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76 Comments
- novenator, on 02/08/2009, -1/+36So this isn't limited to American banking CEOs. Of course, here in the states, the bonus figures are likely even higher than that
- WafflePirate, on 02/09/2009, -1/+28After running the bank into the ground and having to resort to a bailout payment, they've deserved it, right? /sarcasm.
- stubear, on 02/09/2009, -0/+24What did these guys do to deserve bonuses? Why is no one asking this question?
- SRSco, on 02/09/2009, -1/+24Except for when you convert pounds to dollars.
£675,000 = $1,000,000 - Deveak, on 02/09/2009, -0/+15say it with me, RRRRRRAAAAAAAAGGGGGGGGGGGEEEEEE!!!
on a serious note, a responsible business man would forgo raises and bonuses until the business is stable. I am lucky I deal with a local bank that managed to avoid most of this crap. - elryanoo, on 02/09/2009, -1/+16Give rich people money and they will hoard it.
- Hillsfar, on 02/08/2009, -2/+16I wonder if the Brits in Parliament are gonna enact claw-back provisions. Or perhaps their famous soccer hooligans might just decide to visit bankers.
- PhillyOC, on 02/09/2009, -1/+15There are obviously greedy and corrupt people the world over.
- vio3, on 02/08/2009, -2/+15Copycats! :P
- borschwanger, on 02/09/2009, -0/+13how bout none as in you are fired
- RogerStrong, on 02/09/2009, -1/+12Meanwhile Canada hasn't had a single bank failure, calls for bailouts or government intervention in the financial or mortgage sectors. In 2008, the World Economic Forum ranked Canada's banking system the healthiest in the world. (America's ranked 40th, Britain's 44th.)
http://www.newsweek.com/id/183670
Naturally, Canadian bank CEOs are now in virtual competition to volunteer cuts to their own salaries.
http://www.theglobeandmail.com/servlet/story/LAC.2 ... - Akairenn, on 02/09/2009, -1/+10Canada - ha ha! Your bankers are so dumb they don't even know how to get multi-million dollar bonuses from taxpayer money.
Oh, wait.
:( - ElectroBot, on 02/09/2009, -0/+9Yes Bill and Melinda Gates, John D. Rockefeller, etc. do give a lot to charity, BUT on average the rich give less (percentage wise) to charity then the poor.
http://www.portfolio.com/graphics/2008/02/Alms-Fro ... - Gndoab, on 02/09/2009, -0/+8how is that sneaky? They are saying, "Look, I am so confident in my ability to turn this bank around I am willing to get paid in bank shares."
It shores up investor confidence, and is about the only way I can see that will reward a CEO for doing good things for the company, while equally penalizing them for doing bad things. - seanchen07, on 02/09/2009, -0/+8if i lived there i would be saying FML big time. thank god i live in the good ol' U.S of AAAAAAAAAAAAAhhhh *****.
- RogerStrong, on 02/09/2009, -0/+7@aargh01:
They weren't troubled mortgages. Canada isn’t having that crisis.
NOT having a bailout or government intervention - when everyone else was having them - created a DIFFERENT crisis: Canadian banks were having trouble competing internationally because they didn’t have the new US and European government-backed guarantees for everything they do.
So the Canadian government is insuring mortgages to level the playing field. Again, these are sound mortgages. It’s also loaning the banks money, with the bank’s non-mortgage loans as collateral.
http://www.reuters.com/article/regulatoryNewsFinan ... - dgjiv, on 02/09/2009, -0/+7Every time bonuses come into question, the patent answer is that they're 'needed to retain the top talent'. What they fail to explain is that this 'top talent' are the same people who dug the hole the taxpayers now have to dig out of. When bankers pay themselves a bonus, they 'bone us' with the bill.
- tibbon, on 02/09/2009, -0/+6So its not just the American banks that are morons with a government that doesn't keep them in check at all...
- MatzahMan, on 02/09/2009, -2/+8at least it isn't 7 figures
- WafflePirate, on 02/09/2009, -0/+6Sarcasm, right?
- inactive, on 02/09/2009, -1/+6"It is said that Stephen Hester, the bank's new chief executive, favours paying bonuses in shares rather than cash in order to avoid public fury"
So, they are as sneaky as American bankers. - LokitheComplex, on 02/09/2009, -0/+4But if the state had not bailed out the bank they would not be getting the "bonus" because they failed.
- LokitheComplex, on 02/09/2009, -1/+5These bankers ought to be jailed. Its turning our country (UK) into a kleptocracy.
- Ogopogo, on 02/09/2009, -0/+4It's surprising the writer forgot to mention that the Royal Bank of Scotland has about 400 M pounds exposure in the Madoff ponzi.
see: http://www.google.ca/search?hl=en&q=%22bank+of ... - Billions, on 02/09/2009, -0/+4But Obama has already introduced legislation to prevent this... Oh, right. *****, he's not president of the WORLD. Hmmm. Oh well. He could still send in some Navy SEALS and take that money back with a swift hand!
- bjornski, on 02/09/2009, -1/+5The only people calling him a "king" or "messiah" are people who were supporting candidates who lost to him.
Now quit whining. - beaunewcomb, on 02/09/2009, -1/+5Exactly. The media is really doing all they can to make these guys look like real tyrants. when a lot of these bankers make lower than average base salary and depend on their bonus. Not the route I'd take, but not everyone is a shark, and not everyone working for RBS (or other banks) is a trader.
- method7670, on 02/09/2009, -0/+3This is why there should have been a stipulation about capping pay. Something that Obama wants here in the states.
- bjornski, on 02/09/2009, -0/+3A bit.
- DirtyVicar, on 02/09/2009, -0/+3They do... they keep the executives awash in six-figure cheques.
- borschwanger, on 02/09/2009, -0/+3but then its only a 5 figure bonus!
- ajsmth, on 02/09/2009, -0/+3Now you know who to get your money back from!
People are always asking me if I know Tyler Durden.... - wonkavsn, on 02/09/2009, -0/+2Royal Bank of Canada to Take Even More Money From Me.
- dazman05, on 02/09/2009, -0/+2mmm, I think we need to change the meaning of 'bonus' http://dictionary.reference.com/browse/bonus
Daz - Barackalypse, on 02/09/2009, -1/+3Add incompetent to that list and you just described the people that gave these banks the money, and what's worse, we elected them (and by we I mean other people, because nobody I voted for ever won).
- ModernChem, on 02/09/2009, -0/+2I believe that was the implied question.
- Meowbiusfox, on 02/09/2009, -1/+3All of this bailout crap must be a scam.A carefully orchestrated shell game.Awfully convenient how Bernie Madoff came into this whole
situation.I remember Royal Bank Of Scotland(along with others)in arms over Madoff when he was caught,saying that he may have literally"broke their bank."
Apparently they don't believe their own press releases. - bjornski, on 02/09/2009, -2/+4Well, if they don't pay those big bonuses, those employees will move on to somewhere else!
You have to pay a lot to find qualified people! - Pugshoes, on 02/09/2009, -1/+3CLOSE YOUR ACCOUNT WITH RBS.
I AM CLOSING MINE TODAY - incandescent, on 02/09/2009, -0/+2Do you get that RBS was one of the biggest banks in the world, a 300 year old national institution and that its share price is now just 20 pence and it's had to be bailed out with £20 billion of taxpayers' money?
That's not the sort of talent I want to retain. - truck87bp, on 02/09/2009, -0/+2Americans can see Great Britain from their Back yards, OH! there's Germany too and my neighbor can see France. Are these Banks openly robbing the whole lot of us? Can you say G20? What a bunch of sod pots we are.
- ndrehobl, on 02/10/2009, -0/+2no. i dont believe it. that money was given by the government to HELP people. no one would use that money, whether they are part of the government, or part of the free enterprise system would ever use that money for something that it was not designated for. obviously this article is a fake.
- MatzahMan, on 02/09/2009, -0/+2***** sig figs
- marytormey, on 05/14/2009, -0/+2Is our banking system worth it?
- worthingmike, on 02/09/2009, -0/+2Bank staff Bonuses The fair route
Bank staff should be treated the same fair manner as their customers.
Refuse their bonuses
Let them complain
Tell them to write to Head Office about their genuine complaint
Take eight weeks to reply and reject their claim in a "Final Response" letter
Then refer them to the Financial Ombudsman Service who will probably take nine months to adjudicate
The FOS mindful that they are financed by the Bank that they are complaining about will offer a compromise
During this time majority will have given up or died
Net result most staff will not get their bonuses and if they do it will be at least one year down the line.
There is an alternative, take the bank to court then after a few years win, but then the Bank will appeal
The bank staff will then join the ten million waiting to recover money won in court from the banks.
The bank staff won't be so eager to fire-off denial letters to customers refusing their genuine claims.
Bottom line, we will be out of the recession before any bank staff ever receive their bonus
What is fair for the customer, is fair for bank staff.
Problem solved - Myonosken, on 02/09/2009, -0/+2...uh, what?
- Ogopogo, on 02/09/2009, -0/+1They only 'invested' 400 M pounds with Madoff's ponzi.
- StultusJuventus, on 02/09/2009, -4/+5Well - the word 'bonus' is misleading in more than America.. Being mad about bonuses for regular banker and traders' bonuses is similar to getting mad about waitresses keeping their tips. That's just how their pay structure is set up.
- hcharger, on 02/09/2009, -1/+2 I've been a dismal failure all my life...heaven forbid, please...reward me!
- dvdvndk, on 02/09/2009, -0/+1"Ever feel like you've been cheated?" My snot is about to become useful again. Something is ROTTEN with the rich folks these days John
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