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Bankers profit as others ripped off

Published 21/10/2010

It used to be the case that financial institutions used investors' money to assist entrepreneurs to grow their businesses, producing goods people were prepared to buy.

Profits were then shared with the institutions, which passed on some of the wealth. Like many, my disgust at City bonuses has nothing to do with envy, but arithmetic.

People become rich by possessing something large numbers of people are willing to pay small sums for. They rarely became rich until technology gave them huge audiences.

The arithmetic giving bankers huge incomes is difficult to understand and hard to justify beyond that enjoyed by businesses they support. It's hard to escape the conclusion that when bankers make fortunes someone, somewhere, is being robbed or ripped off.

FRANK PARKER

Portlaoise, Co Laois

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