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Re: Pounds down again.
I would imagine that the government has to pay a salary and bonus package similar to other banks both in the UK and around the world else they wouldn't get the best people to run them.
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Re: Pounds down again.
Originally Posted by Biffta
(Post 9873252)
Why don't some people and the media in general stop banging on about bankers' pay & bonus's?
What about premiership footballers and their earnings and bonus's? The general public keep quiet on that and their dodgy tax dealings. We've just had a 1 million pound Big Brother winner. And for what? Doing absolutely nothing. Generating no money or jobs for the economy. But of course that doesn't matter as long as the class war mongers continue with their belief that making the rich less wealthy makes the poor richer. It doesn't. |
Re: Pounds down again.
Originally Posted by jimenato
(Post 9873395)
I would imagine that the government has to pay a salary and bonus package similar to other banks both in the UK and around the world else they wouldn't get the best people to run them.
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Re: Pounds down again.
Originally Posted by tonysallis1
(Post 9873418)
This isn't about class, is it morally right that "Fred the Shred", should go in, make thousands redundant, collapse a bank bring a country to the brink of finacial riun and get paid shedloads for doing it?
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Re: Pounds down again.
Wasn't thinking of Fred, just the present Hestor at RBS. He hasn't done such a bad job taking into account the economic climate. All RBS assets are now profitable, debts reduced by hundreds of billions. The bonus was in shares and cannot be cashed until 2014 therefore giving him a continued incentive. He could have earnt more elswhere.
What could happen now is that he will leave and no-one who is any good will want the poisoned chalice, so some chinless wonder will step in. If I were he I would move to a higher paid job and a lesser profile, wouldn't be difficult. What about all the millions Prince Charles receives from the Duchy, the vast income from land by the Duke of Westminister. Simon Cowell's fat earnings out of x-factor...list is endless. Do we want to be like Cuba where a Doctor gets a few more food coupons than a dustman:blink: |
Re: Pounds down again.
Originally Posted by agoreira
(Post 9873376)
Of course what private banks pay their people is entirely up to them, but even then they are paid bonuses even when they lose billions. If the shareholders are happy with that, seeing the share price drop like a stone, that's fine, everybody is happy. Especially those getting huge bonuses, being rewarded for failure. I was always under the impression a bonus was a reward for a company being successful. Completely different with an almost nationalised bank, there the government owns nearly all the shares, obviously they should have a big say in bonuses. The whole bonus culture has encouraged bankers in the recent past to take huge risks with other people's money, they can't lose, they get bailed out if they do.
Footballers, yes, crazy money, however if they cock up like bankers do and don't perform, they are out. Plus by thirty, most are finished. It seems crazy to me as well that they get such silly wages, but it's paid on performance generally, if people didn't want to watch the games live or on TV, there would be no wages. Big Brother? no idea, I'll have to take your word for that, but again whilst there are millions of saddos that are prepared to watch it, they can continue to pay those amounts. ¡Al pueblo, pan y circo! |
Re: Pounds down again.
Originally Posted by jackytoo
(Post 9873471)
Wasn't thinking of Fred, just the present Hestor at RBS. He hasn't done such a bad job taking into account the economic climate. All RBS assets are now profitable, debts reduced by hundreds of billions. The bonus was in shares and cannot be cashed until 2014 therefore giving him a continued incentive. He could have earnt more elswhere.
After all, they're not risking their own money, much of what they do is posh gambling with limited wider utility. Plenty of other people could do it – trust me, they really could – and the bankers don't yet seem to grasp how much pain and suffering their miscalculations have caused to millions. |
Re: Pounds down again.
Most Bankers are out on a limb after 50, City Traders even younger.
The easiest thing to do (instead of letting the media run witch-hunts) would be to put a higher tax on bonus payments. |
Re: Pounds down again.
Originally Posted by jackytoo
(Post 9873471)
Do we want to be like Cuba where a Doctor gets a few more food coupons than a dustman:blink:
Personally I would opt for all salaries to be on a scale of a factor of ten, with the maximum wage being ten times that of the minimum wage. |
Re: Pounds down again.
Originally Posted by agoreira
(Post 9873531)
The "best" have brought the country to it's knees, could lesser people do any worse.
Most of them arent particularly well educated or talented, their greatest skill is saying the right things to the right people at the right time i.e. all spin and no substance |
Re: Pounds down again.
Hestor went to a comprehensive school and on to Oxford so a bit more than spin. I feel sorry for him anyway:p
Mail has dug up his sisters life now http://www.dailymail.co.uk/news/arti...rity-work.html |
Re: Pounds down again.
Originally Posted by jackytoo
(Post 9873553)
Hestor went to a comprehensive school and on to Oxford ]
Doesnt mean that they are justified a £1 million bonus for running a state owned bank. Remember the PM earns nearly ten times less than that. Is running a bank harder than running a country? No, its just that the bankers have free access to lots of other people's cash and up until now noone has been scrutinizing them |
Re: Pounds down again.
Hope you didn't include the word "noone" on your application;):lol:
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Re: Pounds down again.
Originally Posted by jackytoo
(Post 9873568)
Hope you didn't include the word "noone" on your application;):lol:
If you want me to double check for spelling and typos on my posts then I will send you a quote for my time, I have a reasonable hourly rate ;) |
Re: Pounds down again.
Another view from the Guardian
Veteran City commentator David Buik, of brokers BGC Partners, said: "I think last night's announcement was a very sad day for commercial democracy. Yes the taxpayer/government owns 82% of RBS. If there had been any concern about the democratic process, then UKFI and Treasury should have filled the board with their people rather than commercial appointments under the chairmanship of Sir Philip Hampton. The fact remains that political expediency and public opinion bullied Mr Hester into waiving his justified bonus. There is no doubt that Labour and the Lib Dems would have won that vote. It may not have necessitated RBS to change its mind about Mr Hester's bonus but it would have made Hester's position untenable. "Mr Hester's job at RBS in the last three years has not been made any easier by the incompetence of EU politicians, whose inept and moribund approach to the sovereign debt crisis has trashed the banking sector's value. This level of incompetence has taken the EU and the UK to the brink of recession. What bank in its right mind would lend money to counterparties, which may not be able to repay. "We must hope that Stephen Hester does not resign. Frankly he has grounds to! The job is immensely stressful. Does he need the grief if the support is not there? Frankly the office of CEO has been rubbished by the unparalleled pressure heaped on Mr Hester. The £1.2m salary is cast in stone. Mr Hester needs to keep a team of the best people incentivised so that the taxpayer gets its £45bn returned PDQ! Bonuses awarded to Mr Hester are only meaningful if RBS's share price rises, resulting in the taxpayer being repaid. That strikes me as sensible." |
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