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March 29 2024 7.07am

Bankers' Bonuses

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View JRW2's Profile JRW2 Flag Dulwich 26 Sep 22 7.35pm Send a Private Message to JRW2 Add JRW2 as a friend

Originally posted by YT

In my opinion it's not a government's role to tell private sector employers how to remunerate their employees. Footballers are remunerated beyond the wildest dreams of most bankers, so why not ban them from receiving bonuses? In any case, banning bonuses is simple to circumvent by paying a higher salary instead.

Well said.

 

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View crystal-purley's Profile crystal-purley Flag Purley 26 Sep 22 9.51pm Send a Private Message to crystal-purley Add crystal-purley as a friend

Originally posted by JRW2

Well said.

It is when the banks had to be bailed out to the tune of £420bn. In an ideal world it would be great to have bankers who could be trusted and as someone pointed out further up the septics were really the problem at that time although we didn't have to chew on an already well gnawed bone.

 


Enjoying getting up later and not having someone who knows better than me (apart from the missus of course).

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View steeleye20's Profile steeleye20 Flag Croydon 26 Sep 22 10.09pm Send a Private Message to steeleye20 Add steeleye20 as a friend

Originally posted by crystal-purley

It is when the banks had to be bailed out to the tune of £420bn. In an ideal world it would be great to have bankers who could be trusted and as someone pointed out further up the septics were really the problem at that time although we didn't have to chew on an already well gnawed bone.

Would the banks bail us out?

Not a chance.

As for the BOE performance they must be taking the piss!

 

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View Stirlingsays's Profile Stirlingsays Flag 26 Sep 22 10.18pm Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by crystal-purley

It is when the banks had to be bailed out to the tune of £420bn. In an ideal world it would be great to have bankers who could be trusted and as someone pointed out further up the septics were really the problem at that time although we didn't have to chew on an already well gnawed bone.

I think this is very relevant.

I'll all for the attitude that government isn't there to dictate to the private sector. However, I'm afraid after 2008 that argument has been severely damaged.

When you go cap in hand to the state because you're 'too big to fail'.....I'm afraid you lose not only trust but also a certain amount of autonomy.

When your sector had to be saved by Joe Public.....Something which was incredibly damaging, caused death and ruination and hasn't been recovered from....then yeah....We don't want to hear 'we know best' again.

Edited by Stirlingsays (26 Sep 2022 10.19pm)

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View HKOwen's Profile HKOwen Online Flag Hong Kong 27 Sep 22 12.05am Send a Private Message to HKOwen Add HKOwen as a friend

The 2008 financial crisis was led by the US and deregulation introduced by Labour.

Under Labour lenders were allowed to lend over 100% of the value in the UK.

The bail out ended up as an investment that returned a profit for the taxpayer.

Most of the commentary here is just ideology.

 


Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

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View HKOwen's Profile HKOwen Online Flag Hong Kong 27 Sep 22 12.07am Send a Private Message to HKOwen Add HKOwen as a friend

Originally posted by steeleye20

Would the banks bail us out?

Not a chance.

As for the BOE performance they must be taking the piss!

Would you rather have had a collapase of the banking system, that was the choice.

I agree the BOE has been unfit fir purpose past few years

 


Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

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View Dubai Eagle's Profile Dubai Eagle Online Flag 27 Sep 22 7.14am Send a Private Message to Dubai Eagle Add Dubai Eagle as a friend

I remember taking the kids to the cinema to see one of the Gru films (the guy with the minions) -Gru goes to the "Bank of Evil" to fund the building of a rocket required to steal the moon, under the sign for Bank of Evil was a sign -
"Formerly Lehman Brothers" - absolutely cracked me up.

Originally posted by HKOwen

The 2008 financial crisis was led by the US and deregulation introduced by Labour.

Under Labour lenders were allowed to lend over 100% of the value in the UK.

The bail out ended up as an investment that returned a profit for the taxpayer.

Most of the commentary here is just ideology.

 

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View Badger11's Profile Badger11 Flag Beckenham 27 Sep 22 7.54am Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by HKOwen

Would you rather have had a collapase of the banking system, that was the choice.

I agree the BOE has been unfit fir purpose past few years



The only thing worse than the BOE is the Office of Budget Responsibility, their forecasting has been appalling. No wonder the government has chosen not to publish their response to the mini budget.

 


One more point

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View NEILLO's Profile NEILLO Flag Shoreham-by-Sea 27 Sep 22 10.03am Send a Private Message to NEILLO Add NEILLO as a friend

I worked in the Banking industry for over 40 years.

I wasn't in one of those jobs that pay the mega bonuses that the media like to comment on. But I worked with and knew people that were.

I don't begrudge those people. It's hire and fire and entirely results driven. Akin to being a football manager.

At another place in time, the decision to lift the cap could make sense. But it's certainly not now. Truss & Co have either totally ignored the needs of the people or just plain don't get it. Not sure which is worse !

Now the media are railing against the City Boys '' betting against UK PLC ''. Well, that's their job. To maximise profit for the organisation they work for. And lifting the bonus cap will just line their pockets even further. Still, it will trickle down won't it ( not ).

Going back to 2008, I was subjected to the chaos wrought by Freddie Goodwin. An out of control ego maniac enabled by a Board whose Chairman was a Chemist not a Banker ! Brown had no option but to bail RBS out otherwise the whole system was at high risk. Footage of Goodwin denying that RBS had any exposure to Sub Prime lending should have been enough on its own to land him in jail.

Edited by NEILLO (27 Sep 2022 10.04am)

Edited by NEILLO (27 Sep 2022 10.05am)

 


Old, Ungifted and White

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View Badger11's Profile Badger11 Flag Beckenham 27 Sep 22 10.41am Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by NEILLO

I worked in the Banking industry for over 40 years.

I wasn't in one of those jobs that pay the mega bonuses that the media like to comment on. But I worked with and knew people that were.

I don't begrudge those people. It's hire and fire and entirely results driven. Akin to being a football manager.

At another place in time, the decision to lift the cap could make sense. But it's certainly not now. Truss & Co have either totally ignored the needs of the people or just plain don't get it. Not sure which is worse !

Now the media are railing against the City Boys '' betting against UK PLC ''. Well, that's their job. To maximise profit for the organisation they work for. And lifting the bonus cap will just line their pockets even further. Still, it will trickle down won't it ( not ).

Going back to 2008, I was subjected to the chaos wrought by Freddie Goodwin. An out of control ego maniac enabled by a Board whose Chairman was a Chemist not a Banker ! Brown had no option but to bail RBS out otherwise the whole system was at high risk. Footage of Goodwin denying that RBS had any exposure to Sub Prime lending should have been enough on its own to land him in jail.

Edited by NEILLO (27 Sep 2022 10.04am)

Edited by NEILLO (27 Sep 2022 10.05am)

Alex Salmon sent a public letter to Goodwin demanding that they go ahead and buy ABN AMRO which caused the downfall of RBS because of the hidden toxic debt. I worked for Citi at the time we walked away from that deal when we realised it was a poison chalice.

Salmond of course was motivated by Scotland having the biggest bank in the world instead they ended up with one of the most toxic and if Scotland had been independent it would have bankrupted the country. Point this out next time the SNP give it the Braveheart, it was English money that saved Scotland yet again.

 


One more point

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View silvertop's Profile silvertop Flag Portishead 27 Sep 22 10.53am Send a Private Message to silvertop Add silvertop as a friend

Originally posted by Behind Enemy Lines

I am no expert on this but what I have heard revolves around the idea I suppose that the ban remains in the EU and therefore this should attract foreign based staff to the UK. Add to this the fact that their highest tax rate will be 40% and you can perhaps understand some form of rationale behind the plan announced by the Government.
I doubt whether anybody on this forum will benefit directly, but with 'x' number of high net worth individuals coming to the UK, they will start the trickle down effect. Possibly, possibly not, but it will differentiate us from the EU marketplace (rightly or wrongly).

Trickle down is theory not practice and a theory that appears to be advanced by the very people who profit from it.

If you want to grow the economy, pay the poor. They have a higher propensity to spend what little they have and in this country. And this will introduce more at the top of the poor to the housing ladder. But they do not save and what they bu is largely imported.

The wealthy will have more foreign holidays, if they are foreign are likely to send cash elsewhere and have footloose investments chasing the world's best rates i.e. money spent overseas. What they do buy, like houses, will become even pricier making the task of getting onto the ladder more difficult for those at the bottom of the chain. But they do save and they enrich the finance sector that props up the economy.

The major recipients are the richest percentile in London and the south east. Levelling up between the regions will reverse (if it even started). And the worst effected will be the poorer 90% masses of London and the south east who will have diminishing funds yet runaway costs inflated by the expanding wealth of the top 10% around them.

 

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View silvertop's Profile silvertop Flag Portishead 27 Sep 22 10.55am Send a Private Message to silvertop Add silvertop as a friend

Originally posted by Badger11



The only thing worse than the BOE is the Office of Budget Responsibility, their forecasting has been appalling. No wonder the government has chosen not to publish their response to the mini budget.

Is that the only reason?

 

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