City Bonuses
oldtimer - 10/10/08 at 12:34 PM
Radio 4 announced today that there was expected to be £3.5 billion of city bonuses given out this year at this critical time of tax payer funded
bailouts - words fail me.
vinny1275 - 10/10/08 at 01:28 PM
This doesn't make it right in the whole scheme of things, but if someone's got it in their contract that they get x% bonus for generating x
amount of revenue for the bank in the course of the year, and they meet that target, the bank can't not give that bonus, as they'd be in
breach of contract to their employees. Getting sued by their own brokers would be much worse....
Also, how many people is this spread around? If it's between 10, it's obscene, it's it's spread between 100,000, it's an
average of 3,500 each - not much of a percentage of what most of them are on, I'd guess.
That said, they've managed to bring the problems on themselves, and they should help to bail it out....
Richard Quinn - 10/10/08 at 01:56 PM
quote:
Originally posted by oldtimer
Radio 4 announced today that there was expected to be £3.5 billion of city bonuses given out this year at this critical time of tax payer funded
bailouts - words fail me.
I would also guess that most of the recipients are UK tax payers too. The bonuses will be taxable, so 40% (I'm guessing that there wouldn't
be too many basic rate tax payers in this lot) of the £3.5 billion goes straight back to the Government to help fund the bailout. Although it still
doesn't seem right, it is helping to sort out the issue.
I know that there is this figure of £1600 that is being bandied about as the figure that we are all "contributing" to fund this bailout that
everyone is getting so emotional about because it should go to the NHS etc etc but £1600 is only a relatively small part of what they take off me.
I'm not on a mega-salary so I can only try to imagine what these individuals have paid in tax over the years. This has obviously helped the NHS
etc etc out considerably in the past. I'm not saying it's right but these people are not all completely evil, greedy, thieving b*stards. All
IMHO of course
Paul TigerB6 - 10/10/08 at 07:04 PM
quote:
Originally posted by Richard Quinn I'm not saying it's right but these people are not all completely evil, greedy, thieving
b*stards. All IMHO of course
That'll be the evil, greedy, thieving b*stards that will have significantly contributed to how rich this country is as a whole in the first
place. Not all people who work in the city work for these banks who are struggling for capital reserves. The £50billion is preference shares so in
effect a national investment. Whats happening now in the UK is closely tied in with the US situation so hardly fair to blame those in the UK banking
system (except maybe we shouldnt be so reliant on Uncle Sam - but thats hardly restricted to banking really is it!!)