Show the bonus Bankers with our feet/money

boomish

NFH wrote: »

If you made a rational argument and made some well presented and well thought out points, people might respect your opinion. A post like that will only cause people to laugh at your ignorance. Like the vast majority of the anti-banking-bonus people in this country, your rant shows a lack of understanding of who and what caused the financial crisis.

Do you know which asset classes contributed to the financial crisis? Why should traders in all asset classes that were not involved be penalised as a result? It's like saying that a market stall trader should have his profits curtailed because some other people with "trader" in their job description made some big mistakes.

Yes excuse the rant it was late but it's pretty much true and I don't like you accusation of people being "jealous" that is not rational or well presented! I'd never do something like that.. It's basic fairness, No of course were not talking about the workers but the bosses getting big bonuses..it's not right when a business benefits from such a massive cost to the public.

Does it matter that much what caused it as to what it cost to fix it? So the public bail out your business yet you still pay yourself a bonus? Thats not business thats greed. Your getting confused and not seeing the basic big picture..or maybe your the one that is jealous cos it's not you getting the bonus. Would you do the fair thing and decline the bonus for the sake of the business..
All I know is I'd rather move to a new bank thats not about being greedy but about making money for it's users whats wrong with that..

bendix

Loughton_Monkey wrote: »

Advice?

Well for a start, contact a certain "Eric Cantana" [apparently some French footballer m'Lud] and find out how to do it. He has experience of arranging a 'mass withdrawal' throughout France.

My understanding is that this was highly successful, achieving something like €3,542.65 withdrawn. Enough to make the French banks quake with fear. Had the said 'Eric' actually taken part himself, then who knows? The figure might have increased to €5,000 and really bought the system to it's knees!

Is the same Eric Cantona who, at the time of being in the headlines exhorting people to take all their money out of the banks, was very happy for his wife - a model, of course - to appear in a series of tv advertisement for . . guess what? . . . . .one of those banks?

Oh, how we laughed.

opinions4u

So the public bail out your business yet you still pay yourself a bonus?

I thought the people at the top of Northern Rock, Bradford & Bingley, HBOS etc were long gone.

So they won't be earning a bonus.

Those who are now "turning the business round" and potentially delivering a significant profit to the taxpayer ... well, if they're delivering a performance that exceeds their objectives, and they were told they would get paid a bonus for doing so .... it seems to me that they deserve what they were promised.

(By all means you can argue that the amounts top executives earn are obscene, and I wouldn't disagree, but the principle of honouring a promise/contractual agreement stands whether it be an investment banker, a cashier working part-time on the counter in Swindon or the Chief Exec a high street bank).

All I know is I'd rather move to a new bank thats not about being greedy but about making money for it's users

Well you're living in cloud cuckoo land then. They exist to make money for their shareholders. The banks, on the whole, appear to offer better value products than the "reinvest profits for the benefits of our members" building societies.

bendix

boomish wrote: »

All I know is I'd rather move to a new bank thats not about being greedy but about making money for it's users whats wrong with that..

Go ahead. Feel free.

Try Metro Bank . . that, after all, is their marketing strategy.

I'm sure you'll be more than happy earning substantially lower returns on your savings (fact) and paying more interest charges for your mortgage, credit cards and personal loans. Oh, not to mention higher charges for basic account services.

But, as you're motivated by scrupulous morals over everything else, you won't mind that, will you? Because, on the plus side, they don't pay their staff huge bonuses, the give balloons to kids in branches, and you can take your dog into the branch too.

Good luck.

Adams1

opinions4u wrote: »

Are banks the only companies in the country that pay bonuses?

Do places like M&S pay their executives nothing in addition to salaries?

Does Vodafone incentivise it's boardroom with a "succeed and we'll give you nowt" motto?

Did the bloke who turned Tesco in to an international giant never get a penny extra for his efforts?

Stop using your mobile phone. Give up using supermarkets. Don't buy any new clothes. Withdraw your money from the bank (the one you name doesn't even have state ownership).

Your life will be better for it.

Errr.... I may have not been alive long enough to witness what you claim but... When where all the companies you listed above bailed out with tax payers money?

@OP, if I'm not mistaken, a bonus that big means 50% income tax, so I guess it's kinda more of a win/loose situation. You loose some (alot actually lol) for bailing them out, but you win some from income tax. Meh.

opinions4u

Adams1 wrote: »

Errr.... I may have not been alive long enough to witness what you claim but... When where all the companies you listed above bailed out with tax payers money?

I didn't say they had been. But I have no issue with staff in the public sector earning a bonus if they've done their job particularly well, especially if it can be shown that incentivising the right things gets the best returns for the taxpayer.

My point is probably best stated in the post at 1.33pm on this page. I'll copy and paste it if it helps.

I thought the people at the top of Northern Rock, Bradford & Bingley, HBOS etc were long gone.

So they won't be earning a bonus.

Those who are now "turning the business round" and potentially delivering a significant profit to the taxpayer ... well, if they're delivering a performance that exceeds their objectives, and they were told they would get paid a bonus for doing so .... it seems to me that they deserve what they were promised.

(By all means you can argue that the amounts top executives earn are obscene, and I wouldn't disagree, but the principle of honouring a promise/contractual agreement stands whether it be an investment banker, a cashier working part-time on the counter in Swindon or the Chief Exec a high street bank).

boomish

opinions4u wrote: »

I thought the people at the top of Northern Rock, Bradford & Bingley, HBOS etc were long gone.

So they won't be earning a bonus.

Those who are now "turning the business round" and potentially delivering a significant profit to the taxpayer ... well, if they're delivering a performance that exceeds their objectives, and they were told they would get paid a bonus for doing so .... it seems to me that they deserve what they were promised.

Really all these top bonus were promised? I don't recall hearing any of that, I thought they can vote or decided as to what bonuses they can get paid.

(By all means you can argue that the amounts top executives earn are obscene, and I wouldn't disagree, but the principle of honouring a promise/contractual agreement stands whether it be an investment banker, a cashier working part-time on the counter in Swindon or the Chief Exec a high street bank).

Yes as you agree the bonus is extreme, which is the my basic point in the first place. Do I think they are worth it no, would the bank have made just as much without them probably.

Well you're living in cloud cuckoo land then. They exist to make money for their shareholders. The banks, on the whole, appear to offer better value products than the "reinvest profits for the benefits of our members" building societies.

Am I really, I mean that why I raised this thread to know if there was a better bank out there? Do all banks exist then to rip people off by paying big bonuses to the boss while the workforce and public pay for it in these hard times? other companies make money without paying their boss a huge bonus EG Steve Job's

Also my bank being Barclays have terrible interest rates, why then are all my ISA's in building societies, they are the best I found listed by MSE, also their not driven by share holders or fat cat bosses, and if I'm not mistaken have the lowest mortgages on offer.

Wow I thought there would be others that would support a better fairer system of banking..not defend 1 bloke getting paid millions and millions..

boomish

bendix wrote: »

Go ahead. Feel free.

Try Metro Bank . . that, after all, is their marketing strategy.

I'm sure you'll be more than happy earning substantially lower returns on your savings (fact) and paying more interest charges for your mortgage, credit cards and personal loans. Oh, not to mention higher charges for basic account services.

Thanks I shall, I can keep my savings where they are, (not in a bank) all I want is a bank for my day to day money, I also have 3 kids and a dog so a win win situation!!
Actually I always take my dog with me to my local branch of Barclays as they always enjoy seeing him, really nice people too so it would be a shame to move.

But, as you're motivated by scrupulous morals over everything else, you won't mind that, will you? Because, on the plus side, they don't pay their staff huge bonuses, the give balloons to kids in branches, and you can take your dog into the branch too.

Good luck.

[/QUOTE]
As you say yes I am very much motivated by scrupulous morals and that would make me much happier to know my money is in a better place.
Whats wrong with being the person that supports the local shop or community, I gladly pay more for something knowing it will be of better use where i live, thats worth every penny.

NFH

boomish wrote: »

Really all these top bonus were promised? I don't recall hearing any of that, I thought they can vote or decided as to what bonuses they can get paid.

Yes. Traders are given a budget for the year. A "budget" for traders is the opposite of a budget in most jobs, in that rather than being an amount they can spend, it's an amount that they must make through successful trading. If they make their budget, then they will get a bonus that is proportionate to their profit. Sometimes this is written into their contracts so it's guaranteed and legally watertight; otherwise it's based on bank policy and a gentleman's agreement that the bank's track record of honouring that policy will continue.

stutakesphotos

ses6jwg wrote: »

1. Not all banks got into trouble.

And this is where a few of us who are critical of the situation are keen to use such banks.