Parallel lines: Germany and Canary Wharf

Richard Murphy describes the $2.5 billion promised bonus payout to Lehman Brothers New York staff by Barclays as ‘depressing.’ I describe it as obscene. Is there no end to the cynicism that pervades the financial services industry? But more than that.

If the Sunday Times assertion that:

TAXPAYERS in Britain face up to 5p in the pound in extra taxes because of the credit crunch created by the banks, leading economists have warned.

…is correct then it has echoes of the 5% tax cost that arose out of the re-unification of Germany. I recall the Berlin skyline being dotted with cranes in the early years of reconstruction. Today most of those cranes have disappeared, leaving behind a modern skyline that contributes to making Berlin a wonderful destination.

Will the UK say the same in years to come? I doubt it.

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