Shrink Proof

Persimmon chair resigns over chief executive's 'obscene' £128m bonus

Recommended Posts

30 minutes ago, Shrink Proof said:

"The payouts are linked to the company’s stock market performance, which has been significantly boosted by the government’s help to buy scheme."

More here - Link.

I've been saying for a while now...the police need to get involved.

 

Are there any policemen reading this ?  Someone has to stop this, it's nothing short of fraud IMHO

Share this post


Link to post
Share on other sites

Give 'em a inch, help themselves to a mile.....anyone could do that, not everyone are able to do that, a few would not want to do that....more money doesn't mean better people.;)

Share this post


Link to post
Share on other sites

How much is this per house? and how long a period is that bonus over?

14,500 homes built a year.

https://www.persimmonhomes.com/about

128,000,000 / 14,500 = £8828 per house

http://www.independent.co.uk/news/business/comment/persimmon-says-its-homes-are-very-affordable-does-that-stack-up-a7510746.html

approx £206,700 ave sold price 2016

4.27%

 

Share this post


Link to post
Share on other sites

Persimmon’s share price has more than doubled since George Osborne introduced help to buy in 2013. About half of Persimmon homes sold last year were to help-to-buy recipients, meaning government money helped finance the sales.

 

Cameron and Osborne have a lot to answer for.

 

download.jpg

Share this post


Link to post
Share on other sites
3 minutes ago, Bruce Banner said:

 

 

 

Cameron and Osborne have a lot to answer for.

 

download.jpg

This.

Need a lamppost for blair brown camoron and gidiot.

 

 

Share this post


Link to post
Share on other sites
21 minutes ago, Nabby81 said:

You would think this would be an issue Labour would attack the Tories on , but they don't seem to be against HTB themselves ...

They don't want to be accused of being against helping people. Ignorance is bliss and they know it.

Share this post


Link to post
Share on other sites

£128m sounds entirely reasonable to me. Clearly the amount is directly proportional to the work this individual has done and is a fair reward.

Presumably all other staff will be receiving equally large bonuses - in the region of £100,000+ - as the company evidently has massive quantities of cash to distribute among its workforce.

Edited by Errol

Share this post


Link to post
Share on other sites
54 minutes ago, Errol said:

£128m sounds entirely reasonable to me. Clearly the amount is directly proportional to the work this individual has done and is a fair reward.

Presumably all other staff will be receiving equally large bonuses - in the region of £100,000+ - as the company evidently has massive quantities of cash to distribute among its workforce.

150 senior staff, 800m pot.

those at the bottom will unlikely get anything share performance related? 

builders - self employed contractors?

sales team - paid commission already?

Its short term gains, 20%+ coming in the form of help to buy, the rest loaned from government backed debt?

 

Share this post


Link to post
Share on other sites

A great pity that this news was not released yesterday. It might have got some coverage on Question Time last night.

I am not a fan of Question Time any more as it is often a very unbalanced debate however housing came up last night a lot was said and it showed that peoples anger is rising. The state of the housing market is at last becoming a bigger political issue all the time now. 

The BTL landlord in the audience who said he " buys houses that first time buyers won't buy" not sure what he meant by that was demanding that the 3% stamp duty levy be scrapped , so he would then buy more houses  and house more people . He got some very strong replies from other members of the audience. 

The Labour women demanded more social housing but denied mass immigration put more pressure on housing , she was closed down by another panel member. 

The Tory women gave the usual crap about what they were doing/going to do ect . She got lambasted twice by a very vocal audience member leaving her speechless. 

The last person in the audience to speak right at the end told the truth. He Said :-

The government do not want to build more housing as if they build enough for prices to drop the false economy they have created based on ever rising house prices will burst and there is no other economy. 

 

Share this post


Link to post
Share on other sites
3 hours ago, Nabby81 said:

You would think this would be an issue Labour would attack the Tories on , but they don't seem to be against HTB themselves ...

Exactly, just shows Labour are going to turn out to be neolibs backing the status quo.

Share this post


Link to post
Share on other sites

Who the f6vk buys one of the overpriced boxes....

£128m is obscene....still you got to pay it to retain this talented people. A skilled electrician, hospital nurse or firemen are ten a penny. We need more CEOs and bankers. 

I don't  mind a director paying himself lots of money if he founded the company...it's theirs. But these are employees passing through, stealing the assets, adding very little and getting out quick. Yep, I would have taken a hit for the big man and resigned too...takes the heat off the real problem and I bet the resignation does not go unrewarded. 

Share this post


Link to post
Share on other sites

So instead 14500 families  having £8.8k to put in the economy buying lots of "stuff" we've got one family.

This is a perfect example of misallocation of money and why the economy is screwed.

I'm should be amazed Labour havent said a word about this.

Share this post


Link to post
Share on other sites
17 hours ago, Insane said:

The last person in the audience to speak right at the end told the truth. He Said :-

The government do not want to build more housing as if they build enough for prices to drop the false economy they have created based on ever rising house prices will burst and there is no other economy. 

I hate everything about QT but had to look on the basis of your comment.  Felt sick listening to the con and the lab saying the same old.  And then, spot on, that guy in the audience nails it before he was shut down.  I wish that guy had more air time and the three above none.  He also mentioned rents and an explosion in debt to GDP.  If anyone knows him, pleeeease get him posting here.  Sickening times.

Edited by Fence

Share this post


Link to post
Share on other sites
22 hours ago, Fromage Frais said:

How much is this per house? and how long a period is that bonus over?

14,500 homes built a year.

https://www.persimmonhomes.com/about

128,000,000 / 14,500 = £8828 per house

http://www.independent.co.uk/news/business/comment/persimmon-says-its-homes-are-very-affordable-does-that-stack-up-a7510746.html

approx £206,700 ave sold price 2016

4.27%

 

Except this is an incentive scheme spread from 2012 to mid 2018, but should have lasted until 2021.

Any fool can't pay dividends, the earrings must be there in the first place.

Not saying it's not grotesque but the scheme was backed by 85% of shareholders and ultimately they're the ones who should be most upset. 

Share this post


Link to post
Share on other sites
30 minutes ago, Pop321 said:

Who the f6vk buys one of the overpriced boxes....

£128m is obscene....still you got to pay it to retain this talented people. A skilled electrician, hospital nurse or firemen are ten a penny. We need more CEOs and bankers. 

I don't  mind a director paying himself lots of money if he founded the company...it's theirs. But these are employees passing through, stealing the assets, adding very little and getting out quick. Yep, I would have taken a hit for the big man and resigned too...takes the heat off the real problem and I bet the resignation does not go unrewarded. 

It amazes me.All the new builds iv seen have been shocking.Tiny rooms,postage stamp gardens with neighbours on all sides with postage stamp gardens.A few flag stones and grass,horrible.Most with 3 feet between the front door and the road with a bit of soil and a rose bush.Parking is a bit of tarmac or a garage in a block of two/four down the street somewhere.The ones near me they build on land where springs always used to shoot up when it rained and riddled with drifts mines has already seen the gardens move etc.The ones coming up for sale dont even sell for the price taking of the HTB loan.£100k + HTB and deposit for a tiny link house.

Over the road you can get solid,well build ex council houses circa 1977 for around £65k,yet the young seem to buy the terrible HTB properties and stick a brand new lease car on the drive.Do they not have parents warning them of such folly?

Share this post


Link to post
Share on other sites
28 minutes ago, durhamborn said:

It amazes me.All the new builds iv seen have been shocking.Tiny rooms,postage stamp gardens with neighbours on all sides with postage stamp gardens.A few flag stones and grass,horrible.Most with 3 feet between the front door and the road with a bit of soil and a rose bush.Parking is a bit of tarmac or a garage in a block of two/four down the street somewhere.The ones near me they build on land where springs always used to shoot up when it rained and riddled with drifts mines has already seen the gardens move etc.The ones coming up for sale dont even sell for the price taking of the HTB loan.£100k + HTB and deposit for a tiny link house.

Over the road you can get solid,well build ex council houses circa 1977 for around £65k,yet the young seem to buy the terrible HTB properties and stick a brand new lease car on the drive.Do they not have parents warning them of such folly?

Unfortunately most parents have seen their housing earn more than they have and encourage their kids to go for it. 

I thought about buying a flat in the south east a couple of years ago and my parents and most people their age encouraged me to do so. After seeing the crap I could afford (and the heartless new builds were the worst), I went against what everyone said (this site helped me reach that conclusion). 

My aunty, who was a nun for 8 years and had to move around a lot during that time as she was a nurse in orphanages was about the only person who was against it, stating that it ties you down if you can't sell. Irony is, that despite then being in the convent, she's more open to change than most. 

Share this post


Link to post
Share on other sites
2 minutes ago, Eddie_George said:

Notice how small the windows are on new-builds too. Because most heat is lost through the windows, the smaller they are, the less they have to spend on the rest of the insulation to reach energy efficiency requirements, and the more profit they can make.

I'm sure a big reason why the new builds are so poor is due to the demand from btlers who don't give a crap about what they are buying just as long as they believe the salespeople about how much they can rent it out for.

Share this post


Link to post
Share on other sites

MPs and their family members should be required to disclose all their shareholding’s and transactions made in individual companies - no matter how small the stake. At the moment they need to hold 10% of a company for it to be public. No individual (no or family member) is going to have 10% of any of these ftse 100 giants so it’s all hidden.

If this information was available I would be very curious to see what we find re: purchasing of persimmon, Taylor wimpey, Barratt etc pre and post the HtB announcement in 2013.

 

Edited by Frugal Git

Share this post


Link to post
Share on other sites
59 minutes ago, durhamborn said:

It amazes me.All the new builds iv seen have been shocking.Tiny rooms,postage stamp gardens with neighbours on all sides with postage stamp gardens

I believe we have the, or one of the, lowest legal build space requirements in Europe.  What a surprise.  Predatory nation this one.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Final Brexit Deal   166 members have voted

    1. 1. When the government negotiations are over, do you want a vote on the final deal?


      • Yes
      • No

    Please sign in or register to vote in this poll. View topic