Jump to content
House Price Crash Forum
Sign in to follow this  
TheCountOfNowhere

The Nationwide Fat Cats

Recommended Posts

"Vince Cable accuses Nationwide of behaving like a 'typical aggressive commercial bank' after boss' £3.4m fat cat pay cheque"

http://www.thisismoney.co.uk/money/news/article-4608594/Building-society-boss-pockets-3-4m-fat-cat-pay-cheque.html

What a great MUTUAL the nationwide is.

Peoples savings are being stolen via inflation and these c**ts pay themselves £3.4M

I sincerely hope they go the way of the NR.

Share this post


Link to post
Share on other sites

Im surprised more people didnt commen t on this.  This is a ****ing outrage/tragedy.

 

I can see the NW doing a NR soon ish.  The Southeren bankers will chuckle up their sleeves.

Share this post


Link to post
Share on other sites
2 hours ago, Wayward said:

founding fathers will be spinning in their graves...

Aye with their faux-authentic salt-of-the-earth ad campaign.

The reckless abandon with which they embraced highly leveraged BTL mortgage selling in complete disregard for their founding ethos.

Share this post


Link to post
Share on other sites
2 minutes ago, Tapori said:

Aye with their faux-authentic salt-of-the-earth ad campaign.

The reckless abandon with which they embraced highly leveraged BTL mortgage selling in complete disregard for their founding ethos.

+1

I have to turn over the channel when their adverts appear.

Share this post


Link to post
Share on other sites

That and that Barclays Bank-of-Mum-and-Dad mortgage ad with that young woman.

Let this forum serve future generations well in showing that some rag-tag band of anonymous digital-nomads were aware of this madness but we couldn't do anything other than discuss it with dark humour as we wandered the deserts of poor finance in search of an oasis of f'in common sense.

Share this post


Link to post
Share on other sites

This has angered me for years.  I challenged their Deputy Chairman about Directors pay at an open meeting about eight years ago.  All I got was the usual hogwash about paying market rates.  At the time I made this challenge their counter staff could be on wages as low as £14000 whilst the Chairman was on just over £2million.  Its totally disgusting but what disgusts me more is why the members of Nationwide don't block this obscenity when they get the chance to vote.  Every year we are offered the chance to vote on directors pay and every year I vote against it.  Why don't others bother?  I really despair about my fellow citizens; sometimes I think they really are stupid.

Share this post


Link to post
Share on other sites
27 minutes ago, TheCountOfNowhere said:

Im surprised more people didnt commen t on this.  This is a ****ing outrage/tragedy.

 

I can see the NW doing a NR soon ish.  The Southeren bankers will chuckle up their sleeves.

The bosses at NR didn't go to jail they walked away into the sunset with their bags of swag while Nationwide had to stump up compensation for it. If the system encourages moral hazard with no penalty for wrongdoing, it's hardly surprising they might do the same is it?

Quote

 

2009:

Nationwide said this morning that it expects to be charged £250m over the next three years, which includes the cost of paying interest on the UK government's loans to fund compensation for customers of banks that collapsed in the current crisis. That includes Bradford & Bingley, several Icelandic banks which operated in the UK, and doorstep lender London Scottish.

https://www.theguardian.com/business/2009/mar/20/nationwide-compensation-anger

 

 

Share this post


Link to post
Share on other sites
13 minutes ago, dougless said:

This has angered me for years.  I challenged their Deputy Chairman about Directors pay at an open meeting about eight years ago.  All I got was the usual hogwash about paying market rates.  At the time I made this challenge their counter staff could be on wages as low as £14000 whilst the Chairman was on just over £2million.  Its totally disgusting but what disgusts me more is why the members of Nationwide don't block this obscenity when they get the chance to vote.  Every year we are offered the chance to vote on directors pay and every year I vote against it.  Why don't others bother?  I really despair about my fellow citizens; sometimes I think they really are stupid.

Well done for standing up in person about this, and you're bang on.

 

Share this post


Link to post
Share on other sites

If you are a member of the Nationwide, you will have received your voting pack today and you can vote against the Directors' remunerations and the policy that calculates them.   Although they have taken the trouble to make sure that this vote is only advisory, and non-binding.  Still worth doing though, to make the point.

The worst thing in my view is the graphic on page 13 of the "Review of the Year 2017" booklet.  The heading is "Our business model at a glance".  Stage 1 is "where the money comes from", this is mainly member deposits and wholesale funding.  Stage 2 is "What we do with it", and this groups "Mortgages for owner occupiers and buy to let investors" into a single category.  This has put me into a FURY because it is a total betrayal of the Nationwide's principles as a members' mutual society.  I am going to make an official complaint (the form is on their website) and I hope that you all will too.

Share this post


Link to post
Share on other sites
7 hours ago, TheCountOfNowhere said:

Im surprised more people didnt commen t on this.  This is a ****ing outrage/tragedy.

 

I can see the NW doing a NR soon ish.  The Southeren bankers will chuckle up their sleeves.

Nope. BoE has clawback in place now.

Most of those bonues and wages will be clawed back whenNW go under. And NW will go under.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   36 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.