limeylily
New Member
I can be as daft as anyone ... I just have to try harder.
Posts: 308
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Post by limeylily on Feb 5, 2009 9:55:56 GMT
Here we go again........... business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5663873.ece The troubled Royal Bank of Scotland, rescued with £20 billion of public money, is planning large bonuses for thousands of its City traders and senior bankers, The Times has learnt. The proposed payments are expected to reach tens of millions of pounds — possibly hundreds of millions — with some star bankers in line for six-figure payouts. UK Financial Investments (UKFI), the Treasury-run body that holds the Government’s RBS stake, is understood to have given its blessing in principle to limited payments, although it has yet to see the details. “There’s no blanket objection to bonuses, but they are subjecting them to intense scrutiny,” said one well-placed source. “The [bonus] numbers will be very large and very difficult for the general public to understand.” (continued) I reckon the general public will find it even more difficult to understand why these bank executives haven't been given the boot after steering their institutions into insolvency.
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Post by Beachcomber on Feb 5, 2009 11:00:40 GMT
At least Obama is talking sense on this subject - Why the silence from Brown ? US President Barack Obama has announced a $500,000 (£355,000) limit on executive pay at US firms that need substantial fresh government aid.
The move follows widespread public anger over the levels of pay on Wall Street, but is not expected to be applied retrospectively.
President Obama said it was "shameful" that top bankers had awarded themselves giant bonuses last year. He added that taxpayers should not be "subsidising excessive compensation". LINK |
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Post by Victor Meldrew on Feb 5, 2009 14:16:20 GMT
I just love that comment at the bottom from Commodity Trader Michael. I am currently a commodities trader at RBS and can honestly say after a difficult year and only having lost 2MM this year, I feel I have earned my bonus in not losing more!! If not - I can freely go to another bank and earn that bonus elsewhere. We're rewarding people for making losses? Unbelievable. OK Michael, we don't like so please be our guests. Fcuk off to another bank, hopefully somewhere abroad, you greedy ****. Er, you may find there's a shortage of vacancies around at the moment though. Also noticed these two stories on the Times' website today. Hmm, the headlines seem a bit at odds with each other. business.timesonline.co.uk/tol/business/economics/article5666159.ecebusiness.timesonline.co.uk/tol/business/economics/article5663644.ece |
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Post by flatandy on Feb 5, 2009 14:47:09 GMT
I love the argument they use.
We need to pay these salaries to keep the best people.
Really.
The best people are the ones that lost billions of quid? And yet you could pay me half what they're earning and I'd have lost you nothing at all.
And, incidentally, what else are they going to do, if they aren't paid lots? Go into one of those other professions that pays silly money? Perhaps the bankers are also competent rock stars or football players? Or perhaps they have no choice and should shut up and deal with it.
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limeylily
New Member
I can be as daft as anyone ... I just have to try harder.
Posts: 308
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Post by limeylily on Feb 5, 2009 14:53:33 GMT
At least Obama is talking sense on this subject - Why the silence from Brown ? Err... it might possibly be embarassment Beachy as the Government owns 68% of RBS.  |
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ricklinc
New Member
Nostalgia
Posts: 2,597
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Post by ricklinc on Feb 5, 2009 14:53:55 GMT
I love to see arrogance in people who have earned the right to it. I doubt that many in the financial game have done any such thing. Only lost a couple of million! Just a small beating then. Ribs, legs, one arm, maybe a couple of fingers.
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Post by omnipleasant on Feb 5, 2009 14:56:38 GMT
The govt are kind of trying to get the banks they own to limit bonuses.
But I have no idea why they don't do what Obama has done and say "right. £100k tops. If you don't like it, close the door after you".
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mids
New Member
Posts: 61,076
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Post by mids on Feb 5, 2009 15:00:03 GMT
So the state run banks are paying out massive bonuses for failure? Disgusting.
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Post by omnipleasant on Feb 5, 2009 15:01:06 GMT
The problem is that they are state owned but not state run, Mids.
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ricklinc
New Member
Nostalgia
Posts: 2,597
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Post by ricklinc on Feb 5, 2009 15:06:36 GMT
And Brown can't really condemn failure in others without resigning.
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mids
New Member
Posts: 61,076
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Post by mids on Feb 5, 2009 15:07:38 GMT
The problem is that they are state owned but not state run, Mids. So Gordo threw countless billions at them without having a clue what he was doing? I see... |
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Post by mars33 on Feb 5, 2009 15:24:51 GMT
"I love the argument they use.
We need to pay these salaries to keep the best people."
The same argument was used in the States where they handed out around $20bn in bonuses. And it's a load of crap, as the job market in the banking sector is getting mucher tighter. So yes, let the turd go and apply at another bank with the same argument. "Hire me, and you'll only lose 2 million!"
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Post by flatandy on Feb 5, 2009 15:27:05 GMT
The problem is that they are state owned but not state run, Mids. Well, it's the responsibility of shareholders to ensure that the company they own behaves in an appropriate and responsible manner na dpays appropriate wages and if the management and board are useless to throw them out on their ears. The government's duty, as majority shareholder, is to get these companies to behave responsibly. |
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Post by omnipleasant on Feb 5, 2009 15:29:48 GMT
I know Andy. But they are still being too timid if you ask me. They should be issuing Stalinist decrees telling the greedy incompetent fcukers what's what.
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