On the 15th November I was watching Channel 4 News and saw Stewart Fraser, the Chairman of the Policy & Resources Committee of the City Of London Corporation, say that the Occupy protesters at St Paul’s cathedral should be moved. He made the usual excuse of our whinging elite when he said that the protesters had no solution, only criticism.
Of course! They are not professional economists or bankers. They represent the people who have suffered from the policies of people like Mr. Fraser. This is like the captain of the Titanic blaming the passengers for complaining. Mr. Fraser would do well to focus more on the incompetent bankers who got The UK into the current mess rather than trying to suppress the people who are protesting.
Anyway, I wrote the bloke an Email which, so far, he has ignored. I suggets anyone else who is interested in this write him an Email too. You could try this address: COL-EB-TC@cityoflondon.gov.uk
Attention: Stewart Fraser,
I just saw your appearance on Channel 4 news in which you were completely dismissive of the protesters at St. Paul’s cathedral and seemed to be making up reasons for their eviction on the fly.
I have worked in the City before but not at any great seniority. I also realise that there will necessarily be conflict between authorities and the protesters in such a situation.
However, you arrogant dismissiveness is extraordinary. You have a bee on your bonnet about a handful of protesters in the street yet where were you during the credit crunch? Where were you as the banks and politicians ruined the economy? Not a squeak. Not a squeak.
As Evan Davis has pointed out, just prior to the credit crunch, at the end of a boom which had run on for ten years (and was therefore due to bust), a major bank (I forget which) had lent £40 for every £1 it had in deposits. This meant that if the value of its investments were to fall by just 2% the bank would be insolvent. This is incompetence and complacency on a massive scale.
Further, at the same time, while the economy was booming, the Chancellor, Gordon Brown, was running a deficit. (If you can’t repay debt in the good times then when can you?)
And where was Stewart Fraser? Nowhere to be seen. Yet when a bunch of hippies pitch tents in the street there you are swaggering around on TV.
Further, while I understand that bonuses can be a useful tool most investors are in it for the long term. It is therefore idiotic to pay traders massive bonuses because they made good profits in a single year.
As a man approaching retirement I require long term growth not erratic variations in my investments. As it is my investments have plummeted.
Your arrogant dismissive attitude emphasises that you guys still don’t realise that a lot of people are suffering because of your actions.
Your profile on The City Of London web site states that you enjoy walking, I suggest you walk. Step down from your role as Chairman of the Policy & Resources Committee.