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Osborne abandons challenge to EU cap on bankers' bonuses
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=22905		 Page 1 of 1
Author:  pcernie [ Thu Nov 20, 2014 11:30 pm ]
Post subject:  Osborne abandons challenge to EU cap on bankers' bonuses
http://www.bbc.co.uk/news/business-30125780

I wonder how many hundreds of thousands it's cost us for George to lick banker arse again. 'Bankers leaving Europe' is just escalation of the bollocks talked about tax-dodging companies.

And if bonuses are somehow so integral to the very people who helped crash the world economy, well, doesn't that make George suspicious about how these banks are run? It's not like they haven't been caught numerous times in financial scandals while being extremely well paid in the first place.
Author:  hifidelity2 [ Sat Nov 22, 2014 9:20 am ]
Post subject:  Re: Osborne abandons challenge to EU cap on bankers' bonuses
The problem is that it is a totally ineffective law
They are already finding loop hope in it. Bonus are now "Special Allowances", 1 year pay rises etc

However I dont see why the law should say that Person X selling widgets can get any bonus his company deems fit, while person Y selling financial widgets cant
Author:  jonbwfc [ Sat Nov 22, 2014 10:28 am ]
Post subject:  Re: Osborne abandons challenge to EU cap on bankers' bonuses
Because giving person X selling widgets a bonus doesn't cause him to do stuff that might crash the economy.
Author:  bobbdobbs [ Sat Nov 22, 2014 11:17 am ]
Post subject:  Re: Osborne abandons challenge to EU cap on bankers' bonuses
jonbwfc wrote:
Because giving person X selling widgets a bonus doesn't cause him to do stuff that might crash the economy.

So they will pay the bloke who can crash the economy a higher basic wage plus other allowances that can't be reclaimed.
So we still lose out either way.
Author:  jonbwfc [ Sat Nov 22, 2014 9:59 pm ]
Post subject:  Re: Osborne abandons challenge to EU cap on bankers' bonuses
bobbdobbs wrote:
jonbwfc wrote:
Because giving person X selling widgets a bonus doesn't cause him to do stuff that might crash the economy.

So they will pay the bloke who can crash the economy a higher basic wage plus other allowances that can't be reclaimed.
So we still lose out either way.

Well, we still 'lose' insofar as we're being paid less than bankers, yes. But the whole point is to mitigate 'casino banking' behaviour. The bigger you make the banker's performance bonuses, the more risks they're going to take. The more risks they take, the more likely they're going to stuff it up, crash the economy and look like morons.

I have no objection whatsoever to bankers being paid big money, I couldn't give a toss. What I do give a toss about is them using my and everyone else's money to gamble in the hope of getting massive bonuses, especially when the consequences of failure to them personally are effectively nil. I don't want them to able to make one single solitary penny by putting other people's livelihoods and pensions at unnecessary risk.

If the new laws make that situation one tiny bit less likely to happen, I'm all for them. And if it makes the daft sods bitch and moan, all the better.

Jon
Author:  bobbdobbs [ Sun Nov 23, 2014 4:44 pm ]
Post subject:  Re: Osborne abandons challenge to EU cap on bankers' bonuses
jonbwfc wrote:
bobbdobbs wrote:
jonbwfc wrote:
Because giving person X selling widgets a bonus doesn't cause him to do stuff that might crash the economy.

So they will pay the bloke who can crash the economy a higher basic wage plus other allowances that can't be reclaimed.
So we still lose out either way.

Well, we still 'lose' insofar as we're being paid less than bankers, yes. But the whole point is to mitigate 'casino banking' behaviour. The bigger you make the banker's performance bonuses, the more risks they're going to take. The more risks they take, the more likely they're going to stuff it up, crash the economy and look like morons.

I have no objection whatsoever to bankers being paid big money, I couldn't give a toss. What I do give a toss about is them using my and everyone else's money to gamble in the hope of getting massive bonuses, especially when the consequences of failure to them personally are effectively nil. I don't want them to able to make one single solitary penny by putting other people's livelihoods and pensions at unnecessary risk.

If the new laws make that situation one tiny bit less likely to happen, I'm all for them. And if it makes the daft sods bitch and moan, all the better.

Jon

But its not
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