Bankers Xmas Bonus

[Odds]

The government has announced what it describes as one of the biggest overhauls of financial regulation for more than three decades.

It says the package of more than 30 reforms will "cut red tape" and "turbocharge growth".
Rules introduced after the 2008 financial crisis that forced banks to legally separate retail banking from riskier investment operations will be reviewed.
The package of changes is being presented as an example of post-Brexit freedom to tailor regulation specifically to the needs and strengths of the UK economy.

Christmas comes early for the City wide boys.

 

[JohnD]

It's interesting to see that the safety measures put in to prevent a repeat of the damage caused by the last financial crisis, are being removed.

Obsessive right-wing policies brought down the Truss government and damaged the country.

Brexit damaged the country

Them Tories just don't care.

 

[securespark]

You're right, they don't GAF.

They've been wrecking the NHS and now it's frighteningly close to irreparable.

 

[diy_fun_uk]

Part of me thinks the tories know the writing's on the wall for them come next GE so they're starting to do stuff like this whilst still in power. A bit like when outgoing PMs dish out (peerages?) when the removal van is pulling up to No. 10.

However, what I will say about bankers (as in the actual individuals) is I don't blame them as such when it comes to things like this. If systems/processes/policies/legislation allows it then can we honestly say we wouldn't accept the bonuses if we were in that industry?

On one of the episodes of the rich vs poor tv prog that Brian Cox recently did, he interviewed a working class guy that got himself a job in the city I think back in the early 2000's. At the end of the year they were sat down in an office and envelopes were presented to each of them. 'Well done' said their managers. On opening his envelope, the guy was shocked to see it was his end of year bonus. Something like £250k.

He was still living at home and elected not to tell his parents as he didn't want his dad (ordinary working bloke) to feel as though he was somehow lording it over him. He left the city and now lectures on the widening gap between rich and poor ... however I suspect he only left after making a good few million

 

[JohnD]

Cameron wanted "a bonfire of Regulation."

Grenfell burned.

"How could it happen?" asked the Mail.

Go to line 1.

 

[Dork Lard]

On one of the episodes of the rich vs poor tv prog that Brian Cox recently did, he interviewed a working class guy that got himself a job in the city I think back in the early 2000's. At the end of the year they were sat down in an office and envelopes were presented to each of them. 'Well done' said their managers. On opening his envelope, the guy was shocked to see it was his end of year bonus. Something like £250k.

I can think of many reasons why that tale is jackanory. The main one being that any bonus scheme is structured so that everyone involved knows the rules, the guy had been working towards his bonus & he works in finance. Tell me he didn't know what his bonus payment was down to the penny. If he didn't then the payment was a gift rather than a bonus.

Of course, he could have been 'surprised' by it being paid at that precise moment, expecting it at some other time perhaps! He could also have been 'shocked' at seeing such a large sum in the form of a number on a piece of paper. He works in finance & had been working towards his bonus, what was he doing . . . . Trading penny stocks???

 

[Notch7]

It says the package of more than 30 reforms will "cut red tape" and "turbocharge growth"

Singapore on Thames.

Conservative government are just puppets for Tufton street / libertarian think tanks which are actually just lobby groups.


this country is f*****d until we can stop this country being destroyed by Tory crooks.

 

[diy_fun_uk]

I can think of many reasons why that tale is jackanory. The main one being that any bonus scheme is structured so that everyone involved knows the rules, the guy had been working towards his bonus & he works in finance. Tell me he didn't know what his bonus payment was down to the penny. If he didn't then the payment was a gift rather than a bonus.

Of course, he could have been 'surprised' by it being paid at that precise moment, expecting it at some other time perhaps! He could also have been 'shocked' at seeing such a large sum in the form of a number on a piece of paper. He works in finance & had been working towards his bonus, what was he doing . . . . Trading penny stocks???

What's the point in a reply like this? I'm simply stating what the guy said in the tv prog. Jeez ...

 

[gas112]

Stop your whinging you have never had it so good . Long live capitalism

 

[Odds]

Singapore on Thames.

Conservative government are just puppets for Tufton street / libertarian think tanks which are actually just lobby groups.


this country is f*****d until we can stop this country being destroyed by Tory crooks.

On one side the Hedge Fund managers are calling for fewer restrictions as Singapore and even the European Union relax rules on banking regulations as London runs the risk of falling behind to become a 'Jurassic Park' for financial institutions - on the other side there's plenty of warnings about what happened prior to the '08 crash.
These warnings will not be heeded as world economies struggle to grow in the face of rising inflation, food and energy prices, and louder calls for wage increases to keep up.

 

[Odds]

Estimates suggest that total household wealth in the UK is somewhere between £12-£14 trillion with the richest 10% of the population being in control of over 50% of it.It's also estimated that around £850 billion of UK wealth is stashed away in offshore tax havens - out of reach of the UK Exchequer. Additionally the banks and utility companies in this country are making huge profits, yet the government won't even look at either a one-off wealth tax or another windfall tax to help balance the books and pay for public services in this country. What they're doing, is taxing people to raise more income while leaving the richest relatively unscathed.
It's morally reprehensible when the government targets benefit claimants to make savings; especially working benefit claimants, who have one of the least generous benefit entitlements and face one of the toughest eligibility criteria, yet it's still the case the rightwing media routinely demonize working aged benefit claimants - some of whom are in work - and complain about the estimated £8billion a year which is lost to the DWP through fraud and error. Yet they and the government never have anything to say about the estimated £15 billion a year which goes in unclaimed benefits and the estimated £35 billion a year which is lost to the Exchequer through tax avoidance,tax evasion and various other loopholes. No, it's much easier and convenient to pick on the poorest in society highlighting once again just how warped and twisted the political right is.

*CIF @theGuardian.

 

[JohnD]

@motorbiking likes to say "who pays for it?"

Answer is : "Not the tax dodgers!"

 

[ajohn]

A commentator from the financial sector downplayed the gov's statement but not to a damp squid level but rather severely. It would seem we are loosing some business and not just to the USA. She followed up with the comment that the sector should have been listened to when brexit came about. Pass. I do know what they insisted on but nationalism may also interfere at this and the other end as far as the EU is concerned.

Google to check but I came across a comment that the FED had reduced the reserves a bank needs to hold to zero. No interest to me really.

The sector does bring in significant levels of tax so suppose they want to increase it or maintain it.

 

[ajohn]

Forgot, one change appears to be that banks can get into building houses and wind farms.

 

[noseall]

The collective name for bankers....?






































A Wunch.