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    Banking bonuses or NO banking bonuses ?

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    papa_umau
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    Banking bonuses or NO banking bonuses ?

    Post by papa_umau on Mon 09 Mar 2009, 11:27 am

    After the United Kingdom Financial Investments Authority ( UKFIA ), ( Who are Lloyds largest government shareholders ), authorised an 80 million bonus for the bank's front-line workers I was wondering if this could be seen as a loophole in the promise that was made by government that the bonus-culture in the banking system would stop.

    Of course many or even most of us might support the idea that none of the fat-cat executives should get such bonuses again unless they can prove that they have actually contributed to the growth of the bank over a very long period but many of us might be OK with the idea that the hard-working front-line staff should get paid for all of their efforts during this very difficult time.

    What do YOU say about this ?

    HERE is the full report from The Times Online.


    Last edited by papa_umau on Tue 10 Mar 2009, 11:40 am; edited 1 time in total


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    zathrus
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    Re: Banking bonuses or NO banking bonuses ?

    Post by zathrus on Mon 09 Mar 2009, 12:28 pm

    As far as I see it the people at the desks are the ones that have kept the banks going right through all of this turmoil and they were also the ones that took the brunt of the job losses.

    Yes, I would pay these people the bonuses that they earned as they earned them through their hard work and not through greed or misconduct.
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    papa_umau
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    Re: Banking bonuses or NO banking bonuses ?

    Post by papa_umau on Tue 10 Mar 2009, 11:43 am

    Got to agree wtih that one too; it is just a shame though that those bonuses will not be paid out of the bank profits but will be paid indirectly out of the money that the taxpayers threw at the banks.


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    Re: Banking bonuses or NO banking bonuses ?

    Post by Parliament.... on Tue 28 Aug 2012, 1:07 pm

    Papa, We live in a free market, and bank deregulation has been been a significant part of this free market since the 80's.

    The Banks have taken over from the role of the State and what the State should provide via income tax payers money to fund all the vital services we all need and use.

    The trouble is that the banks might well create the wealth, and get golden handshakes for doing it, but wealth creating care of the banks and all who work within them, does not lead to wealth distribution.

    The real question is, should the banks be regulated and nationalised like some are in Europe I believe, and we would return to when income tax payers money was used for the purpose it was put in to State coffers, to invest into our vital services.


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    Re: Banking bonuses or NO banking bonuses ?

    Post by Guest on Wed 29 Aug 2012, 12:23 pm

    "The banks have taken on the role of the State" - an interesting concept Ivanhoe. Please can you elaborate further?

    As to nationalising banks (which has already happened btw via the back door) do you really think it is a good idea to let the state look after all your money? There are many people all over the world who would beg to disagree!

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    papa_umau
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    Re: Banking bonuses or NO banking bonuses ?

    Post by papa_umau on Thu 30 Aug 2012, 12:16 pm

    Again this is a stance of dogma, as on the one hand some people will see that the privatisation route is always the best one while on the other hand some might want everything state-controlled.

    Like in many other things I take a middle view here as I have always said that there are services that would be better done by the private sector and there are services that MUST be done by the public sector, where the profit motive will not get in the way.

    Banking, like insurance and investment - left to their own devices and without adequate regulations keeping them honest - will just about always, ( as has been proven recently by the world banking debacle ) - get into trouble driven by greed and the desire to make as much profit as is possible at any level of risk.

    Where services need to be tightly overseen and the regulations in the private sector are not stringent enough it then falls to the Civil Service to ensure that what is done in public enterprises is done fairly, legally and correctly.


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    Re: Banking bonuses or NO banking bonuses ?

    Post by Parliament.... on Thu 30 Aug 2012, 12:27 pm

    Well put Papa.



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    zathrus
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    Re: Banking bonuses or NO banking bonuses ?

    Post by zathrus on Fri 31 Aug 2012, 12:58 pm

    I think that just about every walk of life in the earning world people who do a very good job, no matter what that job is, should qualify for reasonable bonuses for that extra efficiency and effort.

    The thing is that the fat-cats that can pay themselves just about any amount without restriction are now giving the top managers a very bad name.

    I say that if it is not earned it should never be given just because of the position that the manager holds and that the people who actually pay this money, the small shareholders and the taxpayers, should have a strong say in what these top punters get paid.

    The remuneration committees that you regularly refer to Paps should not exist if they are made up of the people that are actually getting the money. To me that is pure stupidity.

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    Re: Banking bonuses or NO banking bonuses ?

    Post by Parliament.... on Fri 31 Aug 2012, 1:03 pm

    zathrus wrote:I think that just about every walk of life in the earning world people who do a very good job, no matter what that job is, should qualify for reasonable bonuses for that extra efficiency and effort.

    The thing is that the fat-cats that can pay themselves just about any amount without restriction are now giving the top managers a very bad name.

    I say that if it is not earned it should never be given just because of the position that the manager holds and that the people who actually pay this money, the small shareholders and the taxpayers, should have a strong say in what these top punters get paid.

    The remuneration committees that you regularly refer to Paps should not exist if they are made up of the people that are actually getting the money. To me that is pure stupidity.

    Mr "Z", the unbridled free market, along with bank deregulation was never meant to be fair.

    It was put in place care of "you know who" in the 80's, and it has made loads of money at the top, because it's Capitalism at work.

    We are a free market Capitalistic nation, where wealth creators get the perks, and everyone else gets the crumbs.

    And in one way or another, we all buy into the system. Like it or not.
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    Re: Banking bonuses or NO banking bonuses ?

    Post by zathrus on Fri 31 Aug 2012, 1:25 pm

    I don't necessarily call these top-end parasites "wealth-creators" as it is the people at the middle and at the bottom that actually do the work that creates the wealth.

    Bonuses should be tightly correlated with this actual wealth-creation and the ones that actually do the work are the ones that should get the extra money.

    Actually some more-enlightened companies already do this and when it happens the people who are actually making this money don't mind if the top bosses get a fair share in that success.

    There is nothing "fair" about how these executives get the big bonuses and as long as they do get this unearned money the "them-and-us" bad-feelings will still run strong in the workforce.

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    papa_umau
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    Re: Banking bonuses or NO banking bonuses ?

    Post by papa_umau on Sat 01 Sep 2012, 11:44 am

    Yes Zath, they get the misdirected congratulations for the "wealth-creation" events but I have always said that a poor top manager can still be laid aside when the people under him or her are skilled enough to make good on these executive-management flaws.

    In stead of automatic payments for position these people should get paid the extra that they look for based solely on their performance and for no other reason.

    We are totally "in sinc" on this one !


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