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Realistbear

Koalishon Back Off Demands That Banksters Curb Themselves

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http://www.bloomberg.com/news/2011-02-09/cameron-s-government-said-to-retreat-on-bank-bonus-cut-demands.html

Cameron's Government Retreats on Bank Bonus-Cut Demands
By Gonzalo "Gonzo" Vina and Robert "Bob" Hutton - Feb 9, 2011 12:01 AM GMT
Britain’s coalition government will pull back from demands that banks specify how they will cut bonuses, according to three people with knowledge of the policy.
With banks including Barclays Plc and HSBC Holdings Plc set to announce bonus payments this month, the softening is an acknowledgement by the government that it can’t force banks in which it doesn’t have a stake to cap pay. The government will now only ask banks’ remuneration panels to take into account a need for restraint, and explain how they are responding to popular anger over pay without illustrating where or by how much pay will be cut, one person said.

Customers can only vote with their feet.

Edited by Realistbear

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Press release by HM Treasury:

Statement on banking by the Chancellor of the Exchequer

Mr Speaker, I would like to make a statement.

The near-collapse of the British banking system more than two years ago still generates today deep feelings of anger and cries for retribution.

I completely understand that.

For the link between risk and reward that underpins our free market was completely broken.

Bankers who had made the most catastrophic mistakes walked away with huge payouts and pensions.

Those entrusted by us to regulate those bankers and run our economy washed their hands.

Meanwhile the rest of the country is left paying every day for their failures.

The government has to pick up the pieces.

Let me set out how we will do that.

(Continues)

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"...And it means that in each and every year of this Government we will raise more in bank taxes than the previous government raised in any year...."

Bank taxes will do nothing to punish the perpetrators and the spivs at the top. It will cost the customer more by way of fees and lower IR. The public want retribution and justice.

Edited by Realistbear

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http://www.bloomberg.com/news/2011-02-09/cameron-s-government-said-to-retreat-on-bank-bonus-cut-demands.html

Cameron's Government Retreats on Bank Bonus-Cut Demands
By Gonzalo "Gonzo" Vina and Robert "Bob" Hutton - Feb 9, 2011 12:01 AM GMT
Britain’s coalition government will pull back from demands that banks specify how they will cut bonuses, according to three people with knowledge of the policy.
With banks including Barclays Plc and HSBC Holdings Plc set to announce bonus payments this month, the softening is an acknowledgement by the government that it can’t force banks in which it doesn’t have a stake to cap pay. The government will now only ask banks’ remuneration panels to take into account a need for restraint, and explain how they are responding to popular anger over pay without illustrating where or by how much pay will be cut, one person said.

Customers can only vote with their feet.

This whole nonsense of the banksters holding the country to ransom with their threats to leave, up yours bonuses based on liar profits cooked up with their accountants while receiving a £1.2trn bail out is beyond a joke.

RBS and Lloyd's are as good as nationalised - the useless 'Koalishon' should've just said 'no bonuses' period. As for Barclays and HSBC - they've benefitted enormously from the entire Ponzi system being propped up for a little longer so they should've been subject to a 100% super tax.

If little Osborne thinks a piddling £800m levy is going to asuage public anger on this matter, he's very much mistaken. The whole Bankster issue rumbling on and gathering speed, like a snowball down a mountain, despite the best efforts of the elite to sweep it under the carpet.

How long will it be before the elite reap the whirlwind of their hubris? :angry:

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  • 311 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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