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Realistbear

Council Chiefs Pay Themselves More That P M

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http://uk.news.yahoo.com/rtrs/20080328/tuk...ry-fa6b408.html

Reuters - 1 hour 44 minutes ago

LONDON (Reuters) - More than a dozen town hall bureaucrats receive higher salaries than Prime Minister Gordon Brown, a survey revealed on Friday.
The number of council executives paid six figure salaries has risen by almost a third, the Taxpayers' Alliance research found.
More than 800 are now paid 100,000 pounds or more, according to the "Town Hall Rich List."
The findings come as many council tax bills are set to rise above the rate of inflation.

With no oversight these piggies can do what they like.

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With no oversight these piggies can do what they like.

Time for pitchforks and flaming torches maybe?

Oh I forgot, it's a land of chavs, muppets and numpties now.

Let's see once the recession gets underway.

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With no oversight these piggies can do what they like.

With idiot voters these piggies can do what they like. The elected mayor of Stoke-on-Trent is looking to take on four more "advisors" at a cost of £125,000 a year, while at the same time closing a major leisure centre. And yet, the sheeple who are constantly writing in to the local paper about the latter continue to bleat "vote Labour. The Tories are hypocrites."

Thankfully, I don't live in the city boundary ;)

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With idiot voters these piggies can do what they like. The elected mayor of Stoke-on-Trent is looking to take on four more "advisors" at a cost of £125,000 a year, while at the same time closing a major leisure centre. And yet, the sheeple who are constantly writing in to the local paper about the latter continue to bleat "vote Labour. The Tories are hypocrites."

Thankfully, I don't live in the city boundary ;)

Take comfort from the fact that the working classes are really not as dumb as the government would like to believe.

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It's not oversight that is the problem, it's the inability of the customer to secure alternative services.

We so desperately need a free market in "government services".

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I always used to say that I'd like to see our government (local and national) outsourced to the Indians. It certainly seems to be good enough for British commerce bosses to justify their huge bonuses! It'd cost less and they'd do the job with more friendly and efficient service.

Um, no. I'm not kidding. :huh:

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http://uk.news.yahoo.com/rtrs/20080328/tuk...ry-fa6b408.html

Reuters - 1 hour 44 minutes ago

LONDON (Reuters) - More than a dozen town hall bureaucrats receive higher salaries than Prime Minister Gordon Brown, a survey revealed on Friday.
The number of council executives paid six figure salaries has risen by almost a third, the Taxpayers' Alliance research found.
More than 800 are now paid 100,000 pounds or more, according to the "Town Hall Rich List."
The findings come as many council tax bills are set to rise above the rate of inflation.

With no oversight these piggies can do what they like.

Ah, but do they have second homes that they can kit out at the taxpayer's expense?

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http://uk.news.yahoo.com/rtrs/20080328/tuk...ry-fa6b408.html

Reuters - 1 hour 44 minutes ago

LONDON (Reuters) - More than a dozen town hall bureaucrats receive higher salaries than Prime Minister Gordon Brown, a survey revealed on Friday.
The number of council executives paid six figure salaries has risen by almost a third, the Taxpayers' Alliance research found.
More than 800 are now paid 100,000 pounds or more, according to the "Town Hall Rich List."
The findings come as many council tax bills are set to rise above the rate of inflation.

With no oversight these piggies can do what they like.

Ahhh, RB you forget some of the reasons why the town hall piggies should get paid more than the PM:

1) The Piggy ruins only the local area, not the whole county.

2) The piggy probably doesn't get chaufered everywhere.

3) The piggy does not get lost in the palaces of state dinners.

4) The piggy won't get a massive golden parachute with J P Morgan Chase, or another "investment" bank when they are finished.

5) "They have to set wages that are similar to the private sector in order to attract the best candidates.", where as gordon didn't have that problem did he as he was slected from one choice of errrr..... oh yes. One.

:lol::lol::lol:

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I always used to say that I'd like to see our government (local and national) outsourced to the Indians. It certainly seems to be good enough for British commerce bosses to justify their huge bonuses! It'd cost less and they'd do the job with more friendly and efficient service.

Um, no. I'm not kidding. :huh:

I can see it now:

www.gov.uk/local_goverment/

www.gov.uk/easycurry/

www.gov.uk/jaguar/

:lol::lol::lol::lol::lol:

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Ahhh, RB you forget some of the reasons why the town hall piggies should get paid more than the PM:

1) The Piggy ruins only the local area, not the whole county.

2) The piggy probably doesn't get chaufered everywhere.

3) The piggy does not get lost in the palaces of state dinners.

4) The piggy won't get a massive golden parachute with J P Morgan Chase, or another "investment" bank when they are finished.

5) "They have to set wages that are similar to the private sector in order to attract the best candidates.", where as gordon didn't have that problem did he as he was slected from one choice of errrr..... oh yes. One.

:lol::lol::lol:

Good point. If you paid them according to what they are worth Gordon would come in somewhere around several billion in the negagive.

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Good point. If you paid them according to what they are worth Gordon would come in somewhere around several billion in the negagive.

Doesn't gordon like the idea of "Performance Related Pay"?

:lol::lol::lol:

I have created a petition on the PM website for gordon to go. Just waiting for approval.

Might take a while.

Might never be able to see you guys again!

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THOSE FAT CAT FAILURES IN FULL:

http://uk.reuters.com/article/UK_SMALLCAPS...655388120080326

....Barclays' 2007 pretax profit was near flat on the year at 7.1 billion pounds, after it took a 1.6 billion pound hit on the value of risky assets and financial market turmoil hurt growth. Its writedown was less than many of its rivals, but tough market conditions have continued this year.....

....LONDON (Reuters) - Bob Diamond, head of investment banking at Barclays (BARC.L: Quote, Profile, Research), received pay and shares worth over 21 million pounds last year, just down on 2006 but putting him among Europe's highest-paid bankers....

http://www.personneltoday.com/articles/200...t-failures.html

...

When, barely a month before Christmas, England football manager Steve McClaren picked up a cheque for £2.5m for his resounding failure to get the team through to the finals of the Euro 2008 tournament, he automatically gained entry to one of the world's highest-profile, yet least popular international clubs.

The 'fat-cat failures' is a group of former MPs, directors and sporting figures who have successfully turned logic on its head by attracting enormous rewards for being no good at their jobs....

http://www.dailymail.co.uk/pages/live/arti...mp;in_page_id=1

Northern Rock chief could walk off with £380,000 payment

....

http://news.bbc.co.uk/1/hi/business/7313896.stm

Northern Rock will not disclose the payout that chief executive Adam Applegarth received when he was forced to resign last year, but it is thought to be about £1.5m.

http://news.bbc.co.uk/1/hi/business/7069383.stm

Merrill Lynch has parted company with its chief executive Stan O'Neal...Calls for his departure grew last week after the firm was forced to admit a $7.9bn (£3.85bn) exposure to bad debt. The write-off contributed to the firm posting a third-quarter net loss of $2.3bn, its worst financial performance since 2001.

Merrill has yet to give any details of Mr O'Neal's severance package, but reports have suggested it could be a multi-million dollar deal.

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More FAT-CAT FAILURES:

http://www.bloomberg.com/apps/news?pid=206...id=aSBkfv1FFfDo

...

Applegarth is one of the few Northern Rock investors who wasn't wiped out when the bank collapsed. He sold 1.6 million pounds of Northern Rock shares on Jan. 26, 2007, at 11.98 pounds per share, the bank's filings show. He still owns 98,000 shares, worth 88,200 pounds at the frozen Feb. 15 price, according to data compiled by Bloomberg.

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FAT CAT FAILURES - trebles all round again....

http://www.guardian.co.uk/business/2007/nov/10/citigroup

Citigroup boss lands £45m severance deal

Charles "Chuck" Prince is set to receive a severance package worth about $95m (£45m) in stock, bonus and other benefits when he leaves Citigroup on December 31.

Mr Prince, who will stay on as a consultant at Citigroup until the end of the year and provide "active advice" to the board's chairman and the acting chief executive, is in line to receive a $12m end-of-the year reward, $10.7m in restricted share awards and some $29.5m in stock options and pension. He already owns 1.61m shares worth about $53m.

The package also provides the former chairman and chief executive with a car, an office in Manhattan and an administrative assistant for the next five years, unless he takes up another position.

Mr Prince stepped down on Sunday after Citigroup, the world's largest bank, revealed it expected further sub-prime mortgage losses of between $8bn and $11bn in the fourth quarter.

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FAT CAT FAILURES - the list is endless:

http://business.timesonline.co.uk/tol/busi...icle3510688.ece

Angelo Mozilo, the Countrywide chief executive who raked in $120m (€78m) in compensation while pushing his company off a cliff. Mozilo, along with other business stars including the former Citigroup chief Charles Prince and former Merrill Lynch boss Stanley O’Neal, is now the target of an investigation into outsized executive compensation led by Henry Waxman, a Californian Democrat.

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Hampshire County Council Chairman said he was not prepared to reveal the salaries of his officers because he said it was private information and not for the public domain. The old fool must have forgotton who's paying the wages

The Masonic lodge used by the councillors and officers of Hampshire C.C. is also very private .

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More FAT CAT FAILURES - whatever happened to shareholder accountability?

http://www.accountancyage.com/accountancya...espite-failures

A study by workforce monitors Labour Research found that a record 14 company bosses received pay-offs of more than £1m when they stood down last year. Over 75 received in excess of £100,000.

And former IT and telecoms executives are no exception. Klaus Esser, former head of German telecoms group Mannesmann, received the biggest pay-off - over £9.1m - just before the company was taken over by Vodaphone. Sir Peter Bonfield, of BT, received a payoff worth £820,000.

But credit rating agency Dun & Bradstreet said the number of business failures in London rose by 8.3% in 2001.

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Hampshire County Council Chairman said he was not prepared to reveal the salaries of his officers because he said it was private information and not for the public domain. The old fool must have forgotton who's paying the wages

The Masonic lodge used by the councillors and officers of Hampshire C.C. is also very private .

Can they be slapped with a Freedom of Information request?

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Can they be slapped with a Freedom of Information request?

They are hiding behind data protection. The taxpayer alliance did try to get the info under the Freedom of Information Act.

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In truth i cannot see why most of these individuals are paid as they are. Its only deserved if they have actively and measurably increased the value of their companies but most have not, 95+% of CEO's have simply kept the status quo. Steve jobs type individuals are few and far between. Even worse are those who have overseen measurable drops in their companies value and yet are still paid millions.

If they are paid 100 times the average salary....

Do they work 100+ times as hard as the average worker....? no

have they increased value by a measurable amount above inflation or above that expected from general gdp growth...? predominantly no

do they have 100 times the skills of others...? no

etc, etc

So how is it justifiable?

I have heard comments here that they are paid what the market says they are worth. However CEO pay is decided by the board and the board is picked by the management. So where is the market setting the pay in this? It seems obvious that there is an inbuilt bias when a person can select the individual who will decide his or her pay.

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They are hiding behind data protection. The taxpayer alliance did try to get the info under the Freedom of Information Act.

All pay agreements have to be agreed by personnel committees, the proceedings of which are public domain. If you get hold of the mintues of these, and at the same time make an FOI request regarding the pay scales in effect in the authority, and also for the salaries that chief officers are on (but without asking them to name the chief officers (in order to make sure that DP isn't being breached thus they have to comply)), then you can usually do the sums to work out who's earning what.

edit - the mistake the Taxpayers Alliance probably made is making a request saying "tell us who specifically earns what". They're right to withhold this - you have to take a more lateral approach.

Edited by Biffo the Bear

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In truth i cannot see why most of these individuals are paid as they are. Its only deserved if they have actively and measurably increased the value of their companies but most have not....So how is it justifiable?

It isn't justifiable. I have read elsewhere that the difference in many more efficient Japanese companies is that senior management salaries are a direct multiple of average incomes e.g 7x shop floor. Fat Cat greed is a self-perpetuating merry go-round in which overpaid/underworked directors get to vote on each others remuneration or compare their salaries to other corporate fat cats who (as you've already guessed) vote on each other's bloated salaries.

The structural failure of the international banking system which we are now witnessing is testament to the incompetence of these people. They are wrecking the lives of millions of people in many western countries and their failings are being underwritten by our taxes as we bail them out. The politics of envy which is the taxpayers alliance is a trivial sideshow in comparison.

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  • 292 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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