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90% Tax on AIG bonus, should UK follow?
Comments
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guess the message given out by the govt and regulators is "steal a mars bar you get a conviction but steal billions or fritter away billions and ruin the biggest banks in the world then you get knighthoods and accelerated pensions and bonuses and never get investigated for fraud or dubious business decisions".vivatifosi wrote: »Whatever happens to the pensions, I'm disappointed that there aren't forensic accountants climbing all over RBS looking for fraud or negligence, I still can't believe you can get the biggest failure in UK corporate history without one or the other. Then throw the book at them, all of them.bubblesmoney :hello:0 -
knowledgepower1 wrote: »Tbh I still cant get it in these developed countries, from my experience you only receive bonus if you ve made and surpass your budgeted profit figures. Here, when they are collapsing they still fight for bonus. Bonus for what?
The failing was that the bonus and focus wasn't on 'profit' but on share value. To get share value up (and achieve bonuses) the banks were forced into ever more competitive and risky actions to increase their assets, mortgage loans, etc.
This increased share value (Halifax peaked at abut £13.5 per share last year) was great but then everyone realised that this meant the bank had no actual cash or 'real' profit and now Halifax shares are gone and Lloyds shares are worth about 28p.
But if you got the share price upto £13 then you hit your target so have yourself a bonus. Who cares if the business actually works or not.Anger ruins joy, it steals the goodness of my mind. Forces me to say terrible things. Overcoming anger brings peace of mind, a mind without regret. If I overcome anger, I will be delightful and loved by everyone.0 -
dont tell me that this was how bonuses were actually calculated :eek:The failing was that the bonus and focus wasn't on 'profit' but on share value. To get share value up (and achieve bonuses) the banks were forced into ever more competitive and risky actions to increase their assets, mortgage loans, etc.
This increased share value (Halifax peaked at abut £13.5 per share last year) was great but then everyone realised that this meant the bank had no actual cash or 'real' profit and now Halifax shares are gone and Lloyds shares are worth about 28p.
But if you got the share price upto £13 then you hit your target so have yourself a bonus. Who cares if the business actually works or not.bubblesmoney :hello:0
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