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Realistbear

Lloyds Banksters Still Paid Bonuses On Losses

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7757315/Lloyds-attacked-for-abuse-of-taxpayer-cash.html

Lloyds attacked for 'abuse of taxpayer cash'
Lloyds Banking Group is under attack from politicians and rivals over "perverse" pay practices in its private equity arm that encourage staff to gamble with taxpayers' money.
By Helia Ebrahimi
Published: 8:31PM BST 23 May 2010
Private equity firms normally only share in profits from companies they buy and sell once an entire portfolio shows an overall surplus across five to 10 years.
But, in stark contrast to the bulk of the industry, Lloyds Development Capital (LDC) –
the state-backed bank's private equity arm – pays out on individual deals, which means even if nine make a loss, directors profit if a tenth makes money..../
Michael Fallon, the Conservative MP tipped to chair the Treasury Select Committee, described the bonus arrangements as contradictory to taxpayer interests.
"The deal they have is extraordinary," he said. "It allows them to make profit while the taxpayer makes a loss.
It is a perverse incentive. This is not a normal private equity house. It is underpinned by the taxpayer. And they are grossly abusing their position."

How long before they are stopped and sent down for 20 years for fraud against the shareholder--that is, us?

They call Fergie shoddy and disgraceful and she only tried a relatively small rip-off. Dese goodfellas are skimming 100's of millions--one bank is taking more that all the Quangoes put together and they are in and of themselves quite big piggies at the public trough. Greece is said to be corrupt--they are not even close to where we are in the scale of cutpurses and blaggards. Brown is gone but his legacy is still working the deals in the City.

Edited by Realistbear

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7757315/Lloyds-attacked-for-abuse-of-taxpayer-cash.html

Lloyds attacked for 'abuse of taxpayer cash'
Lloyds Banking Group is under attack from politicians and rivals over "perverse" pay practices in its private equity arm that encourage staff to gamble with taxpayers' money.
By Helia Ebrahimi
Published: 8:31PM BST 23 May 2010
Private equity firms normally only share in profits from companies they buy and sell once an entire portfolio shows an overall surplus across five to 10 years.
But, in stark contrast to the bulk of the industry, Lloyds Development Capital (LDC) –
the state-backed bank's private equity arm – pays out on individual deals, which means even if nine make a loss, directors profit if a tenth makes money..../
Michael Fallon, the Conservative MP tipped to chair the Treasury Select Committee, described the bonus arrangements as contradictory to taxpayer interests.
"The deal they have is extraordinary," he said. "It allows them to make profit while the taxpayer makes a loss.
It is a perverse incentive. This is not a normal private equity house. It is underpinned by the taxpayer. And they are grossly abusing their position."

How long before they are stopped and sent down for 20 years for fraud against the shareholder--that is, us?

They call Fergie shoddy and disgraceful and she only tried a relatively small rip-off. Dese goodfellas are skimming 100's of millions--one bank is taking more that all the Quangoes put together and they are in and of themselves quite big piggies at the public trough. Greece is said to be corrupt--they are not even close to where we are in the scale of cutpurses and blaggards. Brown is gone but his legacy is still working the deals in the City.

He said LDC considered last year an ideal time to put money to work: "In the next three years, I think LDC is going to make £1bn in profit. Now, if I was a taxpayer, I would think that was pretty good."

Thats great, as long as he thinks it the taxpayer should be happy to pay out on thoughts, thought is an expensive commodity, no doubt when they make Fck all and are insolvent due to a ferocious and completely unexpected return into depression mode he will be giving the payments back

Think, what a fckwit defence,

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http://uk.finance.yahoo.com/news/nouriel-roubini-said-the-bubble-would-burst-and-it-did-so-what-next-tele-c66671e45e32.html?x=0

Roubini
is adamant that the great recession is not over. But a temporary economic pick-up, which would convince governments that reform is unnecessary, could bring its own problems.
"People asked me why I saw there was a bubble and my question was why others didn't. During the bubble everybody was benefiting and losing a sense of reality," he says. "And now, since there is the beginning of economic recovery however bumpy that might be in some sense people are already starting to forget what happened two years ago.
Banks are going back to business as usual and bonuses are back to levels that are outrageous by any standards.
There is actually a backlash against even moderate reforms that governments are trying to pass."

We are sending signals to the IMF and other financial bodies from whom we may soon require help some very negative signals. If we cannot put these banksters out of business we can say goodbye to reform and with it the City as its reputation will soon be irreparable.

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.....

How long before they are stopped and sent down for 20 years for fraud against the shareholder--that is, us?

....

Its not fraud. In fact its not illegal at all. It might be (in your mind) wrong (and I might even agree with you) and it might be a good "news" item to fill up a newspaper, but that's all.

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Thats great, as long as he thinks it the taxpayer should be happy to pay out on thoughts, thought is an expensive commodity, no doubt when they make Fck all and are insolvent due to a ferocious and completely unexpected return into depression mode he will be giving the payments back

Think, what a fckwit defence,

While if true its clearly pretty odd... I would say that I worked for Lloyds for many years and the bonus systems they had were very much in the retail and commercial banking worlds rather than investment banking world... ie pretty low and limited.

But I'm sure there are all kinds of "bonus" type arrangements that now look very odd.... for instance it'll be odd if blair and brown get their peerages having done so much damage to the country, its odd that the FSA paid out any bonuses at all, its odd that some public sector workers with already very generous terms and conditions also get bonuses etc etc.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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