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Barclays Can Pay Them Big Bucks, But It Doesn't Teach Them Etiquette

February 18, 2011

Note:  This is a reprint from 2/16.

Thanks to CNBC NetNet's John Carney, who alerts us to the "Barclays Traders Go Bonus Berserk" - drunk traders bragging about bonuses and buying ridiculous toys - who demonstrate, once again, that we're in a new financial bubble. 

    From the UK's Mirror:   Youth unemployment might be teetering at the one million mark but, in the bars of the City of London, rich ­financiers were splashing the cash like the worst excesses of the 80s. Traders from Barclays Capital, whose boss Bob Diamond yesterday revealed a £6 billion profit, celebrated their bonuses by downing £195 bottles of Cristal champers and buying luxury motors.  The “banker’s choice” of luxury sports car—the £70,000 Porsche 911 Black Edition - is selling out as the fatcats fill their boots again. 

One sharp-suited trader boasted as he quaffed a glass of bubbly in a swanky City bar"Everyone in here is BarCap. The reason there’s so much champagne is because it’s our bonus day. "Even if a guy is really lazy and has done s*** all year, he’ll still get a £600,000 bonus."  The PAs even got bonuses today, some of them got £60,000. "Most traders got 2, 3, 4, 5, and even 6 million.  Some people are annoyed because they don’t think they got enough this year."   [CNBC NetNet, 2/16]