Realistbear Posted July 18, 2010 Share Posted July 18, 2010 http://www.guardian.co.uk/business/2010/jul/18/banks-set-aside-bonus-pot British banks with big City operations have amassed pay and bonus pools of more than £5bn in the first six months of the year, despite the economic gloom and demands for pay restraint. The size of the potential payouts is revealed as some of the most senior figures in the financial district prepare for a summit with City minister Mark Hoban who last week urged them to show the same restraint that is being forced on public and other private sector workers in the economic downturn. They want the banks to show restraint? Restraint? Why should they restrain themselves from the trough. There are no laws being broken. No shareholders that can stop them. Institutionalised bank robbery is part of the life of the City. If the government do not like it they can do a Healey and tax them at 98%. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 18, 2010 Share Posted July 18, 2010 http://www.guardian....aside-bonus-pot British banks with big City operations have amassed pay and bonus pools of more than £5bn in the first six months of the year, despite the economic gloom and demands for pay restraint. The size of the potential payouts is revealed as some of the most senior figures in the financial district prepare for a summit with City minister Mark Hoban who last week urged them to show the same restraint that is being forced on public and other private sector workers in the economic downturn. They want the banks to show restraint? Restraint? Why should they restrain themselves from the trough. There are no laws being broken. No shareholders that can stop them. Institutionalised bank robbery is part of the life of the City. If the government do not like it they can do a Healey and tax them at 98%. The Government doesn't need to tax them, it needs to stop subsidising them. In my book, being allowed to borrow at 0.5% is a subsidy, especially when the Government then borrows back at a higher rate. It is nothing more than free money. Bypass them, and but the cheap loans straight into the hands of productive companies and individuals. Quote Link to comment Share on other sites More sharing options...
plummet expert Posted July 18, 2010 Share Posted July 18, 2010 The Government doesn't need to tax them, it needs to stop subsidising them. In my book, being allowed to borrow at 0.5% is a subsidy, especially when the Government then borrows back at a higher rate. It is nothing more than free money. Bypass them, and but the cheap loans straight into the hands of productive companies and individuals. Good reply! Absolutely right. The real beneficiaries of the lowest interest rate in 300 years is...er the Banks and not the people. The savers are being fleeced by this policy and it is not actually assisting the economy greatly since the banks do not lend at the usual starting margin of base plus 1% unless they are stuck with a tracker mortgage - I bet no one will get those again for a long time! Quote Link to comment Share on other sites More sharing options...
Realistbear Posted July 18, 2010 Author Share Posted July 18, 2010 If the government fail to subsidise the banksters they will threaten to go bust and no politician wants that as it will cause a run on everything. The banks are the bosses now. Too big to fail and too powerful to be taken down. Quote Link to comment Share on other sites More sharing options...
siskin Posted July 18, 2010 Share Posted July 18, 2010 http://www.guardian.co.uk/business/2010/jul/18/banks-set-aside-bonus-pot British banks with big City operations have amassed pay and bonus pools of more than £5bn in the first six months of the year, despite the economic gloom and demands for pay restraint. The size of the potential payouts is revealed as some of the most senior figures in the financial district prepare for a summit with City minister Mark Hoban who last week urged them to show the same restraint that is being forced on public and other private sector workers in the economic downturn. They want the banks to show restraint? Restraint? Why should they restrain themselves from the trough. There are no laws being broken. No shareholders that can stop them. Institutionalised bank robbery is part of the life of the City. If the government do not like it they can do a Healey and tax them at 98%. Quote Link to comment Share on other sites More sharing options...
jaynewcastle Posted July 18, 2010 Share Posted July 18, 2010 Would it have been cheaper for the UK Govt to let certain banks go to the wall, instead of spending billions subsidising & supporting them ?. Quote Link to comment Share on other sites More sharing options...
soldintime Posted July 18, 2010 Share Posted July 18, 2010 Would it have been cheaper for the UK Govt to let certain banks go to the wall, instead of spending billions subsidising & supporting them ?. Time for a french style revolution!!! Beheaded bankers soon. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 18, 2010 Share Posted July 18, 2010 Time for a french style revolution!!! Beheaded bankers soon. heres your bonus, a padded basket for your head to fall in. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted July 18, 2010 Author Share Posted July 18, 2010 Would it have been cheaper for the UK Govt to let certain banks go to the wall, instead of spending billions subsidising & supporting them ?. Much cheaper. Nationalise the lot of them. Turn them around (sans bonuses) and sell em off again at a profit. Quote Link to comment Share on other sites More sharing options...
jammo Posted July 18, 2010 Share Posted July 18, 2010 If the government fail to subsidise the banksters they will threaten to go bust and no politician wants that as it will cause a run on everything. The banks are the bosses now. Too big to fail and too powerful to be taken down. Then in that case they are actually the ones in power, not the government. They should shut down parliament and let us vote for which bankers we have in charge instead. Quote Link to comment Share on other sites More sharing options...
scappers Posted July 18, 2010 Share Posted July 18, 2010 The politicians will support the company's that will offer them jobs when they retire from politics. I can't think of an mp who would want to work at a car plant or sweet factory, can you ? Quote Link to comment Share on other sites More sharing options...
Oliver Sutton Posted July 18, 2010 Share Posted July 18, 2010 The politicians will support the company's that will offer them jobs when they retire from politics. I can't think of an mp who would want to work at a car plant or sweet factory, can you ? Perhaps having rich Toffs in charge will make them more independant thinking. They don't need the money. I won't hold my breath though. Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted July 18, 2010 Share Posted July 18, 2010 http://www.guardian....aside-bonus-pot British banks with big City operations have amassed pay and bonus pools of more than £5bn in the first six months of the year, despite the economic gloom and demands for pay restraint. The size of the potential payouts is revealed as some of the most senior figures in the financial district prepare for a summit with City minister Mark Hoban who last week urged them to show the same restraint that is being forced on public and other private sector workers in the economic downturn. They want the banks to show restraint? Restraint? Why should they restrain themselves from the trough. There are no laws being broken. No shareholders that can stop them. Institutionalised bank robbery is part of the life of the City. If the government do not like it they can do a Healey and tax them at 98%. The only thing that will ever stop them is a wall against their backs. Until and unless that happens, it's business as usual for them if they can help it. Quote Link to comment Share on other sites More sharing options...
1888 Posted July 18, 2010 Share Posted July 18, 2010 The politicians will support the company's that will offer them jobs when they retire from politics. I can't think of an mp who would want to work at a car plant or sweet factory, can you ? John 2 Jags and a curly wurly Presscot Quote Link to comment Share on other sites More sharing options...
dubsie Posted July 18, 2010 Share Posted July 18, 2010 http://www.guardian.co.uk/business/2010/jul/18/banks-set-aside-bonus-pot British banks with big City operations have amassed pay and bonus pools of more than £5bn in the first six months of the year, despite the economic gloom and demands for pay restraint. The size of the potential payouts is revealed as some of the most senior figures in the financial district prepare for a summit with City minister Mark Hoban who last week urged them to show the same restraint that is being forced on public and other private sector workers in the economic downturn. They want the banks to show restraint? Restraint? Why should they restrain themselves from the trough. There are no laws being broken. No shareholders that can stop them. Institutionalised bank robbery is part of the life of the City. If the government do not like it they can do a Healey and tax them at 98%. they should lose 80% through tax Quote Link to comment Share on other sites More sharing options...
Colin Posted July 19, 2010 Share Posted July 19, 2010 (edited) http://www.guardian.co.uk/business/2010/jul/18/banks-set-aside-bonus-pot British banks with big City operations have amassed pay and bonus pools of more than £5bn in the first six months of the year, despite the economic gloom and demands for pay restraint. The size of the potential payouts is revealed as some of the most senior figures in the financial district prepare for a summit with City minister Mark Hoban who last week urged them to show the same restraint that is being forced on public and other private sector workers in the economic downturn. They want the banks to show restraint? Restraint? Why should they restrain themselves from the trough. There are no laws being broken. No shareholders that can stop them. Institutionalised bank robbery is part of the life of the City. If the government do not like it they can do a Healey and tax them at 98%. A nice bonus would be a Luton Van and a fertiliser bomb. Edited July 19, 2010 by Colin Quote Link to comment Share on other sites More sharing options...
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