Bonus Crackdown- the Bankers are Crying. Ha Ha!

Former Bank of Scotland chairman Sir George Mathewson has said the government's move to remove bonuses for bankers that take unnecessary risks is a dangerous one. He claims that it may be an interference with the rule of law. His premise for this is that it is a dangerous move to interfere with contracts negotiated by willing parties.

Well, Sir George, when those contracts and bonuses cost innocent taxpayers and savers money, when it threatens the banking system as a whole while the perpetrators walk off rich(er) men, there should be control and I don't think it goes far enough. They should take back bonuses already paid and put a limit on bonuses either as a percentage of salary or a fixed limit (my preference).

Angela Knight, chief executive of the British Bankers' Association, said the UK had already taken steps to address bonuses and that any legislation had to take into account its impact on the UK as a global financial centre.

Sorry, Ms Knight and Sir George. You're just making excuses to keep your grubby hands on the cash.

And we don't hear you when ordinary workers are told wage rises must be kept below inflation. But then, that suits, doesn't it? Hold down pay rises and the money can be shared out amongst yourselves in big bonuses that bypass below inflation rises.

You'll never go hungry or be out of work unless by choice. You'll never worry about which bill to pay this week. You'll never go 16+ years with only two holidays and one weekend away, both only affordable because of the generosity of friends.

No, I'm afraid there are no tears shed here.

 

RBS- Taxpayers Bank or Not?

I don't get this. I'm no financial wizard. But the taxpayer has a majority holding in the Royal Bank of Scotland. Presumably, since I don't get asked, the government, in our name, takes care of the day-to-day issues. And presumably, since they gave them loads of our cash, they are keeping an eye on them?

And yet, I read 'Treasury seeks RBS lending proof'. The gist of the story seems to be that the RSB is claiming it cannot meet its lending target because businesses aren't asking for loans. So the treasury is asking RSB to prove this in the next four weeks, and to produce their loans terms and conditions to prove that they are not 'too harsh'.

So, we (for we, read the Government on our behalf) own this bank, yet we do not know how it is being run? We do not know the terms and conditions of the loans?

This shows gross neglect of duty by the treasury and by implication the government. It beggars belief that these things have not been scrutinised and modified if necessary. You just do not invest billions of pounds of your own money, never mind our money, without taking an active part in decision making.

Leaving it until now to ask for the information is ridiculous. We inject billions and leave the bank to their own devices, which created the problem in the first place.

At the same time I notice a government sponsored advertisement condemning benefits cheats as thieves. So you claim your £50+ jobseekers allowance and make a bit on the side, you're a criminal, fined and/or imprisoned and made to pay back the money. Squander somebody else's money to increase your bonus, walk away with a £multimillion, gold plated iron-clad pension and you can have a few billion more, but don't be naughty again.

Some things never change. The rich will stay rich, get richer and flaunt the law with impunity. The poor will stay poor, get poorer and flaunt the law at their peril.



It's the rich what gets the pleasure

It's the poor what gets the blame

It's the same the whole world over

Ain't it all a bloody shame?






 

Brave New World

In these times of 'restraint' isn't it amazing the British government has found another £32.9 billion to put into Lloyds and RBS?

Why is it only we ordinary, poor folk have to tighten our belts and have public services slashed?

It seems to me if I squander my money; pay myself more than I am worth for failing in my job or fiddle my expenses I need only be sure I am already extremely wealthy or a public official to have UK Government PLC bail me out or turn a blind eye.

Where was the funding for Rover, LDV etc and where is the funding for the Royal Mail to keep people in jobs and maintain a state owned and managed mail? Or is keeping people in jobs, particularly service jobs diametrically opposed to the Government view of Great Britain LTD where we are all stockbrokers or bankers?

Of course, we cannot all be financial wizards and so must ask what is to become of those not inclined to such careers? I suggest you look at the veneer of the education system, purporting to make a good education available to all. The best education still goes to the wealthiest. Poke a little more through the thin skin of the education system and you will see that even a mediocre education is being priced out of the reach of ordinary people. With tuition fees and student loans (soon to be sold off to the highest bidder) families either reliant on benefits or in low paid jobs one can see that further education will soon be the domain of the elite. The producers of wealth (that's you and me) will be consigned to a life of drudgery and want. And our ability to advance reasonable argument against such inequality is severely curtailed by our lack of education.

Welcome to our Brave New World.