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Garry AKA Pod

The Bonuses Are Back.

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I now understand why they disarmed us.

http://www.dailymail.co.uk/news/article-11...k-meltdown.html

City banks are preparing to lavish record bonuses on staff less than a year after bringing the world economy to the brink of meltdown.

Many high-flying traders and dealmakers are looking forward to ' mindblowing' payouts on a par with the rewards handed out at the height of the banking boom in 2007.

This is despite many of the banks only being able to turn a profit because they have been bailed out with taxpayers' money.

Wall Street giant Goldman Sachs is expected to confirm next week that it will pay an average of almost £400,000 in pay and bonuses to each of its 5,500 London-based staff - a total of £2.2billion.

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Quantitative sleazing.

We don't need some knut at the BOE to explain any of this with pathetic invites to answer questions.

It is perfectly obvious what is going on.

Edited by OnlyMe

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bonuses based on past profits, not those yet to be materialised, I would hope.

That'd be the past profits that never actually existed except on dodgy balance sheets right?

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bonuses based on past profits, not those yet to be materialised, I would hope.

..there should be claw-back for losses/failure/default, or invested and only paid after long term gain. ;)

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The bankers are making a rod for their own back.

Instead of being smart and keeping bonuses low for a couple of years or so they have gone straight back to the trough like the greedy feckers they are.

There is alot of pain yet to be inflicted on the country after the next election when deep cuts and higher taxes are made to pay for Brown's term and the bailouts. We will also be experiencing soaring unemployment.

The public will point the finger at the greedy bankers and I can see people taking matters into their own hands.

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"Business as usual".

I've been trying to work out why the government has not dumped on the bankers and the City. Why has there been no change in regulation? Why are the same people still there? Why have CDSs and sub prime lending not been banned? Why are 3x salary mortgages not the limit, by law? Why are IO mortgages still allowed? Why are massive bonuses still permitted? Why is the stockmarket allowed to be manipulated? Why are we still splurging huge amounts of taxpayers' money on the public sector? Why is the government bribing FTBs to overpay for housing? Why are builders being subsidised by taxpayers?

I can only come to one conclusion: Although the system came close to collapse, it did not actually collapse. As such, they got away with it. Ergo, it can carry on. Complete and utter lunacy.

It will require the actual collapse of the system for any change to occur. Frightening.

[Geez - I sound like a TFH'er! - never meant to be...]

Edited by mikthe20

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The bankers are making a rod for their own back.

Instead of being smart and keeping bonuses low for a couple of years or so they have gone straight back to the trough like the greedy feckers they are.

There is alot of pain yet to be inflicted on the country after the next election when deep cuts and higher taxes are made to pay for Brown's term and the bailouts. We will also be experiencing soaring unemployment.

The public will point the finger at the greedy bankers and I can see people taking matters into their own hands.

I have to say, there appear to be only two possible reasons for the level of this behavior.

Either they believe they can now do anything, or they see the coming end and are getting out with what they can.

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I think it is simpler than that.

Bankers by nature only think about the short term. The next bonus,me me me, feck everything else. This whole crises has been caused by the regulators letting them get away with it. The government are too spineless to regulate them properly even though the whole system almost fell over. Fools

Some people in the banking sector should be going to jail not looking forward to another bumper bonus but who's fault is that?

The Government/Regulators

Edited by equitystasher

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Guest KingCharles1st

I sat here for two minutes. reflecting on something pithy to write- but my mind just glazed over with sadness

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Made me laugh when Hester's long-term bonus was 3 years. i.e. 36 months. 660 working days.

That's what the Government and the banksters mean by long-term incentives.

i.e. 2003-2006 is now considered time enough to evaluate long-term performance and ensure there is no excessive skew to short-term risk taking.

Banksters 1 - 0 taxpayer mugs.

The politicians are just the window dressing. Banksters called their bluff and now are even stronger than before. They know they can do whatever they want and politicians will always steal our money to pour into any holes they may find themselves in. If it ever gets sticky for banksters personal security they'll just do what Goodwin did - hide until the heat dies down.

Untouchables.

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How is all this possible despite all the bailouts?

The bank are emplying something known as "pop up accounting" where a funds are transfered onto the balance sheet and bonuses paid accordingly. The said funds are then moved onto the next hopeful where the funds "pop up" onto their balance sheet bonuses paid and so on and so on.

Its an old trick.

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Again we need to repeat - the bankers do not deserve these rewards. They are not special and have no special talent. All they have is Government license to borrow more cheaply that everyone else and create credit.

How about this?

We give the QE money straight to taxpayers and allow them to deposit it with the banks who then pay them interest. How long do you think the banks would stay in business then?

The Government really should now look at super taxes on bank profits and bonuses.

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what do people expect?

The BBC in collusion with others has mesmerised the public into thinking the only issues are Fred goodwins pension and politicians claiming for burgers and pencils.

People are idiots, and theyll still vote for this statist crap believing that the enemy is capitalism.

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Guest absolutezero
what do people expect?

The BBC in collusion with others has mesmerised the public into thinking the only issues are Fred goodwins pension and politicians claiming for burgers and pencils.

People are idiots, and theyll still vote for this statist crap believing that the enemy is capitalism.

When in reality the enemy is human nature...

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Guest spp

These banksters are one of the prime suspects in the destruction of our economy and are now going to steal money from tax payer in the form of bonuses...Absolutely shocking!

You no longer need a crowbar or Mr and Mrs Bloggs to go away for the weekend, just a banker and a computer terminal...it's Modern day robbery!

:angry:

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They had more bottle when it came to dealing with this in the eighteenth Century ;

http://en.wikipedia.org/wiki/South_Sea_Company

`A resolution was proposed in parliament that bankers be tied up in sacks filled with snakes and tipped into the murky Thames.

`

, Parliament was recalled in December and an investigation began. Reporting in 1721, it revealed widespread fraud amongst the company directors and corruption in the Cabinet. Among those implicated were John Aislabie the Chancellor of the Exchequer), ), James Crgass the Younger (the Southern Secretary), and even Lord Stanhope and Lord Sunderland (the heads of the Ministry). Craggs the Elder and Craggs the Younger both died in disgrace; the remainder were impeached for their corruption. Aislabie was imprisoned.`

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They had more bottle when it came to dealing with this in the eighteenth Century ;

http://en.wikipedia.org/wiki/South_Sea_Company

`A resolution was proposed in parliament that bankers be tied up in sacks filled with snakes and tipped into the murky Thames.

`

, Parliament was recalled in December and an investigation began. Reporting in 1721, it revealed widespread fraud amongst the company directors and corruption in the Cabinet. Among those implicated were John Aislabie the Chancellor of the Exchequer), ), James Crgass the Younger (the Southern Secretary), and even Lord Stanhope and Lord Sunderland (the heads of the Ministry). Craggs the Elder and Craggs the Younger both died in disgrace; the remainder were impeached for their corruption. Aislabie was imprisoned.`

Knighthoods all round for the engine stokers of our succesful City Economy.

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When will they simply destroy themselves? Will we have to wait until the state is bankrupt?

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And Chief City Spokesman aka Boris Johnson was preaching yesterday how euro directives (ie:regulation) would be bad for London and the "Shity"

Nice if our politicians worked for us, rather than Shi.. sorry City mouthpieces.

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