Random Thoughts From an Unarmed Accountant

Is there one answer?

2009-03-11T13:00:00.000-07:00

I believe the definition of a difficulty questions is the ability to have two answer and believe in them both. This is not defining difficulty as double-think, but defining maturity as duality. There are very few situations which are black and white.

The story about the protest against the returning soldiers is an perfect illustration of this.

Is freedom of speech more important than a celebration of returing heroes.

As always there is a middle ground, there is a right to protest, but limits to free speech.

Freedom of speech does not extend to shouting fire in a crowded room.

Serendipity

2009-03-10T11:38:00.000-07:00

I am a great believer in coincidences having explanations which are not explainable.

There are some days when events make a decision the right one. Yesterday was one of them.

After deciding to blog again I had two conversations which I wanted to share.

The first was with the student loans company. They wanted some information about me on a paper form.

Me "That's not very secure, is there an Internet form or something?"
SLC "Are you worried about what we will do with the information?"
Me "No I am worried you will lose it"
SLC "Well, you don't have to put your NI number on the form"
Me "You've already printed it on there"
SLC "Fill in the form and send it in"

Secondly I went to Barclays to increase my overdraft. I was turned down. For the perplexing reason of

"You demonstratively do not need any more on your overdraft"

I promptly went home, went overdrawn and will return again in two weeks massively in debt to request again.

Promoting sensible banking my arse. In debt and loving it.

I'm Back

2009-03-09T05:21:00.000-07:00

Been a busy few months, but starting next week I will begin to post again regularly.

I would like to thank the "Anonymous" for commenting on my last post, he made me see what ignorance and stupidity there is to combat out there on the web.

Thanks "Anonymous", your cowardly rantings made me want to start again.

Fisking John Prescott

2008-12-23T14:32:00.000-08:00

Labourhome published an article by John Prescott berating Barclays Bank. I like John, he was always annoying, but you could sense he believed in what he said, but there was much empty rhetoric and flawed argument in his article, I decided to reply line by line to him.

This Christmas 340 people face losing their jobs in my Hull constituency. Whilst this sadly isn’t uncommon across the country at the moment, what’s made me very angry is that is was entirely preventable and the result of a bank’s greed.

Or it could be something to do with the massive recession caused by Labour's borrowing and spending.

Atlas Holiday Homes has a long and proud history – a successful firm that for 30 years had a credit facility with Barclays.
That was until the bank decided to take it away even though the company had a full order book way into March next year.

Order books mean nothing in the present climate. It is whether customers can pay or still intend to purchase. A bank will not remove credit unless it has a good reason. Barclays have increased lending as a whole to small businesses. I cannot comment on this particular case, but the whole sector is in a bad way. Only today BA slashed the prices of flights and Thomas Cook decreased places for next year's holidays.

Which is why I was furious to hear Barclays Chief Executive John Varley tell the BBC that firms and households will have to wait another two years before bank lending goes back to normal.

Great response anger at a man who tells the truth.

Well it's a damn good thing we didn't wait up to two years to bail out the banking sector to the tune of £37b, isn’t it?

Barclays did not accept a penny of that money. It is deliberately misleading to mention it.

That’s why I started my Facebook campaign ‘No Ifs No Buts – Pass on the Cut’ to pressure the banks to pass on the interest rate cuts in full for customers and businesses.
Many of these banks were bailed out by this Government but Barclays preferred to sort out their own refinancing package with Abu Dhabi and Qatari investors.
Mr Varley said at the time: “Our ability to do what our shareholders would expect of us would be compromised if Barclays was nationalized.”
Which means they wanted to carry on giving out healthy dividends and wallet-busting bonuses. Last year, they posted profits of £7 billion.

I am a Barclays shareholder and got a total dividend of £84 last year. Real fat cat territory. Dividends are small amounts of cash to people like me and enough money to the institutional investors to fund pensions.

But on 30 August 2007, Barclays was forced to borrow £1.6bn from the Bank of England sterling standby facility, which is made available as a last-resort when banks are unable to settle their debts to other banks at the end of daily trading.

This was caused by a technical error in the interbank computing system. When it was fixed at 11:30 that night Barclays had to react quickly. It was repaid the next day.

Yes we bailed out Barclays by giving them a credit facility! And what did Mr Varley get last year? A bonus of £1.45 million whilst Barclay’s President got ten times as much - £14.8m
Atlas Holiday Homes can’t wait two years for banks to recapitalize, Mr Varley. They’ll go under if you uphold this ridiculous and shortsighted decision.

This decision is not short sighted. We need to decrease our debt. Careless lending by banks helped caused this crisis. It would be ridiculous to be lending at that rate now!

And you wonder why banks are facing a PR crisis? It’s not a case of saying sorry and admitting to the sins of the past. It’s about doing what is morally and economically right and passing on the interest cuts in full and increasing lending.

No. It is about what is doing in the interest of their shareholders. PR means people are more likely to bank with them, which is in my interest. I cannot give a fig who they end to as long as they act in my interest. That is what is right and this misunderstanding is what is wrong with John Prescott and all the other Old Labourites who view the crisis as an excuse for nationalisation.

This Monday, Atlas will meet with the administrators and the council to see what can be done. All three Hull MPs have also written to Peter Mandelson to make him aware of the situation and ask him for help.
So in the spirit of Xmas I call on you Mr Varley and Barclays to do the decent thing and save Atlas, give them back their credit facility and make 340 Hull families very happy.
So No Ifs, No Buts – get lending!
You can join our No Ifs, No Buts, Pass on the Cut facebook group here - http://www.facebook.com/group.php?gid=41481071905

Stop lending! That was the problem. You do not cure an addict by giving them unlimited access to their addiction. Until we as the populace accept we are in too much debt we will never get out of it. Acceptance is the first step to recovery.

Spotted While Shopping

2008-12-21T15:01:00.000-08:00

I was able to finally finish my Christmas shopping yesterday. There were two items which caught my eye.

A Christmas Tree which you can stand upside down in Heelas.

A Christmas card for "My Son and his Boyfriend" in Clintons.

Brightens up the day doesn't it.

Damian Green

2008-12-15T14:38:00.000-08:00

One of the scariest things about the Damian Green affair is that there has been a bigger public uproar about the voting on Strictly Come Dancing then about his arrest.

I can't forgot this thought.

Sales Fever

2008-12-07T10:12:00.001-08:00

Found this deal on Amazon. I may wait a bit longer till I buy.

Calvin and Hobbes

2008-12-06T03:16:00.000-08:00

I found this comic a few weeks ago, and decided to republish it on its 20th anniversary, unfortunately the Express beat me to it a few days ago, but hey.

It is a "Calvin and Hobbes" originally drawn by Bill Watterson. Somehow it still seems pertinent.

Damian Green

2008-11-30T15:08:00.000-08:00

I have only one think to say about the Damian Green affair.

What has Damian done wrong?

PS He is an Old Redingensians like me. There are another two old boys in the Shadow Cabinet and the leader of the Lib Dems in the House of LOrds is one as well. Move over Eton!

Atlas Shrugged - Part 1

2008-11-30T14:58:00.000-08:00

I have recently finished reading the book by Ayn Rand. I have really enjoyed this book and at 1158 pages I needed to have been able to finish it.

This book was so thought provoking I just have to share my thoughts and feelings on it, and to be honest that is why I started this blog.

This book was recommended to me by someone in the office (and if they are reading this can I have Animal Farm back at some stage), but it was one I had heard of and was interested in reading at some stage, I just needed a push to do it.

I am going to split my analysis of the book into three parts I will hopefully publish over the next week or two (exams permitting).

50% Female

2008-11-27T12:23:00.000-08:00

Found a fun widget.

PS After doing this blog it went up to 53% female. That'll teach me.

I find it Offensive too

2008-11-26T13:01:00.000-08:00

Now I know this will open me to a torrent of abuse, but that is why I have comment moderation.

There is a story today about not using slang terms to talk to the elderly as they find it offensive. I fully admit I dislike being called mate by anyone I do not know. As for dearie and love I find them too familar to be used by shop staff and random call center employees. Lover, I quite like like term as it is the traditional Bristo greeting, but takes a while to get used to.

I think it is rude and condensending to use these terms. Use my name if you know it, if not ask. I will not be offended, it will give me a chance to ask yours.

TV Picks - IT Crowd

2008-11-25T13:17:00.000-08:00

One of the funniest programs on TV, The IT Crowd, won an International Emmy last night. I really enjoy this program it has all the elements of classic comedy - believable characters, farce, familar settings, lots of fun and a bit of intelligence.

Do watch it, it is hilarious.

Lets keep up the speculation

2008-11-23T11:43:00.001-08:00

Remember last September, Gordon Brown was on top form, solving crisis, announcing policy, he bestrode the political scene like a god. 9 months he lost Labour's 25th safest seat in a byelection. What started this switch in opinion was when he called off the uncalled election.

Now things are beginning to look the same. The pre-budget report tomorrow will look be populist and Brown's handling of the banking crisis means it looks good for an early election.

I want to ruin his party. The way I think we can it is by increasing election speculation, move the party onto an election footing, let it be known we expect an election in April, select the candidates, stoke the flames. Then when Brown has to respond to the speculation we are creating, it will be easy to spin it as bottling another election.

Or we could speak with one voice, unite behind Osborne and start attacking Labours' mismanagement of the economy for 11 years. Ken Clarke will not be Chancellor again, get used to it.

CF Elections

2008-11-18T14:58:00.000-08:00

I have just read the press release from the NME.

This strikes at the heart of the problems of CF, far too many careerists, far too much emphasis on keeping out the membership, far too little thought and far too little democracy.

You cannot just vote to extend your term in office like this. It is the reason why CF is broken, it is why young activists do not want to get involved with CF, but stick to associations. It is all well and good talking about more NUS delegates, but when we are as sickeningly undemocratic as they are with their appointed delegates or pitiful turnouts (Bristol's turnout for NUS was less than 4%). I do not want to see the CF continue like this nationally.

CF is supposed to be about representing our views to the national party and giving us an equal voice. CF is failing a nationally, but locally we are successful.

We must strengthen locally, abandon the silly plan for regional chairman, retain the area chairman, hold the elections sooner if they will conflict with other elections.

Micheal Rock if you believe in your plans put them to us in a vote. If not stop trying to impose them.

6 Things you never knew about me

2008-11-18T14:43:00.000-08:00

Got tagged in an Internet meme thingy by Laura. As I number of people from work now read this blog (or pretend to, I'm not sure which) work tomorrow could be quite interesting.

First, the rules:
1. Link to the person who tagged you.
2. Post the rules on your blog.
3. Write six random things about yourself.
4. Tag six people at the end of your post and link to them.
5. Let each person know they’ve been tagged and leave a comment on their blog
6. Let the tagger know when your entry is up

Six things you didn't know about me:
1, Until I was about 7 I thought Christmas day was about me as it was the day I was born.
2, I do not believe in, but I do have my suspicions about demons and the supernatural.
3, I used to hate wearing glasses so much I would break mine deliberately.
4, I am enjoy poetry, but can't write it.
5, I have a fear of going upside down when I am not in control. (I refer to it as invertigo)
6, I am too boring to have more than 5 secrets.

Unfortunately everyone I know with a blog who may be interested in this has already been tagged, so I put out the challenge to my colleagues on this one. Post in the comments if you feel up to it!

Pay Attention 007

2008-11-16T13:12:00.001-08:00

I saw the new Bond film on Wednesday. I did not enjoy the last film, I spent all the time thinking - this is not Bond, where is the humour, the gadgets, the fun. Daniel Craig took the role seriously, it didn't work. Pierce Brosnan had fun, he knew what Bond was about in a way Bourne-watching Daniel Craig does not

I saw Quantum with a sense of trepidation. My dreads were confirmed in the first few minutes a spectacular car chase, which left me feeling flat for two reasons. Firstly, if Q was there we would have had rockets and invisibility and Bond would be driving the car with his ipod from Wales. Secondly, they broke the rules, innocent people died. The rule is that people involved die, not random people in the crowd or police officers.

They broke the rules that was wrong. Also who the hell builds hydrogen tanks into the wall of a hotel?

PS If it wasn't Bond it would have been an excellent film, as it was I expected Bond and did not receive it.

European Double Standards

2008-11-10T14:14:00.000-08:00

Once again the EU's accounts have not been arrpoved by the auditors. Although the opinion is now unqualified and an improvement over the last few years.

I just wonder what would happen if any major company got this level of audit opinion. Shareholders would sell up, the company would go bankrupt or be forced to change.

What a pity we do not have that kind of power over the EU public servants.

He Will Disappoint

2008-11-09T12:36:00.000-08:00

Have still not got over the jubilation on the BBC over Obama victory. We are entering an new Golden Age.

I wouldn't mind if the BBC just declared they love Obama and be done with it, as opposed to trying to convince everyone they are impartial. Leading with Obama news, refusing to report on his dodgy connections with terrorist and preachers and attacking Clinton and McCain.

The only thing that makes this bearable is the knowledge that he will disappoint. He is an American President he must act in America's interest, he will disappoint his legions of European fans when he does. I am not happy about this, hope destroyed leads to cynicism and disengagement.

I hope he doesn't, but I am ready for when he does, I hope his fans are as well.

Glenrothes

2008-11-06T13:16:00.000-08:00

Forgot there is a by-election today.

I want a Labour loss - please vote SNP. I would be happy with 0 Tory votes as long as they all switch to the SNP.

Hope this is counted quicker than Glasgow East.

Fashion Advice

2008-11-04T17:30:00.000-08:00

Don't worry this is not advice from me.

Saw this in the Mail.

Don't see what is special about fashion advice from your employers. I got a class on how to dress when I started with my job. Dressing appropiately is vital and also very to do difficult in your first proper job.

McCain: The Only Choice

2008-11-02T14:19:00.000-08:00

I support McCain. I cannot hide this, I do not want to hide this and feel annoyed that some people feel I should.

I was first interested by McCain's personal story. Son of an Admiral, captured in Vietnam, hideously tortured, yet refused to go home before his comrades who had been captured earlier than him. His life story demonstrated three key qualities grit, bravery and most importantly honour.

McCain is also the best of the speakers in this election. When he speaks he not only engages the audience, but he says more than vague and simple platitudes, he has substance - a message and a plan, to sort out America's problem and more importantly the idea as to what these problems actually are.

The selection of Sarah Palin as his running mate was the event of the election, an instant media event, a candidate with wit and charm, as well as practical executive experience, something all other candidates lacked.

Sarah Palin and John McCain represent the real America, not the liberal minorities on the West and East coasts, but the hardworking, religious people who believe in family and other traditional values. These are the people who "cling to guns and religion", and are permanently proudly of their country not just when they are elevated to a position would not even dream of. The middle America, upon whom the world relies and is the American Dream incarnate, this is where elections are won and lost.

Internationally I think John McCain will be better for the world, he can bring a steel to world politics, an experience and an almost innate ability to pick winning strategies, demonstrated when he backed the Iraq surge whose success was doubted, but whose success has made the Iraqi people safer.

I want John McCain to win, not just because I share his ideology, his faith in America, but I believe he can make us safer and that is what I want from a US president.

I'm Chris Smith and I approve this message.

Dig Upwards!

2008-11-02T12:09:00.000-08:00

The above is a bit of an in-joke between me and my university friends. When one of said something stupid and tried to talk our way out of it, the rest of the group would call out "dig upward" to stop him.

It comes from the old saying "when in a hole stop digging" and is one of the most pragmatic things you can do.

This is why I am so bemused by the government's response to the credit crisis. As far as I can tell they think the answer is:

Encourage banks to lend at 2007 levels
Borrow excessive amounts of money to increase government spending

Why is the solution to the problem of banks lending too much and government spending and borrowing too much the same the actions.

Following this Vince Cable has been having a go at Barclays because they want to "protect their commercial independence", I am a Barclays share holder. I am proud that my bank has resisted the government's shilling.

I am annoyed that people believe the solution for Barclays is government money, yet in the same article the BBC admit that profits are better than last year, if this is not proof that the bank is fundamentally sound I do not know what is.

The banks should not be owned by the government. The banks control and fund the economy having them under state control means the government controls free enterprise and we all suffer. Politicians focus on the next election and ignore the long term good for the economy.

If Gordon Brown was truly working in our interest, he would hav slashed spending in 2002 instead of borrowing. He did not he borrowed and six years later we are suffering the consquences.

Dig Upwards Gordon. Dig Upwards.

Principles vs Rules - Part 2

2008-10-29T12:47:00.000-07:00

It's quite sad, but since I have begin my training to be an accountant I have been noticing how systems are regulated. Also the power regulators require in order to effectively regulate.

The most effective regulatory framework is one which empowers the inspectors, at the expense of the inspectee. This is why a rules based approach will always be inferior to a principles approach.

If a company meets the rules laid down, then the regulator has no power to pursue them, but if principles are used the company must ensure their interpretation matches that of the regulatory.

In short rules empower the inspectee, principles the inspector.

I wonder which system Gordon Brown will choose at the end of the crisis.

Good Bless Auntie

2008-10-27T10:00:00.000-07:00

From the beeb:

"Gay unions are statistically less likely to produce children"