your reserves, reserves that, it appears to me, you always can refill with new charges and fees that you all are able to make up...willy nilly. The urge to wring your necks and shake you up is ever present and not just in me. I cannot stand how you feel as if you have earned what you have. You never have and never will. You simply happen to be riding a cash cow. You are a farmer milking the teats of the general population who you have hooked up to those rather intimidating, nasty looking machines in the great factory farms you call hedge funds and banks.

Really just felt like a little vent.

That’s better.

As you were.

Sincerely,

Kristian Witherkay


PS-Know that I appreciate you letting me bend your ear, your tolerating the gripes of one without the kind of earning power that would allow me to live beyond—way beyond—satisfying the basic needs of me and mine.

Sunday, March 7, 2010

The New Money Lenders

I quote from money.co.uk"

It's looking very likely that within the next year or so the face of British banking is going to be unrecogniseable from its previous incarnation.
Not only is this the year that Santander stamp their name firmly on our highstreets (Alliance & Leicester are next in line for a rebranding). But, after the unprecedented number of mergers, takeovers and rescues that have narrowed the financial sector considerably, 2010 looks like it's going to be the year we welcome a host of new brands into British banking.
While we're not setting our expectations too high, the new additions are looking promising and we're keeping our fingers (and toes) crossed that a new era of customer focused banking is about to begin.

Last night I watched the not very good film version of Animal Farm (featuring the voice talents of such as Patrick Stewart and Ian Holm) wherein we are reminded that absolute power corrupts absolutely. The story of Animal Farm by George Orwell is a story for the ages and though it was a reflection on the rise and disintegration of communism at the time it might just as well be a parable on how excessive zeal in any quarter—capitalism for example— will always bring out the worst in people. Let us only hope these new banks truly intend to help people manage their assets and their debt holdings responsibly and do not encourage bad practices. This will only happen if they are regulated. Regulation is a word that strikes fear into the hearts of the private sector. These new banks should embrace it if they want their public to trust them.

Here in the States a similar movement toward community banking, customer focused banking, is thwarted by the mountains that need to be climbed to move one's accounts (such as they are) into the hands of community banks that seem themselves to be precarious at best. It is easier to stay with the nasty banks and so, exhausted as everyone is, that is what they do. At least when the big banks collapse they'll do so with a bang not a whimper.

It is hilarious that I write about these things. I am not a money guy. I suppose it is this lack of fiduciary confidence that prompts me to try and figure all this out. I've always resented needing money to live. These days I resent it more than ever, and cast around for the next job to bring more in.

Sunday, August 9, 2009

Letter to the Bank#23


Dear BM,

It has been a while but if you have the least bit of sensitivity you can already tell I have not changed my tone. Am I asking you how you are, like a civil person should? No because I already know the answer. You are doing just fine. I am not exactly thrilled for you. It can’t be that hard when people are so eager and willing to toss wads of money at you every time you blink. Nobody does that when I blink. You don’t even have to work for it. If just sitting behind a desk speculating recklessly is all it takes then I want in on the action. I'm very good at being reckless! Just look at the state of my mortgage! I’ll just write the word banker on my forehead. And don’t you start getting all defensive. That line about having to pay the talent, keep the talent pool, offer bonuses blah blah blah. Well sure where genuine talent is involved, sure if they earned it. We just are not overjoyed to see institutional disfunction that has seriously hurt us all being rewarded. I’m straining to be ever so slightly light hearted. I feel a bit like the brilliant satirical singer/songwriter (and mathematician) Tom Lehrer, who once said in an interview, when asked why he’d stopped writing his hilarious songs, that he no longer found any of it funny anymore.

It doesn’t appear as if any you guys really give a damn how you are perceived. Nobody appears ready to impose regulations on you and you cannot be shamed into behaving ethically and altruistically anymore. So where does that leave us but down in the dumps. That is where I’ve been for a while. Truthfully a mood approximating despair has kept me damped way down. I admit it—I am not my usual fiery self. But I do have glimmers of hope buried under the ashes, glimmers that are ready to be reignited given the right fuel. Your talents will be heavily taxed as you try to keep my fury at bay. I was almost completely put out but now feel a growing heat underground as if the earth still believes enough in humans to offer them once more the gift of fire and fury.

I’ll give you a tip: If you dignify my letter to you with a response I might be controllable for some time yet. Your justified concern that I might just start a forest fire and threaten your lovely McMansion on the hill, or your barricaded millionaire enclave in the valley can be assuaged by a thoughtful reply.

Sincerely,

K.C.

PS— I see you have changed the term toxic asset to legacy security. How brilliant. Maybe you do deserve that bonus! Come on! Lighten up. That is what I am about to do.