RBS bankers in line for millions of pounds worth of bonuses

WTF?_2

Well, the government may have had to spend tens of billions of quid to take a near-70% stake in it to bail it out, but that doesn't stop the pigs getting their snouts in the trough:

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5663873.ece

The troubled Royal Bank of Scotland, rescued with £20 billion of public money, is planning large bonuses for thousands of its City traders and senior bankers, The Times has learnt.
The proposed payments are expected to reach tens of millions of pounds — possibly hundreds of millions — with some star bankers in line for six-figure payouts.

..
The bank, now 68 per cent owned by the Government, is due to report its 2008 results in three weeks, when it will confirm a loss of between £7 billion and £8 billion, after which it wants to pay out the bonuses within weeks.

Privatise the profits, socialise the losses. Then give yourself some public money for being so clever.

purch

Privatise the profits, socialise the losses. Then give yourself some public money for being so clever

I was wondering when you would post this story !!!

I could point out that the vast majority of those receiving a bonus, won't have had anything to do with the huge losses made by RBS, and will be hardworking, skilled and professional, who have done a good job for the Bank and it's shareholders..............but I won't bother, as it won't appease the 'baying hounds' out for blood one little bit !!!!

The_White_Horse

purch wrote: »

I was wondering when you would post this story !!!

I could point out that the vast majority of those receiving a bonus, won't have had anything to do with the huge losses made by RBS, and will be hardworking, skilled and professional, who have done a good job for the Bank and it's shareholders..............but I won't bother, as it won't appease the 'baying hounds' out for blood one little bit !!!!

The company has made a loss - there is no money for bonuses. The end.

purch

The company has made a loss - there is no money for bonuses. The end

That is a very good argument, and one that is impossible to argue with.

I should point out, that when one makes a point, one is not necessarily agreeing or disagreeing with anything in particular.......but I won't bother, because the Dogs want their Blood and they won't be reading anything that doesn't add to the feeding frenzy !!!!

brummybloke

my mrs worked for them, she used to get either cash pay or share bonus a few times per year, it worked out basically 1 month salary bonus per 6 months. i couldnt understand why she got it, she wasnt even very good at her job, but those were the conditions?

maybe it should be reviewed, but i dont think that many bnks are making a loss, they are just not making as much as they are used to getting in.

i would rather a worker gets a bonus than a doley gets benefit.

Snooze

!!!!!!? wrote: »

Well, the government may have had to spend tens of billions of quid to take a near-70% stake in it to bail it out, but that doesn't stop the pigs getting their snouts in the trough:

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5663873.ece

The troubled Royal Bank of Scotland, rescued with £20 billion of public money, is planning large bonuses for thousands of its City traders and senior bankers, The Times has learnt.
The proposed payments are expected to reach tens of millions of pounds — possibly hundreds of millions — with some star bankers in line for six-figure payouts.

..
The bank, now 68 per cent owned by the Government, is due to report its 2008 results in three weeks, when it will confirm a loss of between £7 billion and £8 billion, after which it wants to pay out the bonuses within weeks.

Privatise the profits, socialise the losses. Then give yourself some public money for being so clever.

And people have to gall to rip into me like I'm some kind of scum when I make noises about not paying tax. :rolleyes: How much more proof do you need that you're all being taken for mugs? :mad:

Rob

Dylanwing

I don't see how it can be justified. Without Government support there would be no Bank to pay these bonusses. The big mistake was in handing Bankers (Hardly trustworthy souls) vast amounts of taxpayers cash unconditionally. These guys only have jobs because of the taxpayers, so they should be grateful just to be getting a basic salary, and if they are so good, well let them go to anybody else paying the inflated 'market rate'. The bonusses would be paid with taxpayers money, not profits (There aren't any), and I can think of far better uses for that money.

Kez100

At least we (taxpayers) get half of it back immediately in income tax and NIC.

I agree with keeping to contracts.

I can also see an argument in the banks being insolvent and thus unable to pay.

I like fences.

WTF?_2

purch wrote: »

I was wondering when you would post this story !!!

I could point out that the vast majority of those receiving a bonus, won't have had anything to do with the huge losses made by RBS, and will be hardworking, skilled and professional, who have done a good job for the Bank and it's shareholders..............but I won't bother, as it won't appease the 'baying hounds' out for blood one little bit !!!!

Were it a business like its peers on the stock exchange that has to operate in the 'real world' this badly run failure of an organisation wouldn't be around to pay bonuses.

Instead, it has received tens of billions of pounds of public cash to make good its disastrous bets.

The 'bonus' for its employees is that even after their employer has screwed up to the tune of tens of billions of pounds, they still have a job unlike many of the plebs working in retail or manufacturing who have lost theirs due to the fallout from the stupidity and greed in the banking sector.

Dylanwing

At least we (taxpayers) get half of it back immediately in income tax and NIC.

Good point - Can you recommend that I get a million pound bonus on that basis please?

Kez100

Dylanwing wrote: »

Good point - Can you recommend that I get a million pound bonus on that basis please?

No, because you don't have a contract with it written in.