Hedgies And Povvoes

Of course everyone has contempt for the Hedgies – the hedge fund people who were selling bank shares short when governments were spending zillions trying to keep the banks afloat. The politicians gave the Hedgies a good thwacking.

Now the Hedgies have hit back at their critics dubbing them ‘Povvoes’ – short for impoverished.

The politicians particularly hate being called Povvoes because it makes them feel demeaned.

Even the shortest spell at Westminster seems to make a pol feel he should live like a lord – moats, duck houses you name it.

Being dismissed as a member of the impoverished classes by the despised Hedgies hits a pol hard.

But it looks as if the rest of us will have to get used to being Povvoes. The pols rabbit on about the cuts, how deep they will be, and how years of Povvoe-ish austerity lie ahead.

Brits tend to like this sort of stuff. Offer a Brit blood, toil, tears and sweat and he perks up a bit. Bring it on. We can take it.

Povvoe could become a badge of honour, something Hedgie never will.

Tags: hedge fund, rabbit

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  1. David Manners
    June 22, 2010 13:28

    That is magnificent, Anonymous, what a star he was. I hope the legal precedent set by Henry I hasn’t been overturned.

  2. Anonymous
    June 22, 2010 11:47

    The hedgies should watch their step there’s legal precedent for what should happen to finance guys who destroy the economy:
    1125: “King Henry sent before Christmas from Normandy to England, and bade that all the moneyers in England should be deprived of their limbs, each one of the right hand and the testicles below; that was because the man who had a pound could not buy with it a pennyworth at a market. Bishop Roger of Salisbury sent all over England, and bade them all that they should come to Winchester at Christmas. When they came hither, they were seized one by one, and each one deprived of the right hand and the testicles below. All this was done within the Twelvenight, and it was all with great justice, because they had ruined all the land with great fraud; they bought all that dearly….”

  3. Jon Howes
    June 17, 2010 12:14

    Can not resist this following analogy/play on words: A very wise chap told me once that most of the money is made on the financial froth on the top of the waves (of products and innovation) … But if government and much moreso the real industry players can not work out how to make those waves of real product profits happen then froth on a calm sea starts to look a lot like “scum”. And we are back to hedging (our) bets? 😉

  4. David Manners
    June 17, 2010 11:26

    Jon, You’re 100% right. Products and innovation are the real world. Making money from money is a fantasy world but one which does produce large tax revenues although it exposes the rest of us to huge risks. The trick is to take the tax revenues while avoiding the risk. Has George Osborne got the nous to figure out how to do that?

  5. Jon Howes
    June 16, 2010 16:33

    And making money from money has to be encouraged at least as much as making money from products and services! Really! No Utopian alternative scheme has ever made it so we must make the most of our successes in finance as well as other fields. But separating banking functions and risk seems like the best place for a global agreement (Oh! That old problem again!)… I shall return to making the most of products and innovation — These other issues are just too interesting in their ‘intractability’.

  6. David Manners
    June 16, 2010 16:01

    I know Jon, I know. One answer seems to be to get a global agreement to impose penal rates of tax on bonuses over a certain level – but what chance is there of getting a global agreement on anything?

  7. Jon Howes
    June 16, 2010 15:55

    Come the Revolution… Aaaah, no, that was when I was at college – and it never happened then either. The only revolution likely seems to be when it all comes around again and we again pay even more for overpaying the HedgeHogs!? This must have been said many times recently: Never has so much been owed by so many because of so few – and we seem to want them to do it again.

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