Poll: Darling announces one-off shock tax to 'break bonus culture'
- Thread starter Naffa
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Good performance that in reality is only down to the benign market conditions created by world governments and paid for by us tax payers. If the government hadn't have done what it did they wouldn't be getting any sort of bonus, whether they're contractually entitled to one or not.
Exactly! There is nothing wrong with it at all.
And if the government didn't do what they did. They would have still paid all the money out due to the government securing our money and our economy would have totally collapsed with several banks just hanging up close signs. yes great idea.
Instead our economy didn't go down the toilet, the government will get the money bank when it sells of it's shares. Loads of people still have their job and banks are recovering and making profits.
I completely agree, but I think you have to be pragmatic here - the people who are good will simply move (or ask to be moved) to a financial centre that rewards good performance "appropriately" (from their perspective). The likes of New York, Hong Kong, Kuala Lumpur, Frankfurt, Dubai would all love some of the firms and talent that we have working in London.
The punitive levels of taxation being talked about could set Britain's economic development back to the 70s.
You could argue that the current profits and therefore bonus pools are based on unrealistic market situations e.g. debts are artificially supported by tax payers, therefore there's less risk, greater confidence and higher profits. It doesn't mean that everything is back to normal. Unless you've got your fingers in your bank's 3 billion bonus pot for this year of course.
You could argue lot's of things. but it doesn't change the facts, the government will get their money back and it looks likely they will make a tidy profit. That government would have had to shell out the money anyway and that banks are making profits and recovering.
As you own example of why give a pensioner who murders 20years. If we change it to this situation, if a couple f pensioners murder. we are going to change the law and lock up all pensioners for 20 years.
I think the bankers need to know they are playing with real money, you just have to look at some of the bankers and investors that have wasted billions, some French bloke did it not long back and the bloke that did bearings bank.
How many more of these people are in the system, personally we would be in a better position if bankers had ****** off, we wouldn't be in a recession.
How many more of these people are in the system, personally we would be in a better position if bankers had ****** off, we wouldn't be in a recession.
ROFL, without bankers we would be back in the stone age.
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It will make no difference whatsoever.
Will any monies raised be handed straight back out in tax breaks for others ? No.
Will a banker on £1 million a year really give a toss ? I doubt it.
Will any monies raised be handed straight back out in tax breaks for others ? No.
Will a banker on £1 million a year really give a toss ? I doubt it.
recision had very little to do with Uk debt.
A little late in posting and ive not read past the first page however i think this is spot on.
Us, the taxpayers have bailed the banks out (who were taking crazy risks and caused/increased the current financial situation) and we are supposed to watch as the give themselves a big pat on the back.
Giving them a bonus is simply rewarding failure.
Good to see labour doing something that is in keeping with their roots.
Us, the taxpayers have bailed the banks out (who were taking crazy risks and caused/increased the current financial situation) and we are supposed to watch as the give themselves a big pat on the back.
Giving them a bonus is simply rewarding failure.
Good to see labour doing something that is in keeping with their roots.
RBS buy dutch debt that becomes UK debt, they blamed their loss of turnover on buying the Dutch company.
Soldato
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What the hell is wrong with you?
Who is "them"? The traders, the ones who earn multi-million pound bonuses, haven't failed.
They didn't fail this year.
They didn't fail last year.
They didn't fail the year before that.
They were just doing their job. Their bosses told them to sell X and as bigger Y as possible, and they did.
The executives should rescind their bonuses. Not the traders.
Soldato
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Because governments don't get elected on making the right decision, the get elected on making a popular decision.
I don’t believe this is good long term decision, but under the circumstance I feel the government have little choice but to act in some way.
If it was as easy as doing what the boss told you, they wouldn't need traders. They were told to make as much money as possible and they did. The problem is it was all built on sand.
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Regardless of who screwed up and how, if we start getting rid of bonuses or taxing them to hell and back when they're a staple part of being a banker all over the world, the best employees will go elsewhere. At the end of the day the majority (all?) of the bonuses are tied to how successful that individual has been that year, so by doing this we're mostly screwing over the talented ones who have been digging us out of the hole created last year.
Well, i can see your standpoint. However "just following orders" is not good enough. I think the whole lot of "them" shouldnt get a bonus. And by them i mean the traders and the executives.
Can you agree with 1 trader getting a massive bonus and 100 base rate bank staff getting made redundant?
I sure as hell cant!
Soldato
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That doesn't make any sense. The decision on whether or not expand books and trade in derivatives is an executive decision, not a trader's decision.
And, even if they were "told to make as much money as possible", they did their job and deserve their reward.