Northern Rock has announced losses of £230million......................... Northern Rock has paid it's staff bonuses of £13million, must be very nice to be a public sector worker in a state owned bank. 2018 Mini Countryman Cooper S E All4 PHEV in Melting Silver - it’s whisper quiet in EV and polluter modes

No, the person you need to get angry about according to the BBC is the boss of Barclays.

They took no public money, made better (less greedy) choices and didn't nearly go bust. They now have the audacity to give their staff bonuses! Out of their own money! 

(Reply to Tim not Dan)

However when Northern Rock is eventually sold back into the public sector the Government/Public will have made a substantial profit from the whole affair. It is estimated that the profit of all the publicly owned banks will be more than the total debt at the moment. That is not a bad bit of business in my opinion.

What I believe the public fail to understand is that the banking industry (not high street banking) is a massively competitive Worldwide business and that the banks based in the UK earn this country more in tax revenue than most other business sectors put together.

Quite frankly I think to be jealous of a highly skilled and highly sought after executive getting paid a percentage bonus based on performance (however high) is very short sighted. These people do make a difference to our economy and they are free to go and work elsewhere if they please.

London has for some time been the leading financial centre in the world attracting banks from all over the world to transact in the UK and to pay UK Tax on their profits. If we go alone in restricting their business practises or set limits to earnings/bonus's then we can only expect the banks and top staff to eventually go and work elsewhere reducing our tax income significantly.

I believe in strict banking regulation (and more of it) but a business (any business) must be free to pay its staff what it wishes too as a free market economy is essential to growth.

Having worked in this sector this is my belief and my opinion only

Gaz, I'm not jealous of any bankers - they work hard, they do their job, they get paid BUT why do they get bonuses for making a loss? 2018 Mini Countryman Cooper S E All4 PHEV in Melting Silver - it’s whisper quiet in EV and polluter modes

I've worked in banking (investment banking), and I can assure you that compensation is not related to particular talent or skills, very few people in the financial sector 'earn' their money.

Some are effectively well paid gamblers, some are well paid administrators. For example I worked on a bond fund, we invested hundreds of millions in pension money, but could only deviate fractionally from the average investment across comparable funds in each country/ sector/ company. 90% of the work could have been done better by computer. Performance would have been much better in an index tracker due to lower fees. Didn't stop my boss making a fortune though.

Sure banks have paid an enormous amount in tax over the last few years, but where does not money come from? It comes from the housing bubble they created, which has left us, Joe Public, saddled with ENORMOUS mortgages, just to get on the housing ladder, for which they are charging us very high interest rates.

When they make back all the money for the government, and are profitable again, where is the money coming from? US, in mortgage payments/ interest payments. We'll be in effective slavery to the banks, they'll make money, they pay massive bonuses when they lose less money than last year, wait for the obscene bonuses when they make big money.

The main point is, the don't create money, they play with our money, and all of their profits, and losses are funded by us, whether given to them by the government, or profits from operating. Range Rover-less at the moment - Pining!

I agree with you wholeheartedly Gaz!

Especially about being able to pay ones staff whatever one needs to in order to actually keep them ,and reward them when they do make good decisions.

Lets face it, the banks were just used as a scape-goat for the last governments miss-management of its own finances. Now the banks have to fight public perception.

Although the general pubic have no trouble accepting footballers who earn millions and spend it all on hookers and coke parties! 

Have footballers borrowed a load if cash from the tax payer? 
Gone - Range Rover Supercharged 2006

Tim, (This in not directed specifically at you mate )

I guess the boss of NR was paid according to his "contract of employment" like any other employee. Its no use whining after the event. When the bank was taken over by HMG they could have changed the key employee contracts but if they did not then you cannot complain at the bank paying what its agreed to pay in a contract. Direct all anger at the previous government who made these decisions.

In no other sector are key employees supposed to hand back part of there contractual bonus's so in my opinion its just bank bashing (flak arriving...)

JustinP wrote:

Have footballers borrowed a load if cash from the tax payer?

Well, they've borrowed it from the banks - so kindof!

But my point was the perception of Barclays specifically who hasn't used tax payers money to bail itself out. Or in the case of Lloyds, been WAY too greedy and borrowed tax payers money to fund its risky takeovers. 

dan_uk_1984 wrote:

I agree with you wholeheartedly Gaz!

Especially about being able to pay ones staff whatever one needs to in order to actually keep them ,and reward them when they do make good decisions.

Lets face it, the banks were just used as a scape-goat for the last governments miss-management of its own finances. Now the banks have to fight public perception.

Although the general pubic have no trouble accepting footballers who earn millions and spend it all on hookers and coke parties!

Far too many words in there for my tiny mind to comprehend. If I tried to understand it I would no doubt forget some critical RR information.

So I'll bow out gracefully  

dan_uk_1984 wrote:

Far too many words in there for my tiny mind to comprehend. If I tried to understand it I would no doubt forget some critical RR information.

So I'll bow out gracefully

Good point, which made me think, can you hurry up and get an S/C Dan so you can tell me how to work it/ fix it!

Good time to be buying one with people worrying about the cost of oil! Range Rover-less at the moment - Pining!

outa my leage at the mo.

When I can pick one up for 15K I'll probably get one. Then I'll have to save up for the fuel bill! Oh and the tax!