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Post by jonjel on Mar 7, 2011 15:16:03 GMT 1
I caught a brief news item over lunch. Apparently Bob Diamond, head of Barclays was paid last year the sum of over £6 million (pounds not Zimbabwean dollars) and another £2.5 million or thereabouts for something. Loyalty maybe.
Is anyone really worth that sort of money? He is a risk taker of course, but with other peoples money!
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Post by abacus9900 on Mar 7, 2011 16:41:19 GMT 1
I caught a brief news item over lunch. Apparently Bob Diamond, head of Barclays was paid last year the sum of over £6 million (pounds not Zimbabwean dollars) and another £2.5 million or thereabouts for something. Loyalty maybe. Is anyone really worth that sort of money? He is a risk taker of course, but with other peoples money! Well, you have to pay for quality, jonjel. Question is how much money did he generate for Barclay's who of course pay taxes to the British exchequer. Pay peanuts and what do you get? Yes, monkeys. |
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Post by jonjel on Mar 7, 2011 17:02:18 GMT 1
Well, how much money would Barclays have made without him? I doubt there would have been any difference. The heads of these vast businesses can't and don't know what goes on several floors below them, where the profits are made, and lost.
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Post by principled on Mar 7, 2011 17:48:28 GMT 1
Abacus, I thought that we were paying top dollar before "to get the best". It cost the UK tax payer around £850 billion. I think I would rather have paid peanuts, at least monkeys wouldn't have wreaked as much havoc as the so-called high flyers. I agree fully with Jonjel in this regard.  P BTW: It would be good if someone could actually give the figures for the total tax paid by banks since they became the apple of every govs. eye n-say 1980 to 2010. I doubt it even reaches the baii out figure. |
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Post by principled on Mar 9, 2011 10:20:57 GMT 1
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Post by rsmith7 on Mar 9, 2011 10:27:31 GMT 1
Didn't Barclays refuse government "help"?
Have you ever wondered how Brown was first out of the starting blocks and did the right thing to "save" the banking system?
Could it be that it was planned?
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Post by Progenitor A on Mar 9, 2011 10:32:40 GMT 1
A vicious circle of corruption unfortunately. The banking/finance sector contributes a large proportion of our revenue through taxation If the government attempts to interfere with the (utterly corrupt and debasing) process of bakners/financers awarding themselves obscene bonuses, then they will simply move elsewhere . Luxembourg, Switzerland, Dubai, Hong Kong would welcome them with open arms If that happens, the UK revenue through taxation of that sector wil fall dramatically and the shortfall would have to be met from general taxation. What would you do? This corruption of public morals, the ascendency of greed is not confined to the banking sector. Directors of companies award themselves enormous bonuses and salaries,and if they fail, and the company goes arse over tit, they are contractually bound to recieve enormous 'golden handsahkes' The Marconi Company went that way ,remember? Disgraceful But what can be done? |
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Post by principled on Mar 9, 2011 12:18:18 GMT 1
Naymissus
I've pondered over this question for some time. I've reflected back on the 1980s when Mrs T took on the unions, that were effectively blackmailing (via persistent strikes) the UK at the time. At that time the tax revenue from industry was probably as improtant as that of the financial sector today. She decided to take them on. It was painful, but there was little option.
I suspect that she would do the same today.
Would we have been in the same position had we had the guts to regulate properly in the past? I suspect not. Indeed, I wouldn't be surprised if the total cost of the bail out has exceeded all of the taxes paid by the banks in the past 30 years.
Well you could guess from my Internet name! Bite the bullet, break up banks so that they are not too big to fail. Apply strict regulation. Greed and blackmail should never be an excuse for doing nothing. After all, we're all being screwed because we regulated nothing and allowed the inmates to take over the mad house.
P
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Post by jonjel on Mar 9, 2011 13:01:58 GMT 1
I see Simon Hester from RBS has been awarded around 7 million+ this year.
He had a brilliant year becasue from what I read they only lost about one billion, and the bank is 80% owned by the state.
It all beggars belief.
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