Monday, Dec 22, 2008
Loadsamoney!!!
Daily Express: WHAT RECESSION? £6.4BN BONUSES FOR CITY BANKERS
BANKERS at four City firms have collected bonuses of more than £6.4billion this year, despite the worst financial crisis since 1929, it emerged yesterday.
While the rest of the country struggles under the ravages of the recession, London-based traders at Goldman Sachs, Morgan Stanley, Merrill Lynch and Dresdner Kleinwort have been notified of their bumper payouts.
They come despite the banks having reported a dramatic fall in profits and the Government bail-out of the banking sector.
Posted by charlie brooker @ 02:16 AM (678 views) Add Comment
11 Comments
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1. titaniccaptain said...
@Charlie booker
thanks for that article..........I was just getting in touch with my calmer side until I read that.........
"Both the Prime Minister and the Chancellor Alistair Darling said earlier this year that exorbitant bonuses paid to bankers would be better regulated in the future.".....wa ha ha ha
"Mr Brown said that “going forward, rewards will only be based on performance and long-term value creation”..................really
Where is George Osbourne on this? Vince cable has spoken albeit a little too late for my liking and only when it suits the political agenda of the Lib Dems (like all mainstream politicians)
2. titaniccaptain said...
oops that was meant to say brooker..............too much Corona has passed my lips
3. charlie brooker said...
@tc no worries, I think everyone deserves a bit of Christmas pop with all the bad news around.
It is however nice to see the Express editor now turning his/her vitriol against those who have caused the crisis.
The Sun's then newly appointed editor, Rebecca Wade, ran a campaign against paedophiles in the early 2000s whipping up vigilante gangs seeking mob justice. It even promised to publish the names and addresses of every paedo listed on the sex offenders register.
Perhaps the Express is about to do the same to our friendly neighbourhood bankers.
4. titaniccaptain said...
@Charlie Brooker
I have little faith in the express after its property ramping over the past year...but one lives in hope.......does that mean that they will publish the names addresses of all the bankers recieving these taxpayer bailouts oops I meant bonus payouts?
5. Charlie Brooker said...
@tc
I think the public might be interested to know.
You might remember a thread about a month ago that highlighted the fact that bankers will be receiving bonuses and doubltess spending them on supercars while at the same time senior members of the armed services were resigning in protest at the paucity of vehicles provided to frontline service personnel in Afghanistan.
I'm pretty sure those guys would be interested to know where the newly delivered Ferraris, Lamborghinis and Aston Martins are parked.
6. Dibble Dibble said...
Of course the bonuses are morally repulsive, but The Express is a bit wide of the mark here and I don't believe that the Vince Cable cable quote was made in the context of these particular bonuses. Look at the names, Goldman Sachs, Morgan Stanley and Merrill Lynch have all effectively received support from the US, not the UK, taxpayer. These bonus will be taxed at 40-50% (including NI) and so the UK taxpayer will in fact be receiving around UKP 3.2 billion. It's actually an amazing transfer of wealth from the US taxpayer to the UK taxpayer and a select bunch on lucky incompetants. The 4th bank mentioned Dresdner Kleinwort, belongs to Allianz from Germany and have received no taxpayers money and in fact seem to be navigating the credit crunch pretty well (so far).
7. inbreda said...
of course it is a rag tc - but the fact that it has been shamelessly (albeit sometimes schitzophrenically) ramping the property market, means that it too requires a scapegoat to appease its readership and keep them beleiving that they weren't fed a dud line.
8. James said...
For comparison - the figure last year was about £13bn. So that's about a 50% pay cut.
http://www.telegraph.co.uk/news/uknews/2022636/City-bonuses-defy-credit-crunch-and-hit-new-record-of-andpound13bn.html
Has your industry taken a 50% pay cut? No? Then shush.
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