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Banks had better things to do with our money than put robots on comets

Despite costing a meagre 1.4 billion euros (£1.1 billion) and possibly changing the course of human civilization, the banking community has been quick to dismiss the Rosetta Space mission as a frivolous boondoggle. Another so-called giant leap for mankind, they argue, could easily have been reinvested in subprime mortgages, money laundering or paying for ‘the world’s greatest lap-dance’.

A bank collapses into a black hole of debt

A bank collapses into a black hole of debt

Interestingly for the cost 140 measly satellites, the European Space Agency (ESA) could have subsidised ONE UK bank bailout; or at the very least used 34 Rosetta’s to cover the reduced value of RBS and Lloyds shares that the taxpayer was forced to buy. One City Banker commented: ‘Redefining space travel as we know it is all very well, but it hardly reflects value for money. Deutsche Bank has set aside over $1bn to cover the costs of investigations into its corruption. That kind of money gets you a fancy satellite and a robot that actually works!’

Having been fined £2bn by regulators HSBC, RBS, UBS, Chase and Citibank were adamant that ESA money should have been given to them. An irate foreign exchange trader said: ‘Who cares if there is life on Mars or a comet about to hit the earth, I’ve got bills to pay. Can you even imagine the overheads related to maintaining a villa in Tuscany? No? Neither can I, I write it off as a business expense. But that’s not the point!’

The Financial Stability Board, a global regulator, now requires banks to set aside enough money to cover future losses. Given just how big the scale of past losses were, the total amount will equal the cost of the Apollo program, giving everyone their own light sabre and sending a robot probe into George Osborne. Begging the question why did the original financial crisis cost £10 trillion? Answer, because that was all the Banks could find at the time.

by @Wrenfoe


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This entry was posted on November 26, 2014 by in International Business and tagged , , , , , .

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