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Posts Tagged ‘bankers’

How cutting bankers’ bonuses buggers up bankers’ pay

ONE of the odder parts of the furore over the banks, greed, financial crashes and what causes them is this idea that if we cut bankers’ bonuses then everything will be better. The problem with this idea is that everything has more than just the one effect: and those side effects can be worse than the original problem anyone is trying to cure.

As with these caps on bankers’ bonuses:

Hundreds of the highest earners at HSBC could be in line for a bumper pay rise as the lender tries to swerve a new bonus cap from Brussels.

The chairman of HSBC admitted yesterday that it was considering plans to hike salaries for employees to ensure they do not leave for better paid jobs with US or Asian rivals.

Douglas Flint, who received a £2.4 million package last year, said the lender would ‘comply with the law’ but needs to ‘remain competitive’.

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Posted: 6th, August 2013 | In: Money | Comments (3)

One of these things is not like the other: The EU on bankers’ bonuses and the Swiss on corporate pay

SADLY, all too many people seem to be thinking that these things are the same, or similar.

We’ve the EU trying to push through a limit on bankers’ bonuses. They can only get a bonus equal to 100% of their salary, or 200% if the shareholders agree. And then there’s the Swiss vote of yesterday about how fat cat corporate pay can be limited. The thing is, not only aren’t they roughly the same thing they’re actually opposites of each other:

Swiss vote to impose world’s strictest rules on executive pay after public outcry over fat cat bonuses

People in Switzerland have voted for strict controls on executive pay
68 per cent backed plans to veto pay-outs to bosses
Move sparked by anger over the big bonuses blamed for fuelling risky investments
It comes after the EU announced plan to cap bankers’ bonuses at a year’s pay

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Posted: 19th, March 2013 | In: Money | Comment

Brussels spouts more nonsense on bankers’ pay

THE latest nonsense coming out of Brussels is this, on bankers’ pay:

Austrian centre-right MEP Othmar Karas has called for an end to massive bankers’ bonuses, which in some cases amount to 10 times the basic salary.

“We are looking at a set limit,” Karas told the parliament’s economic affairs committee in Brussels on Thursday (12 April). He explained that under his model, bonuses should not surpass a ratio of one-to-one on fixed salaries.

Now maybe it’s a good idea that bankers’ bonuses should be restricted. Maybe it’s not: I happen to think not but that’s just my view.

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Posted: 13th, April 2012 | In: Money | Comment

Alessio Rastani Is A Hoaxer? Bankers And Traders Only Pretending Just Out For A Laugh

ALESSIO Rastani, the trader who admitted that money marketeers act in their own self-interest (who knew) and thrive on panic and fear,  is a fraud?

The Daily Mail says he is – or might be:

Was the BBC’s trader from a hell one big hoax? Claims greedy dealer praying for a recession in which to get rich was a FAKE

“Rastani said the stock market was “toast“. Rastani said:

“The governments don’t rule the world – Goldman Sachs rules the world.”

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Posted: 27th, September 2011 | In: Money | Comment

The Banks Really Are To Blame For The Economy

THE banks really are to blame for the economy.  Although not in quite the manner many seem to think.

The UK economy is currently 4pc smaller than its peak in March 2008 and 2.8pc smaller than in September 2008, when Lehman Brothers collapsed and Britain’s banking industry began its long decline.

Of the 2.8pc fall, the contraction in banking activity has accounted for one percentage point, analysis of Office for National Statistics (ONS) figures shows.

The impact banks have had on the economy is completely disproportionate to the industry’s size. Banks account for just 5.1pc of national output, but are to blame for around 35pc of the national decline even excluding the knock-on effect of tighter credit on businesses and households.

We’re used enough to people telling us it was all the banks’ fault: and they’re right! It is, at least in part, all hte banks’ fault.

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Posted: 31st, August 2011 | In: Money | Comment

Spanish Bank Pays Workers Not To Work

bankingBBVA, Spain’s second largest bank, is letting staff to take five years paid leave to cut costs during the recession.

Instead of bank workers, customers will be met with a recorded voice that invites them to press button after button before picking a song that drives them insane.

Five years later the customer dies. But the bank lives.

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Posted: 3rd, June 2009 | In: Money | Comment

Jade Goody’s Jack Tweed Is On Suicide Watch

BERFORE we get to the news that “Fragile” Jack Tweed, Mr Jade Goody, is on “suicide lag wing”, we introduce Sun scribes JAMES CLENCH and ANDY CRICK to nominative determinalism.

Clench and Crick tell us:

FRAGILE Jack Tweed has been locked in a tough jail’s secure hospital wing to protect him from hard-case lags, we can reveal. Bosses at Chelmsford Prison have put the terrified 21-year-old in a single cell alongside inmates on suicide watch amid fears he will be targeted.

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Posted: 16th, April 2009 | In: Celebrities, Key Posts | Comments (13)

Pensioner Sir Fred Goodwin Blames RBS Fall On His Youthful Exuberance

SIR Fred Goodwin might take his pension. His full pension.

Sir Philip Hampton, chairman of Royal Bank of Scotland, says Sir Fred Goodwin is “still thinking” about whether to keep all of his pension, most of it, or some of it.

The Royal Bank of Scotland (RBS) posted an annual loss of 24.14 billion UK pounds (US$34.4 billion) on Thursday – the largest loss in British corporate history.

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Posted: 26th, February 2009 | In: Money | Comments (7)

Banking Crisis: The Irish Question

Ever since Cromwell and many others knocked it about a bit (quite murderously and a lot in reality) Ireland has been a bit of a thorny question for mainland Brits.

Now, it’s getting very serious. Where the IRA may have failed to kill, bomb, terrorise and generally drive out absentee British landowners, investors, soldiers and those loutish Brit tourists…the Euro may do just that.

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Posted: 20th, February 2009 | In: Money | Comments (10)

Bankers: Prosecute The Swine

WHEN will enough be enough? Ask your MP (substitute politician titles in the country you wish to seek justice) to join with others and demand prosecutions for the scheming beggars who ran our banks.

The buck should not stop at the last lard butt incumbents of the chief executive and directorship roles. The scythe of retribution should sweep across the doorsteps of bankers who started the rot such as the now very defensive Sir Peter Burt.

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Posted: 17th, February 2009 | In: Money | Comments (4)

Snout Of Order: Petition To Cap Bankers’ Bonuses

BEAT The Banker: sign our Anorak petition to stop bankers’ greedy salaries.


In the days BCC (Before Credit Crunch) we believed what we were told: senior executives are paid so much because you need to get the best people; traders get big bonuses because they are the wealth generators; you get what you pay for.

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Posted: 13th, February 2009 | In: Key Posts, Money | Comments (97)

Snout Of Order: Cap Bonuses And Investors Paid First

SNOUT Of Order: Petition To Cap Bankers’ Bonuses: Vince Cable and Belgium and bust:

Says Vince Cable:

Managers now seek their ‘bonuses’, arguing that their unique skills are needed to dig the bank out of the hole they created. This is a little like the managers of a hospital with a terrible record of poor hygiene and premature deaths surviving the sack, then demanding more money as an incentive to improve.

Snout Of Order: Petition To Cap Bankers’ Bonuses

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Posted: 8th, February 2009 | In: Money | Comment

Cap The Banker: RBS Staff £1Billion Bonus

ROYAL Boyal Bank of Scotland plans to reward staff with £1billion in bonuses.

Your money. Their bonus.

Sign the petition: Snout Of Order: Petition To Cap Bankers’ Bonuses

The Royal Bank of Scotland  is proposing to pay almost £1 billion in bonuses to its staff. That is the same RBS resused by a £20 billion taxpayer bail-out.

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Posted: 7th, February 2009 | In: Money | Comments (3)

Banker Of The Week: Royal Bank of Scotland’s Sir Tom McKillop

ROYAL Bank of Scotland chairman Sir Tom McKillop, 65, stepped down three months ahead of schedule. He hopes for a new trouble-free life on a golf course somewhere.

The surprise move comes a week before McKillop and the cheerful cheeky chappie of banking RBS chief executive Sir Fred Goodwin are due to appear before the Treasury select committee to answer questions about the bank’s massive and unforgivable cock-ups.

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Posted: 4th, February 2009 | In: Money | Comment

Bankers Taken In By Pyramid Scheme

BANKERS fell for a pyramid selling scheme. How sad is that?

Posted: 15th, December 2008 | In: Reviews | Comments (2)

Bankers Pay For You

THE Croydonian looks at the evil bankers:

Well, “Large banks accounted for about 30 per cent of the UK’s corporation tax receipts last year, according to a study by PwC“. FT 14/8/8

I make CT receipts £51.3 bn, and 30% of that is £15.4 bn. Here is a list of 2008 spending, take your pick. You could have half the defence budget, or tertiary and secondary education spending at central government level or a quarter of old age pension spending.

And that’s before income tax, business rates etc etc.

The UK is a service economy..

No Jumpers At RBS And Bankers Guess On Interest Rates

Paul Routledge Can Rejoice As Credit Crunch Banker Tops Himself

Alan Sugar Urges Those With Big Balls To Get Behind Gordon Brown

Posted: 8th, October 2008 | In: Reviews | Comments (3)