Shame On Rishi Sunak And The Tory Party.

[gulliver1]

Taking the cap of Banker Bonuses allowing millionaires to bury their snouts deeper into the money trough.While more than a million childeren are living in poverty with parents unable to afford to feed them.The Joseph  Rowntree Foundation found the 574,000 were supported by foodbanks last year .9

[brainiac]

Lovely sunny weather out there - have a day off

[ToraToraTora]

whoo hoo more dosh in January!

[ToraToraTora]

.....and I'm not even a banker!

[THECORBYLOON]

Are you using rhyming slang again?

[anneasquith]

Let's see who is first to reply to the thread ( might be waiting a long time).

[andy-hughes]

The immorality of paying people to fail is a cornerstone of the Tory ethos.

The mantra repeats that it's necessary in order to attract the right calibre of people.

Fine, except that clearly doesn't happen, but they are paid anyway!

My solution is simple.

I will interview one of the 'right calibre' and tell them that their contract will pay them a million pounds a year, subject to specific targets being met.

And since they are the 'right calibre', which is the only reason I am talking to them, that clearly won't be a problem, and yes I will build in a proportional bonus if the targets are met.

Oh, and one more thing.

If the targets are not met, not only will I sack you without notice, I will also claim back your entire million pounds, except for a token thirty thousand, which is more than fair.

Now, since you clearly merit the million, and are the 'right calibre', you will have no problem living up to your 'calibre', and signing just there at the bottom of the page.

If he is the 'right calibre'  he is going to deliver, and if he doesn't, I am not going to pay him the same for failing as I would have for success, since I want his 'right calibre' mind focused on the job, not coasting along with the knowledge that he is being paid however much, or little, he tries to succeed. 

As the 'right calibre' candidate. I expect a signature, and if not, he can shoe the next candidate in on his way out.

Problem solved.

It will never happen.

The people who could make this change are already part of the 'reward for failure' system, and like things just the way they are. 

[ToraToraTora]

I agree Andy regarding the actual bankers but I think you should be aware that the banks pay bonuses to everyone not just those actually doing banking. Most of us are peripheral. For myself, I have an understanding of our core activity but my role is as a Mainframe IT technician.

[andy-hughes]

Tora, I have no problem with bonuses that are earned.

Sacking an executive for incompetence and allowing them to walk away with pensions, share options, and a bonus, is immoral. 

I doubt it would happen at your level,  nor would you expect it.

[gulliver1]

TTT 23.19  Always knew you were a professional Banker .

[ToraToraTora]

You'd know all about that me old china!

[naomi24]

'...574,000 were supported by food banks lady year'

 

Who supported the rest? 

[gulliver1]

One charity worker said "we used to worry about food banks opening "..."Now we are worrying about foodbanks closing" .

[Hymie]

If I was an investment banker nearing my retirement, why not take some massive gamble with the bank’s money – if it pays off I’ll be rolling in even more retirement money.  If it fails spectacularly, what do I care that the bank goes bust or has to be bailed out by the tax-payer.

After all, all they can do is sack me.

There wouldn’t be much point in my gamble, if there was some cap on my bonus payment.

[gulliver1]

But of course according to Naomi...There...  Ain't no poverty in Britain.

[gulliver1]

Are These are the same Bankers that caused the 2008 Crash

[naomi24]

Gulliver, if there are more than a million children living in poverty whose parents can't afford to feed them, I suggest you ask those parents what they're spending their money on.  Load of rubbish from you as usual.

[newmodarmy]

Ah, the politics of envy- heart before brain.

More bonuses, more tax at highest rate: what's not to like?

The real question is why did they ever put a cap on. We should reward the best. We don't cap the remuneration of lawyers' or footballers or senior doctors or IT specialists, for example. It was just imposed as a sop to those who think the gap betweenrich and poor is more important than the actual wealth or income of the poor. Some argue that it's to deter risky speculative investments, but there are better ways to do that via compliance, not by deterring the best from working here.

OK?

[Hazi-Hammenuhoth]

Gulliver- have you any idea which party was in power in 2008?  LABOUR. 

Have you any idea which Prime Minister got Fred Goodwin knighted?  Gordon Brown. 

So shame on Gordon Brown and the Labour Party.

 

[andy-hughes]

NMA - // 

Ah, the politics of envy- heart before brain.

More bonuses, more tax at highest rate: what's not to like?

The real question is why did they ever put a cap on. We should reward the best. We don't cap the remuneration of lawyers' or footballers or senior doctors or IT specialists, for example. It was just imposed as a sop to those who think the gap betweenrich and poor is more important than the actual wealth or income of the poor. Some argue that it's to deter risky speculative investments, but there are better ways to do that via compliance, not by deterring the best from working here.

OK? //

I refer you to my post at 15.25.

I have no issue with earned bonuses.

My problem is with uncapped bonuses that are paid for failure, when executives are sacked, and still paid their share options, pensions and bonuses.

Contracts should be aligned to ensure that the consistent 'reward for failure' culture which applies to the banking sector more than any other, ceases to exist.

[andy-hughes]

gulliver - // Are These are the same Bankers that caused the 2008 Crash //

They are - when Labour was in power, and adding to the Tory notion of payment for failure by ignoring the system, and not ammending it.