Board of RBS

[brooklandsblue2.0]

They have not, it was a GLOBAL recession, the people that the media are now trying demonise are the cream of the crop and deserve every penny they get.

You've not really addressed what i was saying, or clarified your own stance.

So what if it was a global recession? It was the greed of the entire sector that caused this crash. Since we live int he UK, and there currently isn't a worldwide government or a worldwide law with which to abide by, we can only affect the future actions domestically.

Therefore, can you clarify these points for me:

1. Why were these "talented" people being paid bonuses as they fucked up the economy and lost absurd amounts of money?
2. Why do they deserve bonuses when thier wage alone gives them not just a stable but a comfortable if not luxury lifestyle?
3. We're still in recession, the banks haven't made back what they lost, so why do they deserve to reward employees?

1) they had 10+ years of immense success, and helped our economy boom. Contracts were signed. If someone offered me a contract where I get a a bonus every year of 'x' amount I am entitled to receive it. Companies knew there was no way out of it and therefore paid.


2) Because we all get accustomed to a particular lifestyle. A good wage to your or I may make others struggle. They recieve bonuses as to attract the very best people you have to pay top dollar (like football!)..... The bigger the bonus the more they have brought in for their company.

3) Again, contracts were signed which are almost impossible to get out of, the same contracts the protect people in 'normal' jobs getting screwed also apply for the mega rich. As these people have performed this year, they have been given a % bonus, if they have not, then they get no bonus.

 

[GStar]

1) they had 10+ years of immense success, and helped our economy boom. Contracts were signed. If someone offered me a contract where I get a a bonus every year of 'x' amount I am entitled to receive it. Companies knew there was no way out of it and therefore paid.


2) Because we all get accustomed to a particular lifestyle. A good wage to your or I may make others struggle. They recieve bonuses as to attract the very best people you have to pay top dollar (like football!)..... The bigger the bonus the more they have brought in for their company.

3) Again, contracts were signed which are almost impossible to get out of, the same contracts the protect people in 'normal' jobs getting screwed also apply for the mega rich. As these people have performed this year, they have been given a % bonus, if they have not, then they get no bonus.

So they don't deserve the bonuses, they're contractually obliged to recieve them?

I don't think i agree with point 2; struggling isn't not being able to quite afford that third Aston Martin, if bonuses meant tightening purse strings, imagine how much they'd make downsizing from a 7 bedroom 5 bath to a 4 bedroom house... its not really struggling in the snese of the word.

Do those contracts not become void once the comapny is bailed out? New owners i'd guess would mean contracts need to be re written, especially under the circumstances of how and why they were taken over (bailed out)

 

[brooklandsblue2.0]

1) they had 10+ years of immense success, and helped our economy boom. Contracts were signed. If someone offered me a contract where I get a a bonus every year of 'x' amount I am entitled to receive it. Companies knew there was no way out of it and therefore paid.


2) Because we all get accustomed to a particular lifestyle. A good wage to your or I may make others struggle. They recieve bonuses as to attract the very best people you have to pay top dollar (like football!)..... The bigger the bonus the more they have brought in for their company.

3) Again, contracts were signed which are almost impossible to get out of, the same contracts the protect people in 'normal' jobs getting screwed also apply for the mega rich. As these people have performed this year, they have been given a % bonus, if they have not, then they get no bonus.

So they don't deserve the bonuses, they're contractually obliged to recieve them?

I don't think i agree with point 2; struggling isn't not being able to quite afford that third Aston Martin, if bonuses meant tightening purse strings, imagine how much they'd make downsizing from a 7 bedroom 5 bath to a 4 bedroom house... its not really struggling in the snese of the word.

Do those contracts not become void once the comapny is bailed out? New owners i'd guess would mean contracts need to be re written, especially under the circumstances of how and why they were taken over (bailed out)

3) Nope the contracts can not be torn up.

 

[smudgedj]

3) Nope the contracts can not be torn up.

Ok you can't tear them up but you can terminate them.

 

[allblackcitizen]

What you're all missing is this; RBS made a huge profit this year. The talented people who made millions for this bank should be rewarded accordingly. These people are talented and hard working and if RBS did not pay the bonuses then another bank would.

I've met plenty of investment bankers in my time, and the last thing they are is particularly talented.

What you're missing BB2.0 is that RBS is a failed bank. It only exists on the back of taxpayer bail out. It is effectively nationalised. It maybe making money and lots of it at present but it's lost a damn sight more over the supposed boom years. The facts that it's making money now has little to do with the board and senior personnel being indispensible. It matters little if the whole board and some senior management goes. They can be replaced with people of equal "talent" easily enough on much reduced terms. There is no way that the RBS board should be allowed to call the shots on this one. Like Cable says - let's fuck them off.