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I wish I could afford to turn down a small bonus let alone a colossal one.
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Are they really called bonuses, or is that the name the papers have invented, on the good old principle that the way to denigrate something is firstly to force your choice of terminology, then to use the very name as self-evident criticism?
Of course a "bonus" is morally wrong when times are hard, because by definition it is an extra, not taken for granted when agreeing the remuneration package, just a pleasant surprise.
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What amused me was the baying of HM's opposition - I wonder which Government engaged Hester's and laid down the terms of hid engagement including the bonus' ?
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Brilliant.
The country saves £1m. And the value of its investments in the nationalised banks are written down by the market by £1bn. Because, rightly, they realise it makes our banks less competitive.
As a shareholder, I do not grudge him his bonus.
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As a (now heavily diluted) shareholder did you begrudge Cur Fred Goodwin his bonuses, and his huge pension that you as a (diluted) shareholder are now paying for?
He hasnt earned his bonus, the bank is still in the mire.
Last edited by: Zero on Tue 31 Jan 12 at 17:05
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Fred lost his knighthood I wonder if he cares?
I believe he has a nice abode in the South of France and plenty of money in the bank.
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"plenty of money in the bank. "
And a pension of over £300k per year - though having written that, I can't believe it's true! Did I just dream up that figure?
Bit better than my pension - and I didn't nearly ruin the UK!!
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"Did I just dream up that figure?"
Yep, I did . Just been on news that his pension is £650k per year. What sort of pension pot do you need to get that return?
Mind boggling.
And he was carp at his job.
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You should have gone into banking Phill.>:)
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>> "Did I just dream up that figure?"
>> Yep, I did . Just been on news that his pension is £650k per year.
>> What sort of pension pot do you need to get that return?
>>
Well, if NOT index linked and claiming at age 65 you're talking of a pot about £10,000,000 to get that kind of return (6.5%).
But, he's about 53, and I'll bet it's index linked, so I'd guess is nearer £40,000,000
although a quick google suggests it's reckoned to be £16,000,000
Last edited by: AnotherJohnH on Tue 31 Jan 12 at 18:31
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"But, he's about 53, and I'll bet it's index linked, so I'd guess is nearer £40,000,000
although a quick google suggests it's reckoned to be £16,000,000"
Whatever the figure - words fail me - can anyone justify that reward??
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One assumes that bankers' bonuses, like MPs' expenses, are really part of the salary, but complexified partly for tax reasons and partly to reduce total figures that might offend non-bankers if written down in black and white. Company executives use the system too.
A bank or other business turns over money and generates, when times are good, a surplus. Those who run the business give the shareholders or investors whatever proportion of that surplus they think appropriate under the circumstances of the moment and 'appropriate' or 'steal' the rest. That's how capitalism works, in very crude outline.
Of course there are businesses that are well run by relatively honest and able individuals who deserve every penny that they steal. Not all that many though.
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>> A bank or other business turns over money and generates, when times are good, a
>> surplus. Those who run the business give the shareholders or investors whatever proportion of that
>> surplus they think appropriate under the circumstances of the moment and 'appropriate' or 'steal' the
>> rest. That's how capitalism works, in very crude outline.
Trouble is, that's the most efficient system. The company makes a profit and can afford to employ people. The company pays taxes and the State can afford to pay people.
When you get the State running companies, it's usually considerably less efficient than the ones private enterprise does.
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>> When you get the State running companies, it's usually considerably less efficient than the ones private enterprise does.
Yes, you are right Westpig. Capitalism may have a ghastly side, but it seems to work best in enough areas to make it the dominant economic 'system' or mode.
Turning over health, education and other social services to private companies isn't so good though.
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>> >> When you get the State running companies, it's usually considerably less efficient than the
>> ones private enterprise does.
>>
>> Yes, you are right Westpig. Capitalism may have a ghastly side, but it seems to
>> work best in enough areas to make it the dominant economic 'system' or mode.
>>
>> Turning over health, education and other social services to private companies isn't so good though.
>>
Neither is letting control of vital utilities (water, power etc) pass into the control of foreigners.
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"When you get the State running companies, it's usually considerably less efficient than the ones private enterprise does."
Probably right but sometimes I think I would be happier putting up with a bit more inefficiency and a lot less greed and corporate theft. There must be a better way of running an economy other than it being based on unrestrained private greed or total state control.
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Well the bloke in charge of RBS has shown himself to be a complete twerp, and the whole board.
When the row erupted over his Bonus, they waited until the vote in the commons and then said that was the reason the awards was pulled.
Anyone with some brains would have known what was coming, and said that the Bonus has been deferred this year to be possibly paid at some point in the future after discussion with the PM.
Could have been paid at some point in the future if the banks progressed out of trouble.
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>> Fred lost his knighthood I wonder if he cares?
>>
I'd hazard a guess that it hurt him a damn sight more than halving his pension or whatever it was.
When you've got that kind of money, titles mean a lot. Should've done exactly the same to Jeffrey Archer.
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"I'd hazard a guess that it hurt him a damn sight more than halving his pension or whatever it was."
He must be ever so ever so annoyed, almost miffed. A harsh but peculiarly British punishment.
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He is laughing all the way to spend and enjoy his pension, the only thing that will hurt him is a hit to his wallet.
Last edited by: Old Navy on Wed 1 Feb 12 at 08:09
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We must all make sacrifices... - Old Navy
