Pounds down again.
Jan 30th 2012, 2:16 pm
#31
Banned
Joined: Aug 2009
Posts: 5,008
Re: Pounds down again.
And the deciding on the x2 x3 x4 etc, salaries would cause uproar.
But the main thing is I belive resousfulness, gumption, knowlege and get up off your arSe and do it type of people should be rewarded.
Jan 30th 2012, 2:31 pm
#32
Concierge
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,211
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."
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."
Jan 30th 2012, 3:29 pm
#33
Forum Regular
Joined: Jan 2012
Posts: 58
Re: Pounds down again.
He's turned down a bonus on top of a salary of 1.2 million, his Chairman turned a bigger bonus down before it was announced, now we wait to see what the boss of Barclays does with his bonus of £6.5million. These people are paid silly money in any case, and in the current ecconomic climate it's obscene for them to accept any bonuses, after all the current problems were started by the banks getting greedy and making huge mistakes.
Jan 30th 2012, 3:38 pm
#34
RETIRED ;-))
Joined: Jul 2003
Location: Benalmadena Pueblo,Spain
Posts: 20,156
Jan 30th 2012, 4:31 pm
#35
Banned
Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Pounds down again.
If he had kept his bonus the taxman would have taken £500,000.
Jan 31st 2012, 7:31 am
#37
BE Enthusiast
Joined: Jun 2011
Location: Gibraltar
Posts: 396
Re: Pounds down again.
The bonus in hindsight would look cheap compared to the slow death of the bank and the UK would own 85% of bugger all.
There are good and bad decisions made in business daily. Businesses can trade themselves out of bad decisions. No one, however, will do business with a bank that does not make decisions. As much as you hate these people they make decisions and have the right connections within the industry.
If you are going to persist moaning about a nationally owned bank operating on a level playing field with the competition then you really have to question the original decision to save these failed businesses in the first place. IMO failing businesses should have been left to fail, that is after all the game of capitalism.
Jan 31st 2012, 7:49 am
#38
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: Pounds down again.
Look at Spanair going bankrupt. The Catalan government had pumped in tens of millions to try and keep it afloat, now they too are in danger of going bankrupt
"Saving" the banks or other big businesses may be the easiest option in the short term but I suggest that in the mid term it could bring down the entire country. Indeed the indebted banks are part of the reason why the UK is the most indebted nation on earth as a percentage of GDP
Jan 31st 2012, 9:03 am
#39
BE Enthusiast
Joined: Jun 2011
Posts: 418
Re: Pounds down again.
This may sound incredibly dumb but I have no idea about exchange rates... I am coming over next week on a house sit, my friend suggested that I bring sterling over and she will swap like for like with her euros... am I going to come out worse off or should I change up before I come??
Jan 31st 2012, 9:12 am
#40
Banned
Joined: Aug 2009
Posts: 5,008
Re: Pounds down again.
This may sound incredibly dumb but I have no idea about exchange rates... I am coming over next week on a house sit, my friend suggested that I bring sterling over and she will swap like for like with her euros... am I going to come out worse off or should I change up before I come??
Jan 31st 2012, 12:12 pm
#42
Lost in BE Cyberspace
Joined: Jun 2005
Location: Puente Esuri
Posts: 6,903
Re: Pounds down again.
This may sound incredibly dumb but I have no idea about exchange rates... I am coming over next week on a house sit, my friend suggested that I bring sterling over and she will swap like for like with her euros... am I going to come out worse off or should I change up before I come??
Jan 31st 2012, 1:07 pm
#44
Banned
Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Pounds down again.
Depends on the friend, she may just want to get hold of some sterling to travel. Better than going through an exchange place if calculated correctly..for both people
A friend in Spain used to always give me a shopping list of things when I went to UK. When I got back she would pay me the equivalent in euro. Always worked to her advantage, never said anything as I would have felt petty saying I was a tenner or so out of pocket.
A friend in Spain used to always give me a shopping list of things when I went to UK. When I got back she would pay me the equivalent in euro. Always worked to her advantage, never said anything as I would have felt petty saying I was a tenner or so out of pocket.
Jan 31st 2012, 1:10 pm
#45
Joined: Jun 2011
Location: In the middle of 10million Olive Trees
Posts: 12,053