Wednesday, January 21, 2009

Bonuses at the Crock

Rock staff bonus 'indefensible'

"The decision to award most staff at nationalised bank Northern Rock a 10% bonus is "indefensible", the Liberal Democrats have said. Treasury spokesman Vince Cable said: "This is bringing the worst of the City bonus culture into a public body." "

Posted by phdinbubbles @ 05:34 PM (1427 views)
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12 thoughts on “Bonuses at the Crock

  • japanese uncle says:

    Backstabbing of Charles Kennedy on the shallowest conceivable ground is also indefensible.

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  • This is a first isn’t it? A public sector bonus.

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  • it_is_going_with_a_bang says:

    How about work hard and make it work and you may not lose your jobs.
    That should be enough to motivate anyone.

    Has ‘anything’ been written off as far as Northern Rock debts are concerned, over the last year several reports have stated that some debt may be written off to make the banks balance sheet look healthier. Is this how this has been achieved in part?

    Having said that, most banks work in a ‘bonus’ culture – hence the dodgy loans. I would have thought this would be a good time to show that the ‘bonus’ culture is avoidable!

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  • Everyone on board the bonus train. Expect the un-nationalised banks to award much larger bonuses with taxpayers money and here we go again. Absolutely nothing will be learnt from this whole thing, except how to make even more money in a fear rather than greed driven environment, and now they can do it with HMG guarantees that they will never lose. Brilliant way of encouraging prudence GB.

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  • –come the Revolution.

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  • what do they mean by repaying the government ? NR has not repaid anything, it is costing the tax payer’s billions. Did people watch the Evan Davies program about NR, particularly the bits when the ex-finace director sitting comfortably in his mansion enjoying pre-retirement was talking ? How could shareholders not see m£$%^& were in charge ?

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  • It could be stopped, if the major share holders opposed it – simple

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  • Unbe****inglievable, they are totally taking the p*ss!
    So it was down to the NR employees that NR managed to attract lots of new deposits and not the government giving them an unfair advantage by guaranteeing 100% of deposits? FFS, everyone is working under difficult conditions -ask a nurse, they do it all the time.

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  • James Stephenson says:

    Can I get tax payers money to give huge bonuses to my staff?

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  • james stephenson says:

    Can I get some of that tax payer’s money so I can give my staff huge bonuses?

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  • This to me sounds like the first honest bonus that has been paid to the staff at Northern Rock for years and they are getting slated in the media for it.
    Pity the FSA, Bank of England, the Treasury and the prime minister didn’t look at where the bonuses being ‘earned’ at Northern Rock and all the other banks pre 2007 came from, we might have avoided all this crappy mess in the first place.

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  • I’m not so sure everyone should be getting so upset about this. 8.8million is being distributed amongst the workforce averaging out at about £2k for each employee. No executives or senior management will benefit. This has none of the hallmarks of the “City bonus culture” as Cable puts it; the 9 million is not going to one person, it’s being divided across 4,500 employees. Its effect on staff morale is likely to be tangible especially given the disruption they have probably been under for the last year and a bit.

    The concern, for me at least, is this comment from Crash Gordon: “Operational decisions such as this are a matter for Northern Rock.”

    As far as I’m aware Northern Rock is not a private company anymore, it’s publicly owned, therefore it’s operational actions have to be justified to its owners, and given the practical difficulties of ballotting every taxpayer in the UK, I would expect our government to be actively involved in some of its more important operational and managerial decisions.

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