100% income tax?

Graham_Devon

Harry_Powell wrote: »

No, you said:


So if they put your plan (not paying bonuses until the banks are running on their own and have paid the tax payer back) into action, it would only impact Lloyds/HBOS and RBS bonuses because all other banks are running on their own and have no tax payer monies to pay back. Hence my response of what would happen if you targetted just these two banks (and possibly Northern Rock).

Fair enough. Slip of the keyboard, and can see how you have taken it in that way. It wasn't meant in that way I assure you. If it was, I would have seperated the two.

I meant ALL bank bonuses should be curbed until the banks have paid back loans.

Reason being quite simple. it would put more pressure on the banks, who have got away with everything to get their act together. So I did mean all banks, not just those bailed out.

chucky

Graham_Devon wrote: »

Fair enough. Slip of the keyboard, and can see how you have taken it in that way. It wasn't meant in that way I assure you. If it was, I would have seperated the two.

I meant ALL bank bonuses should be curbed until the banks have paid back loans.

Reason being quite simple. it would put more pressure on the banks, who have got away with everything to get their act together. So I did mean all banks, not just those bailed out.

that doesn't really work in the real world.

any decent staff will just find work elsewhere. the staff that can't find work will stay - they are usually the lower calibre staff. they're not the ones that are really going to help the banks to make money again, if anything they'll put the bank in a worse state than it already is.

Graham_Devon

chucky wrote: »

that doesn't really work in the real world.

any decent staff will just find work elsewhere. the staff that can't find work will stay - they are usually the lower calibre staff. they're not the ones that are really going to help the banks to make money again, if anything they'll put the bank in a worse state than it already is.

To be honest, I'm a bit tired of this whole "they will find work elsewhere".

Where?

The same people keep hailing them as genius. Yet the only reason we are discussing all of this is because the very same people bought not only the country, but the world to it's knees. And lets not pretend they were not all in it. Obviously you have exceptions where it comes to very new staff.

But where will all these people go?

Like I keep saying. We will see if they go. But I highly doubt they will. Who's going to emply someone who has left a company purely because they didnt get a bonus?

Why would another country want our failed, disgruntled bankers en masse?

In two weeks time, we shall be able to see if our bankers have voted with their feet , and left....OR, have found a way of simply getting around the system, and stay where they are.

Hundreds of bank staff upping sticks and having a masse of jobs inviting them in doesnt work in the real world either.

chucky

Graham_Devon wrote: »

To be honest, I'm a bit tired of this whole "they will find work elsewhere".

Where?

The same people keep hailing them as genius. Yet the only reason we are discussing all of this is because the very same people bought not only the country, but the world to it's knees. And lets not pretend they were not all in it. Obviously you have exceptions where it comes to very new staff.

But where will all these people go?

Like I keep saying. We will see if they go. But I highly doubt they will. Who's going to emply someone who has left a company purely because they didnt get a bonus?

Why would another country want our failed, disgruntled bankers en masse?

In two weeks time, we shall be able to see if our bankers have voted with their feet , and left....OR, have found a way of simply getting around the system, and stay where they are.

Hundreds of bank staff upping sticks and having a masse of jobs inviting them in doesnt work in the real world either.

other banks Graham - other banks... i went contracting in 2002 because i didn't get a 40% bonus that i was expecting and only got 25%.

i've just said that Barcap have released 1,000 roles just in IT (not the rest of the bank) for Quarter 1 just to recruit the best people that will be leaving other banks due to lack of bonuses.

i've got colleagues who have even been allocated bonuses up front before they've started their new roles to compensate them for the lack of bonus due to them resigning.

people actually do this in real world.

lostinrates

Graham_Devon wrote: »

the very same people bought not only the country, but the world to it's knees.

As I said, its very unlikely you'll see anything within two weeks.

s for that: I think a lot more people than bankers were to blame. Easier to direct anger that way though I suppose!

KTM_Gordo

Graham_Devon wrote: »

But where will all these people go?

Why would another country want our failed, disgruntled bankers en masse?

New York, Hong Kong, Singapore, Geneva...

London is the centre of world finance, and the people who work in the industry are very much in demand worldwide. Remember that the credit crisis originated in the US, not the UK - it was RBS's US operations that brought it down, and Northern Rock relied on funding from the US for its operations in the UK.

Unfortunately there hasn't been an easy to follow explanation for the situation in the media - a quick sound-bite "bankers are evil" is much more appealing to the tabloid headlines. The British government has announced this as a knee-jerk response to public opinion (which tends to be driven by the tabloid press).

The source of the problem rests with US economic policy, and people not understanding the basic concept of making repayments on their mortgages.

It's easy to say that the banks shouldn't have lent them the money, but would you like it if the bank turned round and stopped you borrowing money because they thought you weren't intelligent enough to understand the obligations placed upon you?

We are adults, they are adults - there has to be a basic level of personal responsibility for your own actions and decisions.

boomerangs

Harry_Powell wrote: »

Which means that the talent will leave Lloyds/HBOS and RBS and go to Barclays and other banks who have not received taxpayer handouts, which further means that when we (the tax payer) try to sell our shares in the banks we'll get less for them because they're even more knackered than when we bailed them out.

You've taken the bankers' propaganda hook, line and sinker Harry.

Harry_Powell

boomerangs wrote: »

You've taken the bankers' propaganda hook, line and sinker Harry.

Not really, like chucky I've seen this happen. Some of these guys are in charge of equity funds that are billions of pounds in value, that level of responsibility requires a high level of compensation. If some banks are allowed to pay large bonuses and some are not, do you think these people will stay in the banks with no bonuses?

Many investors follow fund managers, especially the very successful ones, so if one leaves a bank they often take a large number of investors with them (who also take their money with them).

lostinrates

recently some one said here some thing along the lines of ''if you think public sector has it so good, get a job within it''. I sort of feel the same about people complaining about City jobs. It is perfectly possible to do it with out contacts..in one way or another.

DH went overseas for his career, and maywell do so again. We would prefer to be in England,we LOVE England, both of here by choice not just ''default'' but there is a point at which it would be better to go elsewhere.

For people who say that the rich don't really leave...Switzerland and the Caymans would beg to differ. Of course not everyone will, for each person the evalutaion will be different, but for example, for peoplelike us, no children, only one set of parents in Uk...elderly parents..lifestyle might play an increasing part of the equation, as might progression.

bendix

Seeing as how the so-called supertax is only valid until 5 April 2010, it doesn't take a rocket scientist to work out how banks can avoid it - don't pay bonuses until April 6th.

There - simple, isn't it?

This is cynical political posturing by Labour - they know they will raise precisely £0000 from it, but it will deliver a few extra votes to simple-minded voters who don't bother to read beyond the headlines.