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Banker bonuses - EU causes a storm
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Author:  captain cab [ Thu Feb 28, 2013 6:21 pm ]
Post subject:  Banker bonuses - EU causes a storm
Boris attacks bank bonus cap by EU as harmful to London

Boris Johnson today slammed proposals from Brussels for strict new caps on bankers’ bonuses as “a boost for Zurich, Singapore and New York” at London’s expense.

The Mayor’s outburst came after officials agreed that bank bonuses in the European Union should be limited to no more than base salary — or up to twice salary with the explicit approval of shareholders.

But the plan immediately provoked a storm in the City, with senior figures warning it would create a “dumbed down” banking sector that would do huge harm to London’s economy.

The Mayor, who has been one of the few outspoken supporters of the industry during the “banker bashing” years, said: “People will wonder why we stay in the EU if it persists in such transparently self-defeating policies.

“Brussels cannot control the global market for banking talent. Brussels cannot set pay for bankers around the world.”

David Cameron also expressed concern about the proposed rules, saying that any new ones must allow international banks to keep “competing and succeeding while being located in the UK”.

Bank bonuses, which can run to many times base salaries for successful bankers and traders, have fuelled the London housing market over the past two decades.

They have also supported a huge range of businesses, from interior designers to nanny agencies, but have been in steep decline ever since peaking at an estimated £11.6 billion in 2008. This year’s bonus pot in London is expected to be just £1.6 billion, although hundreds of top-performing bankers will still get huge payouts.

Bankers and head-hunters said the proposals could have a massive impact on London’s status as a leading world financial centre.

Carol Leonard of recruitment firm the Inzito Partnership, said: “If this goes through it will only encourage global banks to base their people outside the EU. The global banks can move their HQs at the flick of a switch.

“There are lots of professions and industries that pay far more than 100 per cent of base salaries as bonuses but they are not under such scrutiny as bankers.”

City commentator David Buik of brokers Cantor said: “This is rubbish legislation and will only succeed in driving base salaries up, which is wrong. If this legislation has long-term implications, other financial centres will benefit at London’s cost.

“Frankfurt, Paris, Rome, Milan Madrid, Lisbon, Amsterdam and Brussels are all Mickey Mouse centres in comparison with London. Banking is international and the EU and the UK government need to wake up to that fact.”

The cap deal was struck last night, despite vigorous British opposition, though it is still subject to approval by member state ministers.

Othmar Karas, the European Parliament’s chief negotiator, said: “For the first time in the history of EU financial market regulation, we will cap bankers’ bonuses.

“From 2014 European banks will have to set aside more money to be more stable and focus on their core business — namely financing the real economy of small and medium-sized enterprises and jobs.”

http://www.standard.co.uk/news/mayor/bo ... 14888.html


UKIP: Cap on bankers' bonuses would 'hurt' workers

The attack on banker bonuses would hurt ordinary workers, UK Independence Party spokesman Godfrey Bloom said today in response to the European Union's move to cap bankers' bonuses.
UK Independence Party spokesman Godfrey Bloom. Credit: Stefan Rousseau/PA Wire
Mr Godfrey said: "This move is the European Parliament getting the boot into bankers for a bit of political pleasure, but it is totally misguided.

"It may give the EU a dirty satisfaction to punish financial people it hates, but this agreement just hurts ordinary workers and the economy in general."

http://www.itv.com/news/update/2013-02- ... t-workers/
Author:  captain cab [ Thu Feb 28, 2013 6:24 pm ]
Post subject:  Re: Banker bonuses - EU causes a storm
Seems to me that UK politicians have learned nothing about most peoples opinions of banks - UKIP are showing their true colours and Boris is a complete f*cking idiot.

Can't these people understand it was greedy bankers more interested in reaching their bonus targets that dispensed with due diligence and gave loans that should never have been given......all in the name of greed.

The EU know that - shame those idiots who represent us don't.
Author:  gusmac [ Thu Feb 28, 2013 6:36 pm ]
Post subject:  Re: Banker bonuses - EU causes a storm
If these troughing scumbags all pi$$ off to Zurich or New York, then good fekking riddance. They can take Boris and his Tory scum with them.
Author:  Jochen Lembke [ Thu Feb 28, 2013 7:18 pm ]
Post subject:  Re: Banker bonuses - EU causes a storm
I have read it is just of symbolic value, it won´t change much, just one of those pseudo reforms they do to let off steam and lull people into believing they´d do something.
Yet the reaction of these criminals reveals a lot. The prognosis for rehab is bad!

Hey, and gusmac, read this (below):
http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=1&t=21133
Author:  trotskys twin [ Thu Feb 28, 2013 7:20 pm ]
Post subject:  Re: Banker bonuses - EU causes a storm
gusmac wrote:
If these troughing scumbags all pi$$ off to Zurich or New York, then good fekking riddance. They can take Boris and his Tory scum with them.


ON THE BALL AS USUAL GUS FEKKING TORY SCUM =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D>
Author:  toots [ Fri Mar 01, 2013 12:13 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
Captain Cab wrote:
UKIP are showing their true colours


You mean conservatives that want out of the EU?
Author:  captain cab [ Fri Mar 01, 2013 12:16 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
If people ever wanted proof that UKIP is now a complete joke tonights question time has Neil Hamilton representing UKIP......remember him?

Profile: Neil Hamilton

Image

Neil Hamilton: Political career ended in scandal and disgrace


Neil Hamilton's name first came to public attention over the cash for questions scandal.

He went to court to try to salvage a reputation that had become synonymous with Tory "sleaze"; he failed leaving it in tatters.

The former MP had wanted to clear his name of accusations that he had accepted envelopes stuffed with cash from Harrods boss Mohamed Al Fayed in exchange for asking parliamentary questions.

The allegations effectively ended his ministerial career and led to Mr Hamilton becoming a political pariah even to many of his Conservative colleagues.

Having entered Parliament in 1983 as MP for Tatton, he had risen through the ranks to become a government whip and corporate affairs minister.

But the cash-for-questions row led to him being booted out of Westminster at the 1997 general election in disgrace - unseated by the former BBC correspondent Martin Bell running on an anti-corruption ticket.

Conference ban

Then in 1998 Tory leader William Hague singled Mr Hamilton out as one of the MPs who had brought the party into disrepute and asked him to stay away from that year's Conservative conference.

However, Mr Hamilton refused to go quietly - even after he dropped his libel action against the Guardian on the eve of the case coming to court.

With his formidable wife Christine always by his side, he continued to protest his innocence to anyone who would listen.

The Hamiltons became regular guests on daytime TV. Such was their thirst for publicity that they even attempted to launch their own celebrity cooking series.

While many observers regarded the couple with increasing amusement and scorn, Mr Hamilton appeared deadly earnest about clearing his name.

As an MP, he had successfully defended his reputation in a libel action against the BBC in the mid 1980s over allegations about his right-wing views.

And with the financial backing of wealthy Tory sympathisers, he fended off Mr Al Fayed's attempts to prevent the cash-for-questions allegations from going before a jury.

In the end though, the jury did him no favours.

http://news.bbc.co.uk/1/hi/uk_politics/1485089.stm
Author:  captain cab [ Fri Mar 01, 2013 12:38 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
The directors of such [joint-stock] companies, however, being the managers rather of other people’s money than of their own, it cannot well be expected, that they should watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their own.... Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company.

Adam Smith, Wealth of Nations

What Smith was saying is that others will not look after your money as well as yourself - particularly when they can make a profit from gambling it.
Author:  toots [ Fri Mar 01, 2013 12:42 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
Perhaps we need more banks like Dave's :wink:
Author:  captain cab [ Fri Mar 01, 2013 12:48 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
toots wrote:
Perhaps we need more banks like Dave's :wink:



Probably - but watching BBC QT tonight I realised why I f*cking hate politicians - come the revolution I'm going to hire some polish builders to build a very long wall :lol:
Author:  toots [ Fri Mar 01, 2013 12:59 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
captain cab wrote:
toots wrote:
Perhaps we need more banks like Dave's :wink:



Probably - but watching BBC QT tonight I realised why I f*cking hate politicians - come the revolution I'm going to hire some polish builders to build a very long wall :lol:


Yeah? So you can charge tourists for walking along it :roll: I watched QT this evening and as usual it made my blood boil :lol:
Author:  captain cab [ Fri Mar 01, 2013 1:04 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
toots wrote:
I watched QT this evening and as usual it made my blood boil :lol:


Bizarre - the only person making sense made films!
Author:  toots [ Fri Mar 01, 2013 1:06 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
captain cab wrote:
toots wrote:
I watched QT this evening and as usual it made my blood boil :lol:


Bizarre - the only person making sense made films!


I know, what a sensible chap. I wonder if his films are any good.
Author:  captain cab [ Fri Mar 01, 2013 1:12 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
toots wrote:

I know, what a sensible chap. I wonder if his films are any good.


He seems to have;

http://www.imdb.com/name/nm0516360/

http://www.imdb.com/title/tt0460989/
Author:  toots [ Fri Mar 01, 2013 1:17 am ]
Post subject:  Re: Banker bonuses - EU causes a storm
captain cab wrote:
toots wrote:

I know, what a sensible chap. I wonder if his films are any good.


He seems to have;

http://www.imdb.com/name/nm0516360/

http://www.imdb.com/title/tt0460989/


Mmmmm they may well be very good but not very popular, I guess that's the difference :wink:
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