British Bonuses for British Bankers

[Kanda]

And also to state that their own pensions made money whilst everyone elses are worthless smacks of mismanagement.

Who at RBS said their pensions made money??

 

[A Dashing Blade]

What if employee A is working for a bank that has been bailed out by public cash?

Why should I pay for some cunt's colossal bonus?

Because you want that cunt to continue to work for your bank You don't give him a bonus (& I'm talking about guys who have demonstrated consistant ability to make money here) then s/he will welcomed with open arms by another bank. Meanwhile, your bank has lost a £5-30m per year revenue generator.

My best guess is that, in this sorta circumstance, the cunt is gonna be getting between 12-17% of net profits after fixed and financing costs have been deducted.

Specifically wrt RBS's investment banking ie trading operations (not structured), my understanding is that they made out like bandits this year.

 

[editor]

Because you want that cunt to continue to work for your bank You don't give him a bonus (& I'm talking about guys who have demonstrated consistant ability to make money here) then s/he will welcomed with open arms by another bank. Meanwhile, your bank has lost a £5-30m per year revenue generator.

Then nationalise the banks and kick these greedy, self-interested cunts out.

At the very least this has been a sobering lesson in what used to be called the anarchy of the market. Unrestrained greed bred in the wine bars of the City of London led to bankers making wild speculative bets with other people's money. These golden fools have ended up ruining the global financial system. It's a morality tale as old as banking itself. Unfortunately, we all pay for their irrational exuberance.

The former chairman of the US Federal Reserve, Alan Greenspan, who coined that phrase in 1996 but let it rip regardless, says that his big mistake was believing that bankers could be relied upon to act rationally in their collective interest. But it is inherent in the competitive market system for such dislocations to occur. Individuals chasing profit are often incapable of seeing the wider consequences of their actions. It's not what they get paid for.

So, as we open our wallets again to contribute to the banker's benevolent fund, should we not pause and ask if there isn't a better way? Not centralised ownership and control of the means of production by the state - that led to bureaucratic tyranny - but perhaps using the public stake we already have in the financial system to impose discipline?

http://www.theherald.co.uk/features....now_is_the_time_to_nationalise_all_banks.php

 

[In Bloom]

If you have a pension, someone out there is 'making money' for it. Same with ISA's or anything like that. Interest? They pay it because they have your money and do *stuff* with it that makes money that enables them to pay interest.


Or do you have some other way of working out pensions? *Here, have a table I made, there's your pension*

I'm not saying it's right, am just stating how it works.

Everybody understands how it "works", you patronising, self-righteous cock. The point is who it works for.

 

[Fruitloop]

Surely the point is that if you work in some more proletarian industry then you can be asked to take a pay cut, laid off or put on reduced hours because of factors that are nothing to do with the part of the business that you work in, which may be perfectly profitable. I should know as it's happened to me on more than one occasion. I also know that bankers see themselves as unique and irreplaceable little snowflakes, but in reality that's a load of cock.

 

[butchersapron]

It doesn't make money anyway - it moves around money or it makes other people work harder and longer and bets on capitals ability to make people worker even harder and longer into the future. They're the ones making the money. It's not 'how they work' - that's the idea that the financialisation of the domestic economy (i.e finance invading every area of our lives in order to benefit itself) hides behiond to pretend it's got some socially useful function.

 

[Kanda]

Everybody understands how it "works", you patronising, self-righteous cock. The point is who it works for.

Kin'ell, anger management.

 

[Bob_the_lost]

Because you want that cunt to continue to work for your bank You don't give him a bonus (& I'm talking about guys who have demonstrated consistant ability to make money here) then s/he will welcomed with open arms by another bank. Meanwhile, your bank has lost a £5-30m per year revenue generator.

Because the jobs market in the banking industry is going so well right now...

 

[AnnO'Neemus]

Not all parts of the Bank lost money, I like the idea from the US of a 500k cap on wages for bosses. But, if you work in a part of the business that didn't lose money and you hit your target you deserve it - if you work in a part that doesn't you obviously don't.

That seems fair enough, if your part of the bank performed and made money, you deserve a bonus.

But the problem is that if the underperforming parts of the bank wiped out all your profits. And then some. So that the bank made overall losses. Out of what 'profits' are these bonuses supposed to be paid?

 

[kyser_soze]

Worth pointing out that, as with most banks, the bonus pools often cover the whole staff. There were some interesting letters in the Metro a couple of weeks ago when the staff at Northern Wreck were given their bonuses, so while the bosses get the biggest bonuses, they are shared among the whole staff.

Personally I think the whole thing stinks WRT the banks, but I remember similar stuff happening in the early 90s when the senior management of some failing companies paid themselves fat bonuses...

 

[Blagsta]

It doesn't make money anyway - it moves around money or it makes other people work harder and longer and bets on capitals ability to make people worker even harder and longer into the future. They're the ones making the money. It's not 'how they work' - that's the idea that the financialisation of the domestic economy (i.e finance invading every area of our lives in order to benefit itself) hides behiond to pretend it's got some socially useful function.

Yes, this is what I was trying to say in my cack handed way.

 

[CyberRose]

We'll be back for more as soon as we feel like it and your spineless politicians will cough up because you're probably too dim, cowardly or lazy to boot them out

Yea let's boot em out and get the Tories back in! That'll teach those bankers!

Oh...

 

[A Dashing Blade]

Because the jobs market in the banking industry is going so well right now...

For guy who can demonstrate a consistant, positive track record yes it is. Fact.

 

[A Dashing Blade]

Then nationalise the banks and kick these greedy, self-interested cunts out.

Cool, if you want to turn RBS et al into a pure retail bank then fair enough.

 

[butchersapron]

For guy who can demonstrate a consistant, positive track record yes it is. Fact.

I think he may have meant for the rest of us. That reply sums up exactly whose important though.

 

[A Dashing Blade]

I think he may have meant for the rest of us. That reply sums up exactly whose important though.

Of course. You make money (ie produce a revenue stream that supports, of the order of, 15 suppport staff) then you are the most important.

 

[butchersapron]

And again.

I meant as opposed to society.

 

[A Dashing Blade]

And again.

I meant as opposed to society.

Ahhh, finally get it. apols, had a bit of a "senior moment" there.

 

[Kanda]

Then nationalise the banks and kick these greedy, self-interested cunts out.

Nationalise RBS???

Do you realise how much that would add to national debt?

I don't think it will happen : http://www.financemarkets.co.uk/2009/01/20/why-rbs-cant-be-nationalised/

 

[taffboy gwyrdd]

Yea let's boot em out and get the Tories back in! That'll teach those bankers!

Oh...

The tories are numbered among those spineless politicians. Supporting Labour by default of not being tories hasnt worked. It's a nonsense approach. The choice of being kicked in the bollocks or punched in the face is not something we should entertain seriously.

 

[editor]

Nationalise RBS???

Do you realise how much that would add to national debt?

I don't think it will happen : http://www.financemarkets.co.uk/2009/01/20/why-rbs-cant-be-nationalised/

Yeah, because the banks are doing such a great job of things at the moment!

Those disgusting greedy cunts in the banking sector are the reason why so many people are fucked right now.

 

[Kanda]

Yeah, because the banks are doing such a great job of things at the moment!

Those disgusting greedy cunts in the banking sector are the reason why so many people are fucked right now.

I'm not disagreeing with you, but did you read the article?

 

[A Dashing Blade]

Those disgusting greedy cunts in the banking sector are the reason why so many people are fucked right now.

Those disgusting, greedy and mathematically naive cunts in the structured products departments in the banking sector are the reason why so many people are fucked right now.

 

[taffboy gwyrdd]

Those disgusting, greedy and mathematically naive cunts in the structured products departments in the banking sector are the reason why so many people are fucked right now.

As well as the lax politicians and myopic capitalists who have been lecturing us for years about how we just didnt understand capitalism or were motivated by the politics of envy

That was not just people in those departments, far from it.

One problem with capitalism is that an ideology which places money so highly leads people with money to assume that they must be right. Now in a way they were right because they made a fuckload and the rest of us are paying. But it takes a real nerve to keep expecting more and more.

 

[quesevayantodos]

The bonuses are "contractual"? Fuck that, this is a crisis, that should be over-ridden in the circumstances.

Besides, why should bonus contracts take precedence over other things the banks should spend the money on, many of which are probably also contractual.

 

[taffboy gwyrdd]

http://www.guardian.co.uk/business/2009/feb/08/huge-payouts-for-ousted-hbos-bosses

Including the classic:

Former HBOS chief executive Andy Hornby waived his right to almost £1m in annual pay when he was asked to quit, but received hundreds of thousands of pounds in cash payouts from share based incentive schemes. He is now earning £60,000 a month as a consultant to his former bank.


"no reward for failure" - my hole. They loot. They lie. We let them.

 

[derf]

"The bank, now 68 per cent owned by the Government, is due to report its 2008 results in three weeks, when it will confirm a loss of between £7 billion and £8 billion, after which it wants to pay out the bonuses within weeks."



How can a bank that is expected to confirm losses of 7-8 billion pounds pay out bonuses to the people who got it into that mess?

I'm in the wrong industry, clearly.

Perhaps they should pay a massive bonus for the execs who make big piles of cash for the banks but those who fuck up and loose billions should pay the money back.
Maybe they wouldn't buy shit yanky bollcoks if they were responsable for what they did.

 

[taffboy gwyrdd]

http://business.timesonline.co.uk/t...ectors/banking_and_finance/article5690117.ece

Loot, loot, looting...It's what they love to do...

No recession for them, and remember it's
socialist because the capitalist press say it is. Or something.

 

[taffboy gwyrdd]

Perhaps they should pay a massive bonus for the execs who make big piles of cash for the banks but those who fuck up and loose billions should pay the money back.
Maybe they wouldn't buy shit yanky bollcoks if they were responsable for what they did.

Oh, you cant say that. It's the Politics of Envy(TM)

It gets funnier: The FT quotes Prescott as saying “This is raw capitalism and this country rejects it,”

Er, no dice fatso. This is raw capitalism and the country is paying for it, thanks to your beloved Labour Party. He must think we're as fuckwitted as he is. We have been in full-on "freedom is slavery" double think mode for some time. But it's getting worse.

 

[Jeff Robinson]

Bank workers have staged a protest outside Westminster, calling on finance bosses to apologise for the "crisis" in the industry and pressing the case for bonuses to be paid to staff.

Workers from banks including HBOS and Lloyds travelled to London ahead of the Select Committee grilling of bank executives.

The workers held up banners which read: "Remember us? You've put our jobs at risk."

http://uk.news.yahoo.com/21/20090210/tuk-bank-workers-stage-bonuses-protest-6323e80.html

Sign petition against bonuses being awarded to these typhus bearing vermin here:

http://www.ipetitions.com/petition/giveupthebonus/