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Showing posts with the label Bonus culture

The corrupt fraudsters within the banks must be prosecuted.

http://www.theguardian.com/business/2014/jul/28/bank-of-england-lloyds-bailout-funding Lloyds fined £217 million over Libor rigging Lloyds Bank The bankers should be subject to criminal law the same as everyone else. It was not "the bank" which corrupted the Libor rates and made huge profit from the speculation. It was specific individuals within the banks who conspired together and committed a crime. They went on to re introduce the obscenity of awarding themselves large bonuses and at the same time, carried on receiving payouts from the British tax payers. A benefit claimant would be hounded and persecuted for wrongly claiming a few pounds in benefits and yet "the bank" can receive £ millions and nobody says a word.   These corrupt fraudsters, must be prosecuted and jailed if trust in our banks is to be restored.

The costs could be met by Bankers bonuses.

http://news.sky.com/story/1071610/nhs-drug-plea-for-child-with-blood-disorder  NHS Drug Plea For Child With Blood Disorder.   Indie Smith  The parents of a two-year-old girl with a rare blood disorder fear she faces a "lifetime of hospital visits and dialysis" unless the NHS funds an expensive new drug.Her problem is that the NHS will not continue to fund her treatment, at a cost of £250,000 a year, despite a Government advisory body recommending the drug be commissioned nationally.  It seems to me that there is a very simple solution to this problem. Select any 3 bankers from RBS, Barclays, HSBC, or any of the others, and confiscate £1million from each of  their bonuses for 2012, (just like the bankers in Cyprus confiscated money from savers), and use the £3miilion to fund the treatment for 12 years. By the end of that period, NICE should have come to some conclusion (or better still will have been dismantled and replaced by a more useful...

The old saying is wrong. Crime does pay.

http://www.huffingtonpost.co.uk/2013/03/02/hsbc-chief-executive-stuart-gulliver-bonus_n_2797532.html?utm_hp_ref=uk    HSBC Chief Executive Stuart Gulliver To Receive '£2 Million Bonus' HSBC Chief Executive Stuart Gulliver   Almost every day, there is an announcement somewhere of banking CEO,s or other senior management, receiving huge bonus payouts. In most cases, the banks concerned have been involved in some questionable practices, or even criminal activity. In this instance, it is money laundering and mis-selling. In any other situation, the people responsible would have been charged and most likely imprisoned for such crimes. When it comes to the banks however, the people in charge take the bonus, and the corporation "takes the rap".

Not a good deal for the taxpayers.

  http://www.guardian.co.uk/business/2013/mar/01/lloyds-horta-osorio-bonus-ppi-loss#start-of-comments António Horta-Osório gets bonus even if third of taxpayer's shares are sold for considerably less than was paid for them. Lloyds boss Horta-Osório   A £570 million loss for the Bank, £1.5 million bonus for the "boss" and another huge rip off for the tax payer as this calamitous government prepare to sell off its  publicly owned shares for a pittance to their friends in the city, under the facade of "privatisation". It does not need a genius to predict that within a few months this new privatised bank will be posting record profits, the share price will have trebled and the fat cat city parasites will be laughing all the way to their record bonuses.

The begining of the end of Health and safety in the workplace.

http://www.independent.co.uk/news/uk/politics/government-plans-to-cut-thousands-of-health-and-safety-inspections-8120984.html Hundreds of thousands of businesses are to be exempted from health and safety inspections under moves announced by the Government today.  This is not "a radical plan plan to curb red tape". It is a plan to expose workers to potential workplace dangers in "hundreds of thousands of businesses" where unscrupulous employers are driven by the greed to make more profit, at the expense of the safety of their workers, who will have no recourse to law. How much these "hundreds of thousands" of companies have contributed to party funds in order to promote this new legislation is a matter of speculation. Do not be confused or pushed into accepting the government myth that these measures are solely  to protect business from "compensation culture" claims. The first and foremost consideration is, as it has always b...

Were the Bank of England and Whitehall in on it?

http://www.independent.co.uk/news/uk/politics/the-libor-conspiracy-were-the-bank-of-england-and-whitehall-in-on-it-7906916.html The Greta British Banking Scandal.   Why all this hysteria now. Many people have been saying for years that the banks were out of control, ripping off customers and it many cases worse, and that they were run by a cartel  of overpaid individuals who's activities verged on criminal fraud. The banks have been caught with their sticky fingers in the till, and now are being exposed for what they really are. It remains to be seen to what extent the Bank of England and politicians are  involved in this scandalous conspiracy against the public.

Something is rotten in the State of Banking.

http://www.guardian.co.uk/business/2012/jun/29/mervyn-king  Governor's scathing attack on industry's culture of excess as new scandal erupts The scandalous activities of the banks have been with us for decades. Only now does the Governor of the Bank of England propose that action be taken to control the renegade industry.  "It is time to do something about the banking system," King said."It goes to the culture and the structure of banks: the excessive compensation, the shoddy treatment of customers, the deceitful manipulation of a key interest rate, and today, news of yet another mis-selling scandal." The banks have been caught with their fingers in the till, and they should face the full economic and if established the full legal consequences. The question is will they? From previous experience, there will be a few days or weeks furore in the media, questions in the House and heated debate on BBC Question Time, then after the imposition of ...

Another boost to loans for busineses?

  http://www.guardian.co.uk/business/2012/jun/14/debt-crisis-emergency-measures-mervyn-king In a joint proposal between the Bank of England and the Treasury, banks will receive cut-price funds provided they pass on the benefits to their business customers.This new "funding for lending" scheme could provide an £80bn boost to loans to the private sector within weeks and alleviate growing fears of a second slump since the start of the financial crisis in 2007. These people have been trotting out  "new measures", or numerous variations of them for more than 2 years. Always, the objectives are to boost business and "get the banks lending". The results are invariably the same.The additional funding goes into the banks' balances and reserves, businesses bleat about being unable to invest, more small businesses cease trading due to lack of funding, and then the banks announce increased profits and their executives are awarded nice fat bonuses. ...

Democracy trumps austerity but will the euro survive?

  http://www.guardian.co.uk/business  The only people who really give a monkeys whether or not the Euro survives are the bankers, Eurozone financiers, Angela Merkel, Brussels, the European politicians who are more interested in their personal position and future prospects in ot her fields, the speculators and some people who actually believe the doom and gloom propaganda trotted out by the media. The people of Europe who are paying the price every day for the incompetence and greed of the aforementioned groups who are in fact responsible for this crisis anyway, are now rejecting the politics of austerity and the "establishment" are horrified.

"Shareholders revolt" ? Not really.

http://www.dailymail.co.uk/news/article-2136361/Barclays   Leaving aside all this hype about a "shareholders revolt" does anyone really think that what happened at the AGM (27th April 2012) will make one iota of difference to the way that Barclays is run? It would require a revolt by the major shareholders en masse, to have any real effect. But, of course, this is not going to happen, because the major shareholders are themselves,other banks and financial institutions who, when the time comes and they have awarded themselves obscene levels of bonuses and benefits they will not risk Barclays or anyone else staging a revolt at their AGM's.It is an obscene, corrupt self interested club, endorsed and supported by governments and the establishment, on the pretext of providing benefit to the economy. The veneer of respectability has always been a bit thin, but now threadbare patches and holes are exposing the true vision of filthiness of their system.