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THE City has had enough. Assaulted by politicians who have little clue as to how the markets work (and don't want to know), the Square Mile has been on the receiving end of two days of mayhem and considerable loss of business.
For many City workers, the sight of police not preventing rioters smashing up the Threadneedle Street branch of Royal Bank of Scotland and daubing the Bank with graffiti was infuriating. While nobody doubted the bravery of officers there was the feeling too much leniency had been shown.
The City was always likely to be targeted but the choice of the Excel centre a few miles to the east as the summit venue has not helped. Quite why the G20 leaders were not gathered farther afield, such as Hampton Court or Windsor Castle, is baffling. Did Gordon Brown rub the City's noses in it still further by choosing the venue for talks on the failure of capitalism smack-bang next to its epicentre? That was certainly the mood in the Square Mile. To then have to dress down and scuttle past lines of largely impassive police and protesters declaring their hatred only added to a sense of alienation. Having to board up shops amid a recession was also absurd. The last thing the capital needed was two days of disruption but that's what Brown gave it. Of course, he got his photocalls but why was central London and the City made to suffer so?
Still, it wasn't all gloom. City traders never miss a chance for a wager, so were quick to bet on the numbers arrested, with Bloomberg quoting a spread of 130-140.
Reader views (8)
''Still, it wasn't all gloom. City traders never miss a chance for a wager, so were quick to bet on the numbers arrested, with Bloomberg quoting a spread of 130-140.''
Chris - you wonder why people get angry when you write remarks like that.
- P Holland, London, UK, 02/04/2009 17:19
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It is almost impossible to convey the fury felt by those outside the Square Mile with the bank's behaviour. The city represented 30% off the UK economy & mostly consisted of banks & traders playing an economically damaging zero sum game and rewarding themselves beyond the dreams of avarice. The misallocation of capital was enormous & indefensible. Those working in the city remain extremely privileged compared with those working in private enterprise elsewhere in the UK.
The police did a wonderful job of protecting the city from the expression of legitimate anger.
- Gerard O'Malley, Kilmarnock Scotland, 02/04/2009 16:49
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"City traders never miss a chance for a wager"???It would be nice if they gambled their own money for once.
- P Doff, filey uk, 02/04/2009 16:48
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"While nobody doubted the bravery of officers there was the feeling too much leniency had been shown."
Spot on Blackhurst! There's been way too much leniency shown with the city traders over the last decade! Regulation should have come in place a long time ago.
- Theoald, london, uk, 02/04/2009 16:01
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Chris Blackhurst ! Ah I like his analysis. Just a bit short. I have a small company: could your government bail me out with a few billion if I were to lose such an amount through sheer incompetence ?
Let me let you have the answer straight away as it might be a little strenuous for you to work it out.
NO !
- Terry. B, Toulouse, France, 02/04/2009 12:04
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The people of London and indeed the UK have had enough of the City gamblers as you quote so rightly with the Bloomberg betting spread.
- Martin, LOndon, 02/04/2009 11:42
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Yes, I'm sure that people around the country feel for the poor city traders. I'm sure the poor darlings have had enough now, what with people complaining that they've lost their jobs, life savings, homes etc.
It must be hard for them to be constantly harassed by the bleatings of the masses.
I'm sorry if I'm to stupid to understand how things work but maybe that conceited statement is one of the reasons we are here at the moment.
I understand greed, negligence and fraud when I see it.
- Mark, St Albans, 02/04/2009 11:41
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Made to suffer so? This was a walk in the park for most people. The City suffers more disruption on an average workday from cancelled trains on network rail, Thames Water roadworks and normal rushhour service on "the drain".
- Bloke, London, 02/04/2009 09:45
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