Banker + gangster = bankster

Protesters make their feelings known

A POINT OF VIEW

It seems timely to resurrect this Americanism from the 1930s - one of many evocative words the United States has contributed to the English language, says Harold Evans.

Americans are pretty good at adding words to the English language. We owe them pin-up girls, highbrows, killjoys, stooges, hobos, drop-outs, shills, bobby-soxers, hijackers, do-gooders and hitchhikers who thumb a ride.

During the time Merrill Lynch CEO John Thain was cost-cutting, he spent $1.1m doing up his office - $86,000 for a rug Hear Radio 4's A Point of View

The Americanisms are so much more concise and vivid. Instead of saying "sorry we're late but drivers ahead of us slowed us down when they craned their necks to look at a crash" you can say "we were held up by rubberneckers".

Words pop in and out of our language as social conditions change. The American gangster, which is still with us, has been around as a noun and a reality since 1896 according to my Shorter Oxford, but it seems to have dropped another Americanism from the 1930s and I think now is the time to revive it.

The word is bankster, derived by a marriage of banker and gangster.

Stunned crowds gathered on Wall St as news of the 1929 crash spread

It was coined, as far as I can deduce, by an American immigrant, a fiery Sicilian-born lawyer by the name of Ferdinand Pecora. He was the chief counsel to the US Senate Committee on Banking set up in the early 30s to probe the origins of the Crash of 1929.

He exposed quite a lot of the Wall Street practices that Harvard's Professor William Z Ripley had condemned in 1928. The believable Ripley called them - get ready for these Americanisms - "prestidigitation, double-shuffling, honey-fugling, hornswoggling and skullduggery".

The professor had vainly tried to warn President Calvin Coolidge that Wall Street was full of gas and was bound to blow up. To great discomfort all round, Pecora identified Coolidge himself, by then out of office, as one of those who'd been in on the honey-fugling.

The great banking house of JP Morgan had the president on a "preferred list" by which the bank's influential friends were given a chance to buy stock at half price. Shall we say, they made out like bandits?

Today the term bankster perfectly fits Bernard Madoff, whose crooked Ponzi scheme lost $50 billion of what the trade calls OPM - other people's money - invested with him.

Costly rug

But the revelations come thick and fast. People are now struggling for words to describe the latest example of Wall St's money madness. The fabled investment bank Merrill Lynch, run by one John Thain, had so many big zeroes on its balance sheet it would have been liquidated in December but for a merger with the Bank of America.

A shotgun wedding

That was actually a shotgun marriage - in the US vernacular - since the Bank of America was forced to take billions of government money when it learned later that Merrill Lynch was down another $15bn.

Then what? In the few days in December while he was still in charge, Mr Thain reportedly spent nearly $4bn on staff bonuses. That's peanuts on Wall St. In 2007 Mr Thain himself received $83m.

But a week ago, CNBC's Charles Gasparino, in a detailed scoop on the Daily Beast website revealed that during the time Mr Thain was busy cost-cutting, he spent $1.1m doing up his office - $86,000 for a rug, $35,000 for something called a commode on legs.

Readers bayed for blood, posting comments such as: "Oh how I wish this was Revolutionary France and we peasants could storm the offices

Quiz of the week's news

7 days 7 questions

It's the Magazine's 7 days 7 questions weekly quiz - a chance to find out how much news from the past week you've read, heard and watched... and how much has stayed lodged in the old grey matter.

1.) Multiple Choice Question

"Rusty". Whose nickname?

1. Prince Harry's ex Chelsy Davy, for her perma-tan
2. New Met Police chief Sir Paul Stephenson, ditto
3. Richard Dreyfuss, forgetting his lines at the Old Vic
4. Serena Williams, "feeling a little rusty" at the Australian Open

Info

Ermine - the ceremonial fur worn by peers - came into disrepute when four Labour lords were accused at the weekend of agreeing to help change laws for cash.Click NEXT for question.

2.) Multiple Choice Question

From which type of animal does ermine derive?

1. Snow hare
2. Stoat
3. White mink

3.) Multiple Choice Question

"_______ did it his way... Now I am going to do it my way." Said who?

1. Barack Obama, taking over from George W Bush as President of the United States
2. Sir Paul Stephenson, taking over from Sir Ian Blair as Met Police chief
3. Colin Montgomerie, new Europe's Ryder Cup captain after Nick Faldo lost to the Americans last year

4.) Missing Word Question

Sayer becomes an * citizen

1. Irish
2. American
3. Australian

5.) Multiple Choice Question

A top doctor has admitted her part in hoodwinking a leading medical journal after inventing a medical condition called "cello scrotum". Which of the following is also a hoax condition?

1. Harpist's knee
2. Guitarist's nipple
3. Conductor's elbow

6.) Multiple Choice Question

This is Henry the tuatara, at 111 a dad for the first time. How old is his mate Mildred?

1. 20
2. 40
3. 60
4. 80

7.) Multiple Choice Question

Friday marks the 40th anniversary of the Beatles' last live performance - an impromptu rooftop gig which the police tried to break up after complaints about noise. What was the last song they performed?

1. The Long and Winding Road
2. Get Back
3. Let it Be

Answers

1. It's the rank and file's nickname for Sir Paul Stephenson. Previously deputy commissioner, he stepped up to the top job on Wednesday. Meanwhile, Chelsy and Harry's split became public on Sunday, and Richard Dreyfuss made it through Wednesday's first night of Complicit without the prompts needed in rehearsals.
2. An ermine is a stoat, also known as a short-tailed weasel. Its fur is used to trim the robes worn by the Lords for the State Opening of Parliament, and also trim the Pope's Camauro hat - the one that looks a little like one Santa wears. The Lords all deny breaking any rules.
3. It's Sir Paul, taking over from Sir Ian Blair, who left under a cloud after clashes with London mayor Boris Johnson and other gaffes.
4. It's Australian. Former British disco king Leo Sayer took his citizenship oath in front of Australian Prime Minister Kevin Rudd, on Monday - Australia Day.
5. It's harpist's knee, although a condition of harpist's finger has been recorded.
6. Mildred is 80, and 11 of her eggs have hatched. Henry's keepers put his newfound vigour down to a recent operation to remove a tumour from his bottom. Both are tuataras, rare lizards found only in New Zealand.
7. It was Get Back. As the band wrapped things up, John Lennon's parting words were: "I hope we passed the audition".

Your Score

0 - 3 : Don't Let me Down

4 - 6 : Let Down

7 - 7 : Let it Be

For a complete archive of past quizzes and our weekly news quiz, 7 days 7 questions, visit the Magazine page and scroll down. You can also do this quiz on your mobile device.

Find out how to get the BBC News website on your mobile device

'Things have come up great - in the end'

By Dan Bell BBC News

Job losses loom in the recession

Redundancy is always a huge blow when it is forced upon unsuspecting workers. Here, factory and manual workers tell how they have fared after losing their jobs.

On Monday four white-collar workers explained how for them it turned out to be a blessing in disguise, allowing them to follow their passions (see link on right of this page). For others it can take a long time to find a silver lining.

FROM MINER TO CARE WORKER

"I was in the farms to begin with, then I went to the colliery for 15 years, during the strikes in 1984," says John Dunlop, 50, of Scotland.

I didn't have any experience at bricklaying or painting, so it was very hard being laid off at my age John Dunlop

"I was a face worker - it was actually in the face where the machine cuts the coal."

The worst thing, he says, was the coal dust that got into his lungs.

"All you did was work in the pit at that time, so you didn't have any experience at bricklaying or painting, so it was very hard at that age."

But for the past five years, he has looked after elderly people with various forms of dementia.

His change in direction was a long time coming. Having been made redundant in the late 1980s after 17 years as a miner, he spent a long time out of work. Soon after he lost his job, he also lost his marriage. "It was hard," he says simply.

He eventually picked up a variety of jobs, including at a bottle factory packing alcopops. It was very heavy work, and he was made redundant within a year.

Help the aged

"Then I noticed a lot of jobs going within the care sector." While he didn't get a placement at first, "I kept trying and I kept trying and then I was successful".

You feel when you come home that you've done something, just to see a smile on their face John Dunlop

What tipped the balance was caring for his gravely ill father - who had bowel cancer - at home. John realised he wasn't embarrassed about the intimacy of the work, and so could help people maintain their dignity.

He embarked on training and shadowing care workers in 2004, and now is a care assistant at Bute House in Cumnock in Ayrshire.

"It's a totally different environment altogether, I feel great working with people. One of them is a big tall feller and he's very hard to shower, and I managed to get him into the shower - that was one of the best things I've done."

And a month ago, he and his partner of 14 years - and her daughter and grandson - moved in together.

"Things have come up great. We've all got jobs at the end and it's good, you can come home and there's dinner."

What would he say to people who have lost their jobs and are trying to work out what to do next?

"I would tell them they can help their community, to get into the care sector. You feel when you come home that you've done something, just to see a smile on their face."

FROM ENGINEER TO LETTING AGENT

After losing his job as an industrial engineer at Rover, Sean Kendall, 38, from Birmingham, is now pinning his hopes on real estate.

If I had my time again, I'd have learnt a trade - but not in manufacturing Sean Kendall

"It was obviously devastating [being laid off] because you've got 5,000 people out of work at any one time, looking for anything you can get."

He went to recruitment fairs put on at the company, but in the end found work labouring with his mate for six months, followed by another six months fitting air-conditioners.

"You're not happy doing it, but if you've got a mortgage and kids, you'd do anything wouldn't you? Well I would."

There was also impact on the community as his friends and social life centred on the Rover factory.

He also works part-time at Cadbury's

In 2006 he went to work at a Cadbury's factory, was laid off after 11 months but has since returned three days a week. The rest of the time he concentrates on the property management agency he has started with his mother.

While he received about

Who do pirates call to get their cash?

The hijacking of ships off the coast of Somalia has become a mini-industry, with another seized on Thursday. The ransoms are always paid - but how? Simon Cox goes on the money trail and finds all roads lead to one destination: London.

Piracy off the coast of Somalia is big business. Last year alone pirate gangs were paid an estimated

Iconic images quiz

Info

This iconic image of Charles Darwin, right, is enshrined on the £10 note and is how many would remember the naturalist. But a new statue of him as a young man is intended to show another side.Which prompts the question: can you tell the young image from the iconic image?

1.) Multiple Choice Question

Which of these images is not a young Darwin?

1. A
2. B
3. C

Info

Here is Anthony Smith's statue. The artist said he created the statue with a young man rather than a "wizened, Victorian gentleman with hollowed eyes and a long, white beard".

Info

A version of this image of Britain's giant of Victorian literature, Charles Dickens, in 1868, used to look out from the £10 note. Click NEXT to find the earlier image of the great author.

2.) Multiple Choice Question

Which of the engravings below showing floppy-haired chaps is the young Dickens?

1. Androgynous
2. Bouffant
3. Coiffured

3.) Multiple Choice Question

There are plenty of imposing images of Queen Victoria as an older monarch but can you tell which of these engravings is her as a young woman?

1. Wearing a tiara
2. Letting her hair down
3. Princess Leia-style hairdo
4. Tousled

Info

And here is a classic image of Queen Victoria in her more recognisable later years.

4.) Multiple Choice Question

We think of Gandhi with a shaven head, glasses and a simple white robe, but can you recognise the younger version?

1. A
2. B
3. C

Info

Here is a more recognisable image of Gandhi from his later years.

5.) Multiple Choice Question

As far as recognisable actors go, John Wayne has few peers. But can you recognise the photo of him before he developed his grizzled countenance.

1. A
2. B
3. C

Info

A stetson hat, neckerchief and unimpressed expression complete the classic look.

6.) Multiple Choice Question

Which of these is a photo of the young Albert Einstein?

1. A
2. B
3. C

7.) Multiple Choice Question

Having said that, is it really easy to spot Einstein as an elderly man? He wasn't the only man to sport a bushy 'tache and white shock of hair. Spot the Nobel winning scientist?

1. Unconventional
2. Unkempt
3. Uncle Albert?

Info

This image of Albert Einstein sticking his tongue out is perhaps the most recognisable of the man who propounded the theory of relativity.

8.) Multiple Choice Question

Older images of Karl Marx gained iconic status east of the Iron Curtain, but is this image the same man at a younger age? True or false?

1. TRUE
2. FALSE

Info

This is perhaps the classic image of Karl Marx, taken in 1880.

9.) Multiple Choice Question

By the time of his death in 1971, Louis Armstrong was one of the most recognisable faces from the world of music. But which of these is a young Armstrong?

1. A
2. B
3. C

Info

Louis Armstrong, pictured in a familiar pose, in 1956.

Info

Finally, here's Brigitte Bardot in her modelling heyday. But can you spot her today?Click NEXT to choose from four faces.

10.) Multiple Choice Question

Is it...

1. Image one
2. Image two
3. Image three
4. Image four

Answers

1. It's C, which is William Gladstone. A is an engraving of a young Darwin. B is Darwin in the 1850s. Click NEXT to see the new statue of a young Darwin.
2. Dickens is the last of the three, from an engraving from 1839 when the writer was 27. A is Percy Shelley in 1815 and B is Benjamin Disraeli in 1825.
3. Number three is Queen Victoria. Number one is her mother, Princess Victoria. Number four is her oldest daughter, Princess Victoria, the Princess Royal. Number two is her third daughter, Princess Alice.
4. B is Gandhi. A is the cricketer, prince and statesman KS Ranjitsinhij. And C is fellow cricketer Iftikhar Ali. Click NEXT to see a more iconic image of the Mahatma.
5. It's C. A is James Stewart and B is fellow strong and silent type, Gary Cooper. Click NEXT to see Mr Wayne in a more natural setting.
6. C is a photo of the young Albert Einstein. B is the young Aleister Crowley who went on to become a notorious occultist. A is an unknown boy.
7. It's 3 again. Click NEXT for a good old-fashioned iconic image of Einstein. The first is British Prime Minister David Lloyd George; the second novelist Mark Twain.
8. This is indeed a picture of Karl Marx as a sprightly 41-year-old. Click NEXT to see a more famous image of the socialist thinker.
9. A is a young Louis Armstrong. B is a young Dizzy Gillespie. C is Duke Ellington.
10. It's image one. Number two is Anita Pallenberg; three is Catherine Deneuve and four is Britt Ekland.

Your Score

0 - 4 : That's your 15 minutes over

5 - 8 : ...Fame!

9 - 10 : Remember my name...

For a complete archive of past quizzes and our weekly news quiz, 7 days 7 questions, visit the Magazine page and scroll down. You can also do this quiz on your mobile device.

Find out how to get the BBC News website on your mobile device