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Saint Ignatius Award for the Missionaries of the Year

It wasn’t long ago that investment bankers were referred to as Masters of the Universe or Big Swinging D-cks. But the global financial crisis has relegated investment bankers to the popularity of used car salesmen or real estate agents; with many simply removing the “Big Swinging” prefix.

A UK study reported that bankers destroy 7 for every 1 of value they create, while former chairman of the US Federal Reserve, the respected Paul Volcker, opined that there was “little evidence innovation in financial markets has had a visible effect on the productivities of the economy”, and that the “only useful thing banks have invented in 20 years is the ATM”.

This didn’t appear to bother Goldman Sachs CEO Lloyd Blankfein, who claimed that the world’s highest-paid bankers were merely doing “God’s work”.

It’s going to be interesting to see if they’ve learnt anything from 2009 - I doubt it but as you reflect on the year over your mince pies and claret, you could dream a little.

Happy Christmas.

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