Sunday, Oct 18, 2009
RBS: £4 billion in pay and bonuses this year
The Telegraph: Lord Myners: We will block big bonuses at RBS
Lord Myners said: "We are simply not going to tolerate high levels of remuneration which are not justified and earned. The nation is angry and I'm angry."
Posted by devo @ 09:48 PM (792 views) Add Comment
10 Comments
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1. devo said...
Articles such as this, and the one below, will make it more difficult for the banksters to justify another round of bailouts when/if the money printing stops.
2. paul said...
The difference is that while Mervyn King insists that QE is not about getting house prices up and putting money into bankers' pockets, Mervyn is being proven wrong at every turn.
The tide is starting to turn against the free ride that QE has created.
3. cat and canary said...
..theres a lot of noise coming from the FSA these days, from an organisation that was previously slammed for being asleep at the wheel. Im a little bit surprised and sceptical about the intentions of the FSA, since they employ one or two ex bankers?!
Perhaps its because The Conservatives are threatening to scrap the FSA that they are trying to justify their existence lately? Any thoughts of this?
4. paul said...
It should be remembered that the FSA is NOT tax-funded and is not a public organisation. It's accounts are not public (AFAIK)
Like the 'Press Complaints Commission', it is wholly funded by the insitutions it is policing. So I think you're right, cat and canary.
5. devo said...
Lord Myners seems to be on a personal crusade against the socially useless bankers. How genuine this is, I don't know.
It is interesting to note he was once an employee of N M Rothschild & Sons merchant bank.
6. icarus said...
"We won't tolerate unearned bonuses (cont p 94).....but the financial services sector is crucial for the UK economy (cont p 94)....and if the best talent is attracted elsewhere by bigger bonuses or lower taxation....well, we have to live in the real world and compete"
Myners is just playing the good cop.
7. cat and canary said...
interesting stuff paul/devo,
..guessing they wouldn´t want to lose their plush offices overlooking west india quay!
Its all a bit fishy. I wonder if after calling bankers socially useless, he made a quick call to his buddies at "Bank of America Merrill Lynch" and said "i didnt mean it, i just had to say it to keep the public happy? By the way, how´s my pension fund these days"
I wonder if I wrote a letter to the FSA complaining that Gordon Brown and Co. were artificially inflating house prises because of vested interests, if the FSA would be forced to investigate?! Mind you, the government appoints the board at the FSA so they´ve nothing to worry about!
too many unanswered questions for me.
8. crunchy said...
The bonuses are flooding in and openly reported, even before the next bailout.
We are being taken for suckers. Don't believe a word of it.
9. crunchy said...
"As the row over Sir Fred's pension gathered pace, there were whispers that, for all his business acumen, Lord Myners had shown political naïvety and inexperience in appearing to agree to the "compromise deal" which allowed Sir Fred to draw on his £693,000 a year pension
Some argue the money need never have been be paid if only Lord Myners had persuaded the RBS board to sack Sir Fred, instead of allowing him to walk away,"
From another telegraph article http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4884502/Profile-Lord-Myners.html
10. crunchy said...
Unreasonable? large?
How long is a peice of string lads.