Greedy p*gs

[Pat494]

Bankers 'need to join real world', minister says

City Minister Lord Myners said shareholders should take action on bonuses
A government minister has told bankers "to come back into the real world" after Royal Bank of Scotland directors threatened to resign over bonuses.

City Minister Lord Myners said it was unrealistic that bankers should expect to be paid million pound bonuses.

RBS reportedly wants to pay a total of £1.5bn in bonuses to investment banking staff, and the board has threatened to quit if the government blocks the move.

The Treasury said it would intervene if it was in the interest of taxpayers.

And so it bl**dy well should !!
Tax the huge payouts to bankers.
They have made a complete mess of the banking system and then expect to be rewarded ???????????
Let them go off to the opposition - who is erm the Taliban ?
Won't get a generous payout from them - :clap:

 

[gooseman]

lord myners got paid out 30 million by gartmore. it's easy for him to say.

alternative is not to pay the talent, the bank stops making money, your tax £ erode in value as the shares are hammered and the bank ceases to function.

 

[jaspertrademaster]

Hurrah for the banks! Yeah, right.

 

[meanreversion]

There is no easy solution to this. Losing the board is probably not a big deal.. call their bluff, let them resign and forfeit all their unvested shares. However, the real talent (i.e. the moneymakers) will likely leave, thereby rendering RBS a useless hulk of a bank. It's a sad and sorry mess, the only benefit is that it makes life very difficult for Brown. However, his pension is secure and he doesn't give a sh*t anymore. On the contrary, he is now actively trying to destroy the UK, a kind of "scorched earth" policy. A bit like when the Iraqis left the oil wells burning.

 

[Trader333]

I cannot see what the problem is here as the planned bonus of £1.5Bn only works out at £75K per employee


Paul

 

[Mr. Charts]

This isn't about social or financial "justice" or "fairness", it's about talent and success amongst traders being rewarded. It's the senior management people who encouraged high risk strategies and bad lending who are to blame, not the traders. The latter tend to spend their bonuses (after Brown and his Darling lap dog have taken 40% - yes 40% - to waste on their pet projects and a growing state sector) in the UK and thus fuel the economy.
I don't envy one trader her/his bonus; the directors and management are a different matter - they don't EARN the money.
The last thing we want to do is to drive individual talent and City wealth creators out of the UK with socialist nonsense.
Richard

 

[counter_violent]

What i'm about to say goes completely contrary to my beliefs.

Considering that the taxpayer owns 70% of RBS...why not go the whole hog and nationalise it.

Those bank board members are on a sticky wicket me thinks.

 

[Mr. Charts]

"Considering that the taxpayer owns 70% of RBS...why not go the whole hog and nationalise it."

Because Alex Salmond would seize it...........

 

[gooseman]

more than 40p in the pound mr charts

 

[Mr. Charts]

more than 40p in the pound mr charts

Yep, but I thought I wouldn't include all the other taxes for simplicity's sake....

 

[Ambrose Ackroyd]

Let's face it, all the people who moan and groan about banker's bonuses would be happy to accept a fat bonus if they were lucky enough or rather, sufficiently talented to be rewarded with one.

I would suggest that there is a large element of jealousy involved here.

Leave the bankers alone................if a talented banker can make $ 50 million for his bank why shouldn't he get a slice of it ?

The very people who should not be complaining about this issue are politicians, greedy bastar*ds that they are.

 

[robster970]

The very people who should not be complaining about this issue are politicians, greedy bastar*ds that they are.

They are politicians because they are talentless f*ckwits. If they had a talent, they would be capitalising on it instead of earning £60k per annum and trying to run all sorts through on expenses.

You pay peanuts, you get monkies.

 

[Mr. Charts]

Let's face it, all the people who moan and groan about banker's bonuses would be happy to accept a fat bonus if they were lucky enough or rather, sufficiently talented to be rewarded with one.

I would suggest that there is a large element of jealousy involved here.

Leave the bankers alone................if a talented banker can make $ 50 million for his bank why shouldn't he get a slice of it ?

The very people who should not be complaining about this issue are politicians, greedy bastar*ds that they are.

Spot on, my friend !

Hypocrisy and envy, the hallmarks of socialist politicians and their camp followers in the media.
Richard

 

[Pat494]

Leave the bankers alone................if a talented banker can make $ 50 million for his bank why shouldn't he get a slice of it ?

.

And if they have lost £200 Billion that justifies a nice fat reward I suppose ??

No no no there must be retribution for a job very badly done.

Fair enough they get big rewards when they are making big profits BUT when they fail dismally on the 1st rule of banking they should suffer and be seen to suffer to deter others.

I'm not suggesting locking them up somewhere at the taxpayer's further expense !!
Oh no I'm suggesting they get stripped of all their assets bar £500 and the clothes they stand up in. Throw them out on the street - lesson learnt and probably never to be repeated. See if their rich buddies take them back in ?

 

[N Rothschild]

pfttcall yourself a trader and your moaning about people being greedy? trading is the holly grail of greed!

 

[squall321]

When you win you keep the money
When you lose you get more money
When you start winning again, you keep the money

it's the perfect EA

 

[Mr. Charts]

If you are a trader working for a big investment bank and your employers tell you to take a degree of risk greater than you personally feel prudent, what would you do?
Bear in mind if you don't do as they say, you're out of a job and it's going to be hard finding another after being sacked.
If you do as they say you might well make a lot of money in bonuses despite an increased risk to the BANK'S money, not your personal funds.
And hey, you think they probably SHOULD know more than you and if you think you know better are you really going to give up big money because you think their risk appetite is too high?
And if everyone around you is making money, are you really going to opt out?

So, who is really to blame? The individual trader OR the management, and then the directors, and then the regulators who have allowed it, and then the politicians who have turned a blind eye........

Richard

 

[Trader333]

In my view it is not about fault but in any other industry they would have just gone bankrupt so there would be no bonuses for anyone as there would be no bank. The fact that the government bailed them out but would not do the same for other British industries just goes to show that it is the perfect industry to be in. I also think that it is a form of socialism to have bailed them out because in true capitalism there would be no rescue.


Paul

 

[Mr. Charts]

Paul,
I don't think the people who have worked for banks and lost their jobs would agree !
But for the bosses who have helped themselves to huge bonuses, yes, e.g. Fred Goodwin.
As usual, it's the innocents who suffer, whilst the guilty walk free - and free from embarrassment as their egos are huge - and having unearned millions for failure is more than enough compensation for a little unwanted media attention.
Even so the likes of Applegate of Northern Rock have found themselves very highly paid jobs !
Richard

 

[Ambrose Ackroyd]

And if they have lost £200 Billion that justifies a nice fat reward I suppose ??

It would justify a very detailed investigation to determine who was at fault.

I have been on the receiving end of one of these investigations about 7 years ago and although I lost quite a few million I was not blamed in any way.

This was because I had followed procedures to the letter and every single one of my actions was signed off by people who were senior to myself at the time.

These people comprised 2 engineers and a bucket accountant who didn't have a clue what was going on. They signed off everything because they didn't want to admit to a lack of understanding.

They were incompetent and fully to blame but they were not penalised because the whole affair was covered up, even to the extent of bribing the local press ( who had got wind of it ) not to go public.

By the way, these 3 prime ar*seholes got larger bonuses than me.

The people who are to blame for these f**k ups should be penalised, not rewarded...totally agree.