Coffee House

Prime Minister and Chancellor ‘stayed submerged’ on bankers’ bonuses

15 January 2013

The irrepressible Lord Oakeshott is making mischief again: he’s using Sir Mervyn King’s comments about Goldman Sachs bonuses today to attack David Cameron and George Osborne. He’s just told Coffee House the following:

‘The Governor speaks for all on Goldman’s greed. He shows leadership where the Prime Minister and Chancellor stayed submerged. Starbucks are an also ran in the tax avoidance stakes compared to world champions like Goldmans.’

Then he took another covert shot at the Treasury by referring – not by name – to the appointment of former Goldman employee Mark Carney as the next Bank of England Governor:

‘Big banks like Goldman can’t have it both ways. If they want the kudos of advising governments and collecting fat fees like their £4.5 million from the Treasury on Northern Rock, then they can’t spit in taxpayers’ faces. If they want their staff to glide into Governorships of Central Banks or Secretaryships of the US Treasury, it’s high time they behaved like good citizens, not barrow boys.’


UPDATE: It didn’t take long for that to provoke the Treasury. Their Twitter spinner has already responded to me with this:


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  • Ganpati23

    So Tory Treasury comes up with a quote straight away, accusing others of being rent-a-quote. Hope they’re not having a yank-style irony bypass.


    Is it too much to expect the Spectator to even refer to the unbelievable evil that has been uncovered in Oxford, but which is taking place even now in other places around the country? Or has it been decided that such atrocities perpetrated on English girls by gangs Pakistani men bussing down from the Midlands and the North to enjoy white flesh will not be mentioned.

    It rather puts all that Savile seems to have been accused of in the shade doesn’t it.

    • Tom Tom

      Speccie doesn’t find it at all objectionable because it is “cultural” – ie the men find it cultural to prey on white girls and the white girls are of a class that they should expect to be used as whores…….that is how Speccie journos assess matters

    • HooksLaw

      No it does not but Savile in the shade. It is another example of the same thing. Its a sad pathetic shocking story – but what kind of underclass of a society is it that throws up these girls to be abused in the first place?

      But all we have had so far is opening statements. There is no justification for your accusations.

  • Andy

    Oakeshott is a waste of space. And lets face facts here: he is just a Labour Party front man. He was a member and was a councillor on Oxford City Council and stood as a Labour candidate in Horsham and Crawley. The electors told him to get stuffed, there and in Cambridge when he stood for the SDP. Special advisor to Roy Jenkins at the Home Office. One can go on and on. Why does anyone take any notice whatsoever of this useless idiot ??

  • Mycroft

    Yawn; who cares what this non-entity says? Why not leave him to the BBC, they provide him with more than adequate opportunity to make his predictable observations.

  • williamblakesghost

    To misquote Henry II

    Will no one rid us of this verminous peer?

    Oakeshott is the prime example of what a pointless bunch of attention seeking narcissists the Libdems are. They are not fit to represent the people of this country.

    Its almost worth abolishing the House of Lords completely purely to get rid of him. Add Prescott, Mandelson, Rennard etc etc and its well worth it. Replace it with an English Parliament and you’re on to a real winner!

    • HooksLaw

      Nothing wrong with getting rid of the house of lords. Why do we need two chambers?

      • Daniel Maris

        Well you obviously know nothing about the legislative process if you need to ask that question.

  • Hexhamgeezer

    Are ‘irrepressible’ and ‘naughty’ the most accurate terms for Oakeshitt?

    • Daniel Maris

      I’ve always found him “thoughtful” and “accurate”.

  • Tom Tom

    King should get stuffed. His successor will see Goldman alright. Time for these idiots to get out of the way and simply live with the consequences of their policies as the public does. It gets boring to hear King whining and Osborne and Cameron have done their bit so they will get their reward. Stop trying to pretend that Goldman should somehow play part of the kabuki theatre for Whitehall. They should pay BIG bonuses and broadcast the fact and say just how much tax they are saving just to show idiots like King they should make way for Mark Carney

  • 2trueblue

    And what has ‘rent-a mouth’ got to prop up such a slur?
    Liebore were in power when Northern Rock hit the rocks and put the matter with Goldman Sachs. All of these arrangements were in situ during 13yrs Blair/Brown/Balls/Millipede were in power.

    Why did he not speak out then? Ah, he thinks there is mileage in it now? He is a despicable little man.

    • Andy

      Quite. Oakeshott should publish full details of his private tax affairs before he comments on the actions of others. What Goldman may or may not have been thinking of doing was not illegal. You arrange your tax affairs to pay only what is required by the law – not a penny more nor a penny less. And WE ALL DO THAT.

      • 2trueblue

        Just so.

    • Fergus Pickering

      The phrase is ‘a shoo in’ and Lord O can find out what exactly it means by looking it up. But he’s not concerned with exactly what stuff means is he? Prat!

      • telemachus

        Uncomfortable is it not when Lord O tells a few home truths

      • 2trueblue

        Also ‘shoe in’ or ‘show in’.

    • telemachus

      And not just under the last Government

      This from last July

      Goldman Sachs is building an in-house private bank to serve wealthy customers around the world as part of a cautious strategy to reshape its business, the Wall Street Journal reported on Tuesday.

      The banking push, which has not been previously disclosed, will give Goldman more deposits, a source of low-cost funding less vulnerable to the vagaries of financial markets.

      Then use the money for the financial gambling and hence back to the pre Lehman Casino days

      • 2trueblue

        I marvel at your knowledge of the banking system. You could have given Brown/Blair/Balls/Millipede a hand during the 13yrs whilst they wrecked the economy.

  • Nick Reid

    Sorry, but this is utterly ridiculous. It’s been announced that a Treasury Minister (Gaulke I think) was on the phone to Goldman last night pointing out that delaying bonus payments was unnacceptable. And lo and behold the Treasury has got its way.

    Doesn’t Oakeshott have anything better to do ?

    • HooksLaw

      No. When your thick like he is though its easy to shout your mouth off. He is helped by having thick people in his own party to speak to. Has nobody reminded him that Danny Alexander is Nr 2 at the treasury?

      • Ganpati23

        When YOUR thick?????

        • Daniel Maris

          Says it all really, doesn’t it…

          • Fergus Pickering

            What says what all, Danny boy?

            • DrCoxon

              You’re not on the ball, Fergus.

    • George_Arseborne

      Phone call, what phone call? Osborne and Cameron are all scared dogs afraid of their pay masters the Bank robbers. They do not have the guts.The so called phone call stated by you is to plead . Government should always come out ckearly abd condemn bad practices. No wonder the cut back top rate taxes for millionaires. We now see their intentions clearly while ounishing the rest of us strivers.

      • 2trueblue

        Remember who was in power during the whole debacle….. Not the conservatives. Liebore had 13yrs cosying up to the bankers.

  • don logan

    Presumably in two and a half years time George and Digital Dave will be looking for new jobs, no need to bite the hand that’s going to feed you.

    • 2trueblue

      So far that prize goes to Tony.

      • Tom Tom


        • 2trueblue

          Difference is he does not need the money, where as Tony really has shown himself to be greedy. Even whilst at No 10 he was craving to see himself as part of the set.

        • Colin

          H2H – Heir to Heath, more like.

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