UK to fight EU plan to cap bankers' bonuses

[mertle]

http://www.guardian.co.uk/business/2...ankers-bonuses

Has cameron now lost al sense reality. Trying to openly protecting these obscene bonuses is going be political suicide.

We such in mess that we cant afford the banks to walk out london acting very scared is not good leadership. Personally not sure they will even if they protest it. Not many places on this earth for them to go to screw it now.

I know its not his fault we so heavily reliant on there business it goes all away back years and years. To protect them though I fear plain wrong. About time government start using a bit bottle to stand up against them.

The banks need tighter regulations. I dont buy his argument we got toughest remunerations and have clawed it. Just because couple bank bosses have waived there bonuses means we got grip.

Should we just go there what about bonus sector in all corporations. Time to call time on the whole milking the cow shebang.

If they want the bonuses then all pay at every level reflect the companies wealth and generosity. He gets 10% of his salary bonus then everyone does. Cap there wages to say 10 times of the bottom rung.

At least all would benefit.

[Sirius]

Originally Posted by mertle

http://www.guardian.co.uk/business/2...ankers-bonuses

Has cameron now lost al sense reality. Trying to openly protecting these obscene bonuses is going be political suicide.

We such in mess that we cant afford the banks to walk out london acting very scared is not good leadership. Personally not sure they will even if they protest it. Not many places on this earth for them to go to screw it now.

I know its not his fault we so heavily reliant on there business it goes all away back years and years. To protect them though I fear plain wrong. About time government start using a bit bottle to stand up against them.

The banks need tighter regulations. I dont buy his argument we got toughest remunerations and have clawed it. Just because couple bank bosses have waived there bonuses means we got grip.

Should we just go there what about bonus sector in all corporations. Time to call time on the whole milking the cow shebang.

If they want the bonuses then all pay at every level reflect the companies wealth and generosity. He gets 10% of his salary bonus then everyone does. Cap there wages to say 10 times of the bottom rung.

At least all would benefit.

Its in relation to THIS

http://www.guardian.co.uk/business/2...ankers-bonuses

Britain sought to block the new rules, not so much because it wanted to dilute the curbs on bankers' bonuses, but because it wanted to retain the power to make its own decisions and not be subject to a regime set in Brussels.

EU setting our laws and rules YET AGAIN. The EU should not be allowed to change our laws and rules, They should keep there bloody noses out of our affairs.

This indeed. Screw EU.

[mertle]

Originally Posted by Sirius

Its in relation to THIS

http://www.guardian.co.uk/business/2...ankers-bonuses



EU setting our laws and rules YET AGAIN. The EU should not be allowed to change our laws and rules, They should keep there bloody noses out of our affairs.

Has he got the bottle goto war with the bonus culture though. It needs someone who not scared them moving out. Fear we will just get deluted hash job which wont work. Will only be to appease them to stop running off.

Words are nothing if dont back it up with actions.

He would done something before now if was intended to goto war against them.

[Sirius]

Originally Posted by mertle

Has he got the bottle goto war with the bonus culture though. It needs someone who not scared them moving out. Fear we will just get deluted hash job which wont work. Will only be to appease them to stop running off.

Words are nothing if dont back it up with actions.

He would done something before now if was intended to goto war against them.

Only action i want is a referendum leave the EU - YES or NO, can we have it now please

Whilst i do wonder how some of these bonuses are earned and how the figures are arrived at i can't see how government has the right to interfere with bonuses paid by private companies .If bonuses where curbed by legislation then the banks would simply pay more in the form of a wage ,at least with the way it is now there is a chance that bonuses can be clawed back if it is revealed at a later date that things went wrong .Most of the big bonuses are paid over a number of years in the form of shares so easily taken back

[papa smurf]

i heard on the radio that the worry is that the talent in the banks will leave Europe

what talent ? most of the banks have gone belly up ,i cannot understand why anyone would reward such incompetence with such massive bonuses

[Pierre]

Nothing wrong with bonuses.

[papa smurf]

Originally Posted by Pierre

Nothing wrong with bonuses.

for being incompetent ?

[Pierre]

Originally Posted by papa smurf

for being incompetent ?

I wasn't aware Cameron was making that a requirement.

[mertle]

Originally Posted by papa smurf

i heard on the radio that the worry is that the talent in the banks will leave Europe

what talent ? most of the banks have gone belly up ,i cannot understand why anyone would reward such incompetence with such massive bonuses

Thats what makes me say its bluff. The City finance is damaged reputation you only got see about comments JP Morgan said about that department cost them billions.

Has Bob diamond got new employment yet as example. If he has then the stampede could be on. If has no top job then there good argument its just hot air threats.

If we see where the top players go after damaged reputation you will get indication if cameron right.

Problem is although it might harm us now in long run might be healthy. We may restrategise our country.

invest in proper training for range skills to work in manufacturing such as engineers. Creating pool of all sorts labour for our businesses to be able to use. Maybe those businesses pay small fee a year to use the skilled labour government funded. With pool skilled ederly who could be paid to hand down there talented knowledge help train this new army of labour.

Create investment banks and have banking system which functions does not waste it on banking casino style.

[papa smurf]

Originally Posted by Pierre

I wasn't aware Cameron was making that a requirement.

are you aware of what a hard days work is for the reward offered ,or do you just think its ok to underachieve and get a bonus .

[Osem]

Originally Posted by papa smurf

are you aware of what a hard days work is for the reward offered ,or do you just think its ok to underachieve and get a bonus .

Not all the bankers are/were corrupt or inept so why should they all be penalised when the rest are doing a good job? Seems like cutting off the nose to spite the face. There's nothing wrong with getting shot of the worst of course, but restricting the earnings potential of the best in Europe, as opposed to globally, will see them moving elsewhere leaving UK PLC with the worst and hence a less profitable and secure banking sector. They already function as global teams in the Far East, US and London so how long is a member of a team based in London and generating profits going to stand for being paid much less than his mate in Hong Kong or New York? It's all very well going on about what wrong has been done but that money's gone for good and what we now need to do is rebuild a profitable but well regulated banking sector which can once again generate vast tax revenues and in the case of RBS and BOS, one day pay back the taxpayer the debt it's owed.

Unlike salaries, bonuses can at least be clawed back (and are being) in the event of failure just in case anyone forgot and I reckon New York, Hong Kong and the like are rubbing their hands with glee. People keep saying things like 'let them go', forgetting that vast amounts of tax was paid on what they generated and earned as Gordon Brown himself can testify since he was the one spending it all. This was the reason he liked handing them gongs...

[TheDaddy]

Originally Posted by papa smurf

i heard on the radio that the worry is that the talent in the banks will leave Europe

what talent ? most of the banks have gone belly up ,i cannot understand why anyone would reward such incompetence with such massive bonuses

Come on, imagine the mess we'd be in without their talent and that assumes they actually gave a toss about what happened in the future, unfortunately our bankers were suffering from the same short termism as our politicians and set out to make the bank and therefore themselves in the form of bonuses as much money as possible as quickly as possible and hang the consequences.

[Ramrod]

Originally Posted by mertle

http://www.guardian.co.uk/business/2...ankers-bonuses

Has cameron now lost al sense reality. Trying to openly protecting these obscene bonuses is going be political suicide.

Be careful what you wish for

THE City paid a staggering £53.4bn in tax last year – more than a tenth of total government tax receipts.(2010)
More than 1m are employed by the sector, equivalent to 3.5 per cent of the workforce, with total employment tax of £24.5bn. The average amount of tax paid by each employee was more than £40,000, on a salary of £71,236

edit: link to the report....