Monday, November 16, 2009

Bankers are a different species

By Jennifer O’Connell
There were hints of it all along. The peculiar language – the "no credit defaults", the "exotic and vanilla options", the "bunds", the "bobls" and the “big swinging dicks”.
The strange uniform of shirt with mismatched cuffs and collar, and amusing tie. The stubborn refusal to be bowed by the conventions of economics, society or fair play. The conviction that the laws of mathematics could be charmed, bullied or bollocked into submission.
But there it was last week, in all its incontrovertible and irrefutable glory: evidence that bankers are not merely a different species, but an entirely separate life-form, which evolved – in the words of one of its most perfect embodiments, Goldman Sachs chief executive Lloyd Blankfein - to “do God’s work.”
The implications of this are not as devastating as they might sound. Just as Neanderthals and anatomically modern humans co-existed reasonably peacefully for almost 20,000 years, and may even, scientists believe, have interbred, we too can find a way to live with bankers. Perhaps we can even take a cue in this from our ancestors.
According to Irish anthropologist Ciaran Bewster, who publishes a blog called Ad Hominin: “Modern humans and Neanderthals would have recognised each other as fellow humans, but this does not mean that they would have acted humanely to each other. Countless social and psychological studies have shown humans have a very strong “us versus them” mentality that no doubt also existed in our ancestors. It is unlikely that modern humans and Neanderthals had an easy relationship. Most .. encounters that took place between the two were likely opportunistic and probably involved enslavement and rape.”
Sounds familiar, doesn’t it? So let’s have a look at the evidence.
We share certain anthropological traits with members of the banking species. They walk like us, eat like us (only perhaps more expensively) and occupy similar, if larger and better-accessorised, habitats.
It is in our behaviour that the differences truly begin to emerge. Just as Neanderthal Guy probably shocked Cromagnon Man with some of his habits, which included ritual cannibalization and defleshing, so too is it common for modern humans to feel a bit appalled by some of the antics of bankers.
The first hint that bankers might have branched off and begun evolving into an entirely different species came sometime around 9.30pm on Monday September 29, 2008 when a number of them pitched up at Leinster House and, using tools quite beyond the comprehension of a mere homo sapien, elicted from the government an IOU for €440 billion.
Then last week brought what one American union worker called the ‘obscene’ vista of large batches of swine flu vaccine being delivered post haste to the offices of Citigroup, Morgan Stanley and Goldman Sachs, while thousands of normal folk in ‘at-risk’ groups queued out the doors of hospitals and health-centers for their dose of the scarce jab. The reason the bankers were being prioritized for the jab was, a health worker explained, because they shouted loudest.
Final conclusive proof came in the remarkable interview the Goldman Sachs chief executive, Lloyd Blankfein, did with another Sunday newspaper, in which he spelled out exactly what it was bankers were doing with all our money for all those years. “God’s work”, he put it elegantly. “We have a social purpose.”
Having played their part in successfully banjaxing the world economy, Blankfein’s army of do-gooders and servants of the people will earn more than $20 billion in bonuses this year. “I don't want to put a cap on their ambition. It's hard for me to put a cap on their compensation.”
Of course, the belief that bankers are a superior life force is not confined to the chief executives, the big, hairy gorillas and the self-styled Masters of the Universe occupying the trading floors.
The culture of superiority trickles all the way down the banking system, right down to the rung occupied by the beleaguered sub-species known as the ‘arrears controller’.
Here’s something you should know. Being an arrears controller is not the kind of job you’d dream about as a small child. They are the traffic wardens of the banking world. If you call on your bank, pleading for clemency because you’ve lost your job or your partner’s taken a pay cut, it is one of this growing band of besuited omnipotents to whom you will end up making your case.
Last week, one ‘collection arrears agent’ wrote an anonymous contribution for the blog run by the Irish Mortgage Brokers (you can read it at
Along with legions of practical advice on what to do if you find yourself in the unfortunate position of not being able to make your mortgage repayments, it is illuminating for the light it throws on how bankers – whatever their position on the financial food chain – view the lesser life-form known as ‘the customer’.
The document manages to combine practical advice and rare moments of humour, with a spectacular lack of empathy for the shattered lives who find themselves on the other end of his phone line.
“If you mention you are spending X amount on food and groceries because you have 3 young kids, then your lender will know that you are in receipt of child benefit for each of your children,” the collector cautions.
“Do not demand that your mortgage provider extends your term beyond the limits of human longevity.”
“Do not repeatedly ask for a MONO-torium. It won’t in any way affect your eligibility for being granted a moratorium, but it will make the arrears officer want to bite his or her tongue which may affect their ability to properly annunciate the further options available to you.”
“Your lender will have more sympathy for a request from a customer who is not seen to be trying to pull the wool over their eyes. I mean that from a collections point of view, if somebody is jerking me around I’ll return the favour.”
So there you have it folks, if you want to co-exist harmoniously with this strange species of hominin – forget about feeding the kids; watch your buzzwords, and never, ever try to jerk him around.
Remember: that’s his job.

First published in The Sunday Business Post on Sunday November 15, 2009


  1. I think that you have been unfair. The fellow has,as you acknowledge, provided valuable practical advice. The reference to "jerking-around" is absolutely in that category in my opinion. Just because he has concentrated on that rather than emoting about it (I nearly said "like a useless woman" but I sensed SWMBO hovering :-)) does not mean that he lacking in empathy.

  2. We both acknowledge the practical advice, so. But it's the condescending tone, the playground posturing (I almost said like a pathetic boy), the subtle reminders of who's in the driving seat, that irritated me. People are in this mess precisely because people like him weren't doing their jobs properly. Having said ALL that, it was a useful contribution - probably much relevant to lots of people than the acres of column inches on NAMA

  3. Just so you don't mix up the writer with the blog, this was a 'guest blog' and was written by a well experienced collections agent in one of our major banks. The lack of empathy is obvious, but it is important to remember that this is from the perspective of a person who deals with tragedy every day, if they became emotionally charged over every case they wouldn't be able to do the job that keeps a roof over their head. I liken it to an abbatoir worker, they eventually become desensitised to the lives of the animals they 'process'. It is sad, but that isn't the lesson.

    What we are hoping people can take from this is a unique insight into the mind of the type of person you will be dealing with should you fall into arrears, it is essentially a blueprint which can help people in trouble circumvent unneccessary hardship by being able to get a view from within the bank.

    We certainly do our best to help people with our financial advice in good times and bad, in fact, we are still the only company to have published a comprehensive document on the issue of arrears from a practical viewpoint

    (i couldn't paste the link and had to type it, if it doesn't work just google 'repossession guide')

    MABS and citizens advice give it out to people because even the state didn't bother to put together a practical guide on the issue.

    I hope that rather than focus on the nature of the collections agent - love or despise them - that people take the information and leverage it to their advantage, that way it isn't all a one sided game.

    all the best.

  4. Hi Karl,

    Thanks for the comment. I hope it was clear from the piece that it was a contribution by an independent agent to your blog. As I said above, I do think it's an extremely valuable contribution (if also a sobering insight into the attitudes people face when going to their bank for help) and I was surprised it wasn't picked elsewhere.

    On another note, I've been looking at Google Trends for another piece I'm working on at the moment - Ireland ranks third in the worldwide Google searches for 'repossession' and first for 'mortgage arrears'. In that context, it's horrifying the State hasn't taken it upon itself to publish a guide for people on this issue.

    Despite my comments, I hope you can persuade more bank insiders to go off the record in the future.


  5. Fast cash payday loan or payday loan is surely an immediate and way that you should receive a cash loan loan of $100 - $1,
    500 to look at careof your short-term cash needs paydayloans you can make an application for these refinancing options without
    anxiety about credit checking.

  6. This is because borrowers are certainly not involved
    to get submitted any credit proof to the lending company payday loans he shelved it until mikey weinstein,
    founder from the military religious freedom foundation mrff,
    caused it to be public in 2005.

  7. Naturally, the bigger your credit score as well as the reduce your
    debt burden, the greater terms you can be able to
    get in your unsecured loan online payday loans and it'll lower the cost of medical care for families, our businesses, and our government.

  8. However, many people don't determine what payday cash advances are or when they're the correct financial choice
    for their requirements payday loans online practically every pos
    system i find now prompts me for: a "customer loyalty" or "club"
    or another membership card or identification whether i prefer
    a credit or debit transaction.

  9. Following these steps could enhance your chances of having your
    following car finance which has a lower interest online payday loans secured cards will be the first step in recovery from poor credit.

  10. Bad Credit Payday Loans - Help You Get Money In Spite of Poor Credit payday loan now if the financial institution
    determines that it's feasible it is possible to make the payments, the credit modification is yours.

  11. In certain cases, you could possibly be required to set up collateral inside the type of an active banking account
    as a way to facilitate the payment if your financial troubles Instant Payday Loans Online according for the mortgage bankers association, in
    the end in the fourth quarter ohio had 3.

  12. Most folks think that this purchase of the completely new vehicle is one thing of dreams or off inside distant future long term payday loans if you plan to loan from an online payday advance lender
    you could be charged interest levels of around 50%.

  13. Request in some recoverable format that creditors lower
    the finance limit on your account to lessen available credit amount Lenders consider the total available amount even if
    you're not indebted payday loans With No bank account however, these risks can truly benefit you inside long haul.

  14. Mehau was contacted as a consequence of Crouch's association with Gabriel Gabe Aio, a longtime associate of Mehau's payday instant loans he says once one adjusted through every one of the steps above and feels confident of
    getting that perfect home - it's time for you to approach the bank for financing.

  15. So, even though this isn't what exactly I would think about a conventional way to acquire approved for a one month pay day loan, but it'll be long
    as you will find the right lender to function with payday loand
    3 billion to extract essentially the most value, and get it done
    in this optimized way.

  16. The loan can have an internet application which can be obtained right through a person's amazon account Real Payday Loan Lenders some lenders can even give out your funds with this loan even without collateral being pledged.

  17. ED Hardy Outlet

    Michael Kors Outlet

    Coach Outlet

    Kate Spade Outlet

    Cheap Jordans

    Michael Kors Outlet Store

    Coach Handbags

    Coach Factory

    Oakley Sunglasses

    Tory Burch Outlet

    Longchamp Handbags

    Louis Vuitton Outlet

    Michael Kors Handbags

    Coach Outlet

    UGG Boots

    Red Bottom Shoes

    Moncler Jackets

    North Face Outlet

    Kate Spade Black Friday

    Moncler Outlet

    Coach Factory

    Coach Handbags

    Kate Spade Outlet

    North Face Jackets

    Ray Ban Outlet

    Cheap Ray Ban Sunglasses

    Burberry Outlet

    Cheap UGG Boots

    Christian Louboutin Shoes

    North Face Outlet

    Coach Factory Outlet

    Kate Spade Outlet

    Michael Kors Outlet

    Coach Outlet

    Nike Air Max

    Moncler Jackets

    Nike Roshe Run

    Cheap Nike Air Max

    Buty Nike Air Max

    Nike Air Max Damskie

    Nike Air Max

    Cheap Red Bottom Shoes

    Christian Louboutin Outlet

    Burberry Outlet

    Balenciaga Outlet

    Burberry Handbags

    Balenciaga Handbags

    Louis Vuitton Wallet

    Cheap UGG Boots

    Uggs Boots

    Kate Spade Outlet

    Toms Shoes

    Hermes Blet

  18. I found your site very beautiful and distinguished too. Thank you for your good work and continue.