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Amy
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« on: February 10, 2009, 05:07:53 PM » |
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Bankers grilled but not roasted.
Ive just seen the news and im angry that the parliamentary commitee today questioned the bankers and accepted appologies but stopped short of cutting their nuts off.
Im so incensed these people are so duplicitous. If we default, we lose all but vice versa and they still pass go and collect a bonus
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martin
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« Reply #1 on: February 10, 2009, 05:11:14 PM » |
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Well. er um, we're a bit sorry for letting our banking chums down, and we're even less sorry for the bally oiks, but we're apologising because our nuts are at present hovering over a blender....... NOW, where's our bloody bonuses!  |
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Unpaid volunteer administrator and moderator (not employed by Navitron) - Views expressed are my own - curmudgeonly babyboomer! - http://www.farmco.co.uk |
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rt29781
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« Reply #2 on: February 10, 2009, 05:38:39 PM » |
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Hi, I don't know how many readers have a Norwich Union (Aviva) with profits endowment or pension but if you do you will no doubt have heard that the proposed reattribution of funds has been postponed to be renegotiated. Perhaps people don't realise that there is £5.4b of customers money being divided up and by law 90% should go to customers but because NU want a large chunk of the cake they have decided to pinch about £2.5b (thats a very big number btw). If readers want to find out how to stop this go here: http://aviva-reattribution.blogspot.com/2008/03/open-letter-to-lord-sharman-avivas.html or here: http://groups.google.co.uk/group/norwich-union-policyholder-reattribution?hl=en-GBI have been involved with this group for over a year and I am gobsmacked that the FSA is so useless and that ordinary people are being ripped off with no easy way of complaining. If anyone has any experience of getting media attention please pm me (no I don't want to be arrested....) rant over  |
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wyleu
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« Reply #3 on: February 10, 2009, 05:46:05 PM » |
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What the bankers did isn't illegal; stupid, short termist, greedy and ultimatel doomed but that's what is required of a company. Nothing more. If the only metric used to measure company performance is next quarters results thats what people will work towards. There is no incentive to encourage long term growth, in fact the opposite is true, it is profitable to predate on long term elements. The regulator of the banks should be the government but, strangely, they seem the most unwilling to act.
Oddly they are being questioned by probably the most suspicious profession of the lot.
If regulation were introduced, the banks would scream, winge, complain, lobby, twist and turn at the very least..... Then accept it. It's the political element that seems most at fault here. What little regulation that was in place really didn't require a crystal ball to predict what was happening. The Gov't were content to get their tax and didn't bother to follow even a percentage of the loans throu' to their conclusion. For the bonus hungry traders todays profit is all that matters, and the good ones will have got out already. Loyalty is not rewarded, it's shafted. You can find out the salary of the board of directors, the terms of their bonus packages and their pension payments from any annual report. They may seem almost cosmic in terms of what you or I might expect and the behaviour of a top executive is generally appaling, rember when Barings went under cos they didn't bother to do the simplist house keeping, the Directors insisted on being paid their bonuses before they'd speak to the receivers. It's a nasty world up there but at least there was some semblance of day to day accounting. There had to be to justify the bonuses.
Try to do the same for your local council or politicians expenses. Remember the only thing that stopped the latter being exempt from the freedom of Information act was a political spat. Look at the Home Secretary, claiming several times the average UK salary for 'living expenses', the politicians who paid almost £300,000 to his wife and family and believes himself exonerated by paying back £13,000 or the recently appointed Lord who has been kicked out twice for corruption. With law makers like that is it an wonder our city institutions are filled with greedy, rapacious sharks?
I realise I'm defending the indefensible but I think we're treating a symptom not the problem. If at the end of all this, money returns to actually representing something tangible then that will be useful, if the politicians wiggle of this hook by finding something as loathsome as themselves to skewer instead then we will simply repeat the same mistake with every aspect of our society until we are left with waring fiefdoms taking us back a thousand years or so, but made all the more appalling because we will remember what we once did have.
3 of my relatives work at a Bank. It ain't pretty. Yes two of them have final salary pension schemes and will do quite well out of it, but that is no longer available, oh, except for the CEO who insisted the scheme was reopened for one day so he could join it. Please restrict your ire, for the people with their hands on the tiler and the pilots they pick up to lead them towards the next bountiful lighthouse , not the people rowing backwards to the ever increasing beat of the drum.
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Amy
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« Reply #4 on: February 10, 2009, 05:50:54 PM » |
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Ive got a NU pension. Cant say what kind it is cos i just go word blind and feel nauseous when i try to get my head round the whole goobldygook terminology.
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dhaslam
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« Reply #5 on: February 10, 2009, 05:52:26 PM » |
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A similar sort of situation arose with the Irish Nationwide Buildiing Society. It is a mutual society and was supposed to have been demutualised with the surplus being distributed to depositors and mortgagors. It now transpires that the entire value of the society was lost on property development abroad.
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rt29781
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« Reply #6 on: February 10, 2009, 05:54:59 PM » |
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Hi Wyleu, I am afraid there is a regulator (the FSA) and it has rules. Its just the rules are made such that the industry can do what it likes and the FSA are staffed by the very people they regulate and are paid by, guess who, the industry they regulate. The Uk is supposed to be a democracy and it appears that people are being taken for a ride. Without effective regulation these global banks and Insurance companies are going to continue to take our money and walk away with it. Something big has to happen to change things. In France there would be riots.
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Rooster
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« Reply #7 on: February 10, 2009, 06:23:44 PM » |
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Please restrict your ire, for the people with their hands on the tiler and the pilots they pick up to lead them towards the next bountiful lighthouse , not the people rowing backwards to the ever increasing beat of the drum.
So where will the person at the tiller and their pilot be if no-one was prepared to row the boat? Certainly unable to implement their cunning plans. But there are always individuals prepared to take the rear facing seats and row to the beat. Even when they know its wrong they take the shilling. When something goes wrong, well they're just a foot soldier, completely blameless surely? I'm afraid I'd disagree. Individuals need to get both morals and some backbone. The guy at the top can devise as daft a plan as he wants but if no-one will take the job to implement it it will just fade into obscurity. |
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Roy
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David
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« Reply #8 on: February 10, 2009, 11:13:02 PM » |
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When something goes wrong, well they're just a foot soldier, completely blameless surely? I'm afraid I'd disagree.
I disagree too. Many of these "lowly" staff took great delight in treating customers like pieces of shite in the past. They should reap what they sowed. As for the "higher" staff, as someone suggested on Radio 4, they should be strung up by their collaterals. |
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Amy
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« Reply #9 on: February 11, 2009, 08:19:24 AM » |
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Ironic isnt it, now the backlash tide of rage against bankers getting their obscene bonuses is snowballing, .......that john prescott has come from retirement to hog another 5 minutes in the limelight by pretending to champion the cause and spearhead the revulsion (revolusion)
A man who abused and fleeced his expenses, priveledge and position.
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martin
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« Reply #11 on: February 11, 2009, 07:00:31 PM » |
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Unpaid volunteer administrator and moderator (not employed by Navitron) - Views expressed are my own - curmudgeonly babyboomer! - http://www.farmco.co.uk |
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