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The lounge Relax, take a break from photo and camera talk - have a chat about something else for a change. Just keep it clean and polite!

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  #1  
Old 2nd March 2013
sapper sapper is offline
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bankers bonus's

If we don't pay these bankers their bonuses, we will get people running the banks who can't do the job. The banks will fail then.............Oh hang on

Nicked from FB.
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Old 2nd March 2013
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Re: bankers bonus's

Oh the poor dears, bonus capped at 1x annual salary

When our company makes a loss, the annual bonus = zero. End.
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Old 2nd March 2013
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Re: bankers bonus's

I'm afraid most of the words I'd want to use in this thread I wont type. A bonus of 1x annual salary is just obscene anyway and to complain it's capped at that well....................as I said I wont type the words. A bank bailed out by the taxpayers that looses billions and adds to it by paying BONUSES...no enough my blood pressure cant cope, back to landscapes.
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Old 2nd March 2013
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Re: bankers bonus's

Well into my retirement now, I am looking to achieve an even more relaxed attitude to life so I refuse to get involved in this sort of discussion!

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Old 2nd March 2013
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Re: bankers bonus's

Our daughter-in-law used to be an investment banker (spits to one side) she worked long
stressful hours and I felt really sorry for her, running a home , err, no she didn't they had a housekeeper, an au- pair and a gardener.
Bringing up three children two of them twins,
err n o she didn't they had an au-pair, a housekeeper ..................
Although sheis a fantastic daughter-in-law and I would never ever want to loose her
I did have difficulty reconciling myself to her occupation. This was compounded when
they waltzed in one day and told us they were having a six bedroomed(all en-suite) house built in a very up-market area of East Herts.
Months went by and they eventually moved into a beautiful home furnished top to bottom with all new furniture, the latest in gadgetry etc etc. At the house warming party she dropped a bit of a bombshell by announcing to everyone that as the house was paid for out of her bankers bonuses she was leaving the bank and going back to university to study as a mid-wife. Part of her deal on leaving the back was a golden handcuffs clause.
She now works long stressful hours as a mid- wife, no au-pair, no housekeeper and only a part time gardener and is obviously extremely happy.
The house is buzzing with love and laughter and she is one very contented woman.
On being asked about her time in banking she replies. I did it for ten years, made and saved enough money to see us in a comfortable financial position and now I can put something back over the next 25 years.
I am so very very proud of her but still cannot justify the obscene bonuses bankers seem to enjoy.
Basically it is all about greed.
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Old 2nd March 2013
maccabeej maccabeej is offline
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bankers bonus's

I find it sad that there are a lot of people who work for banks and called bankers that get tarred with the same brush. In the past many of what are now called Investment Bankers worked in partnerships. Yes they got the big rewards but when the bad times came they also took the risk. In principle I have no problem with anybody earning big bonuses as long as they are also bearing the risk. The way it works now is not logical. Do well get a bonus, screw up get a bonus, screw up the firm get a bonus and a golden parachute. It doesn't just happen in banking - read about Tom Albanese ex -CEO of Rio Tinto.
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Re: bankers bonus's

Quote:
Originally Posted by Seonnaidh View Post
...
I am so very very proud of her but still cannot justify the obscene bonuses bankers seem to enjoy.
Basically it is all about greed.
Jon, I have to say it is NOT about Greed - its not about "falling into" such a top paid job with massive bonus payments - and its not just Bankers.

I was paid massive salaries and massive bonus payments - but in the Software Systems Design - being able to "view a business admin/management" and re design it and increase efficiency and reduce overheads. We all were ! at IBM ; Digital Equipment Corp; EDS; RR Donnelly; Mcdonnell Douglas Financial Systems; Lipper Analyictical; Reuters; Micropal ...

I never "fell into" any high paid job. I enjoyed "computers" as a child and loved puzzles (now known as "problem Solving skills) - I saw thin white tape spewing out of a noisy machine in my dads place of work, full of rows of holes

I asked the lady "looking after me" what is it ? and what do the holes mean ? she gave me a manual ! ...it was a TELEX machine and soon I was looking at the centre pages, comparing each set of holes in a row and reading out the message it was printing.

My dad was offered a "job" for me, 3 hours on Saturday and 3 hours on Sunday and paid £13 a week - from then Vickers Armstrong in Weybridge.
Then I was working on IBM punch cards as well. In late 1960's. I was at school 14 yrs of age. 3 hrs was employment law on children working

I had no Degree in Computer Sciences. But logic and accounting, and vision with a QUICK brain.

Bankers who make lots of money do it because they work all the hours the world sends - even at a party their mind is scrolling through information - they wake up in the night and write down something that came to them at 3am in their sleep - mentally scrolling through an industry sector information report of a week or two ago and "seeing" potential and "checks to confirm or deny their thoughts" which can make millions for their Clients and the bank and them - or not!

I have worked with lots of "High Paid Bankers" ... its not so much a job but a game - until they "taste" another life and want to get out to REALITY.

I know so many women who have married/Partnered and had a baby on FULL PAY for 6 months - then have to give up this "heavenly life of love" and go back to their job - if only, until they get pregnant again and are on full pay again ... many then go long term sick with depression to get the "Golden Goodbye package" but thats a tough RIGHTS FIGHT too the Bank/Investment House will keep offering them more £'s to STAY such a VALUABLE money maker cannot be let go ... to a competitior or retirement until it suits the Bank

Its not Greed that traps the high earners, but the Standards of life they have gradually, over time, become accustomed too as the "NORM" ... First Class long haul flights are a necessity "to work in the sky" ... then reality is ECONOMY grrr ...

It is a dreadful feeling when you want to "change" ... its being on a conveyor belt, which you suddenly realise is at fast running speed ... and now you want to amble ... your wobbling ... with fear of trying to get off ...

Those who do not get "their plan" most often breakdown mentally - this goes for many high paid - high stress jobs.

I count myself lucky - 911 WOKE ME UP !

However, I have only VERY recently learned how my children despise the fact that "I went to work, and left thom home "with Nanny; ponies; groom (no gardner) and their dad"

they feel stuff the nice house and holidays now !

... and I am not alone ... many past colleagues are in this boat ... and friends from other careers .. who just worked and were not stay at home mums !

.
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Old 2nd March 2013
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Re: bankers bonus's

Two good posts Jon and Chevvy.
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Old 2nd March 2013
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Re: bankers bonus's

Chevvy

Do not beat yourself up - remember the grass is always greener on the other side of the hill.
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Old 2nd March 2013
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Re: bankers bonus's

Quote:
Originally Posted by David Morison View Post
Well into my retirement now, I am looking to achieve an even more relaxed attitude to life so I refuse to get involved in this sort of discussion!

David
Having just retired, I concur with the honourable member!
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Old 2nd March 2013
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Re: bankers bonus's

Years ago when I was a class teacher I started a maths project based on buying shares. Each child was given an imaginary amount of money to invest in different companies and we then followed the progress of the share values. We used this as a basis for the senior pupils' work on graphs and percentages etc.

We were a small rural school of only 12 pupils so everyone took part to give the senior pupils enough figures to work with. The older pupils researched the companies they wanted to pick while the younger ones stuck a pin in the shares page of the Glasgow Herald. I myself had a go too.

We watched the shares over a period of a school year. Everyone made profits and some of the children made massive profits. I made the seciond worst profit! The largest profit was made by one pupil who invested some of her money in AG Barr because she liked Barr's Irn Bru!

The point of all this is that investment banking seems to me to be simply gambling with other people's money. There is no justification for paying bonuses for this. When things are going well, anyone can make money - it doesn't take a genius. When things have gone badly and the country is screwed as a result, it's obscene.
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Old 2nd March 2013
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Re: bankers bonus's

Why do I have to pay someone to invest my money and make a loss on it? I could do that myself! When they mess it up they should find themselves on the minimum wage at the best. If I mess it up I'm on the dole.
How about, when they invest my money and make a profit they can take some of that profit. When they make a loss they share some of their salary with me to make up for it.
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Old 3rd March 2013
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Re: bankers bonus's

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Originally Posted by OM USer View Post
Why do I have to pay someone to invest my money and make a loss on it? I could do that myself! When they mess it up they should find themselves on the minimum wage at the best. If I mess it up I'm on the dole.
Because they need a Retainer and have to have a head clear of worries on everyday things - to function at their best

If they do stuff up, they are out ... but more often its the "Markets" that have gone Bear/Down ...

Quote:
Originally Posted by OM USer View Post
...
How about, when they invest my money and make a profit they can take some of that profit. When they make a loss they share some of their salary with me to make up for it.

Ahh. like our now "Contingency fee based Legal System" ... that works so well ... for the REALLY CONCRETE CASES but what about the little man/woman in the street ... with a more complex case and NO big FULL purse for fees ? ...
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Re: bankers bonus's

GREYHOUND on another thread in the lounge said " ... I have a friend who owns a small garage and he has given up employing young people. He says they don't want to work and hate anyone telling them what to do. Give them a telling off for something and they go on about being "disrespected". Ask them to work late to finish a customer's car and you get told what to do with yourself. He now employs people in their 50's.

Now I don't want to stigmatise all young people with the feckless tag because the vast majority still go on to lead worthwhile and productive lives but there does seem to be a lack of drive in certain sections of the population. ..."



Now how would the banks fare if they employed all these young people ?

Do you really want them in control of your savings ? or Pension Funds ?


Sadly, as we mature - our brains function less well - FACT ! just as our hair turns grey so the grey matter inside is changing, drastically. WE S L O W down So employing all us Elders is not an Option here



So the Banks ; Insurers; Computer Hardware .. Firmware & ... Softare developers ... Accountants and Solicitors and Barristers ... and Doctors and Surgeons ... and those experiementing in Cancer cells and potential cancer cures and all sorts of illness research ... NEEDs THE BEST ! The YOUNG Bright Sparks ...

and they have to PAY THEM Pro Rata to "get them" ... and they need solutions/Results NOW and FAST .. and there are Penalty Clauses for non Performance of the Employer ... so they make HUGE Bonus Payments for Results they like


Way back when ... I lived in Lacey Green, Nr. Amersham and played Tennis sunday morning before catching the late afternoon flight to USA ... those working in the "labs" at Amersham international, playing about with "dirty water" from DiDo and Pluto at Harwell - we paid a massive fortune ... much more than Bankers ! ... and they lived with top chefs cooking whatever they wanted at ALL HOURS of the day & NIght ... as the Labs at BT Martlesham (I also worked there) those Employers could not have these KEY BRAINs (for they were little else really - worrying about food and shopping for or cooking it)

Solicitors and Barristers & Judges have always earned a MASSIVE FORTUNE

WHY is there not a Thread and a Public ONSLAUGHT against their Massive Pay & Bonus payments ?


ps my blood pressure is going up too much to do the ironing so I have to chillax watching daytime TV shopping now to calm down and operate the Steam IRON ... so I do not burn through Nicks fav shirts in anger .... so excuse me foir a few hours
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Old 3rd March 2013
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Re: bankers bonus's

because they fly under the radar - nothing to do with what they earn or deserve - just a matter of not creating press initiated hysteria.
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