Oh the poor babies in the Hedge fund business are beginning to kick and scream at the hand that feeds them yet again.
"I think up to 20 percent of hedge fund managers might leave London for somewhere else," he said.
Yes following Douglas Adam's lead I say we put them on the first space ship as they are such productive members of the community.
Switzerland I pity you; an invasion by our most self-centred, egotistical wastes of space may be under way.
I only hope yodelling becomes a popular night time sport of the young.
"You are having a pop at a business that didn't require any bailing out," he said
And you are missing the point.
The brain drain happened between twenty and thirty years ago when dim second sons of the rich were replaced by some very bright people after a quick buck.
All the creativity they could have brought to other disciplines was used to create financial tools that became more and more incomprehensible yet lead to vast fortunes being made in five minutes. No sense of development nor long term benefits were considered it is the:
"I've got mine so fuck you"
Now they are screaming that some balance must be maintained for the good of all and they don't like it.
IT technicians refuse to repair their computers.
Mechanics refuse to repair their cars.
Maintenance engineers refuse to fix their air-conditioning and heating systems.
A fund, usually used by wealthy individuals and institutions, which is allowed to use aggressive strategies that are unavailable to mutual funds, including selling short, leverage, program trading, swaps, arbitrage, and derivatives. Hedge funds are exempt from many of the rules and regulations governing other mutual funds, which allows them to accomplish aggressive investing goals. They are restricted by law to no more than 100 investors per fund, and as a result most hedge funds set extremely high minimum investment amounts, ranging anywhere from $250,000 to over $1 million. As with traditional mutual funds, investors in hedge funds pay a management fee; however, hedge funds also collect a percentage of the profits (usually 20%).
They can take their 'leveraging' and go home.
If they want to take their ball and go, I say let them; when it goes flat then they will really cry.
The Masters of the Universe syndrome is still strong in them, it's time they realised history is against them.
Philip Whyte, an analyst at London-based think tank the Center for European Reform, said proposals to curb hedge funds were politically motivated and targeted an industry that can benefit the financial system by betting against the herd behavior of other players.
Pstt, if you had not noticed the financial system as a whole is deeply reviled, just because you bet on failure does not make you any better than the rest of the rat pack.
So stop behaving like spoilt brats and get to work like the rest of us; obey the rules and pay your taxes and behave.
Don't even think of setting up a Vulture fund, their days are numbered.
The Brain drain
There is a good deal of talk about how we are losing the best and the brightest.
We must remember we sold our future to bail the best and the brightest out this time.
So to any country welcoming these greedy brats I have this to say to you.
Good luck with the next crash we are not going to help with one dime.
Think Dubai: A Sub-Prime in the desert built on the backs of some very dodgy labour practices.