Should bailed-out banks pay bonuses to senior staff?

Tags: Politics, Economy, Bailout
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Seemingly the British are at it too. Banks, in receipt of huge sume of public money because of a crisis they themselves have created, are intending to pay some of it in bonuses to senior staff.

http://www.guardian.co.uk/business/2008/oct/21/lloydstsbgroup-executivesalaries

What planet do these people come from?

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Type: Question • Score: 10 • Views: 377 • Replies: 23

@McTag,

they should be shot and donate their money equally to all citizens.

0 Replies

@McTag,

..but what if they didn't do that? It would spell disaster for the likes of BMW and Mercedes Benz.

2 Replies

@McTag,

I guess you get what you pay for. Pay for screw ups, and you get more screw ups.

1 Reply

@roger,

Quote:

I guess you get what you pay for. Pay for screw ups, and you get more screw ups.

I think I agree with that, Roger.

Why continue with such a discreditted way of doing business? Tax payer help should come "with strings" attached. Afterall, it's coming at a cost to government supplied services (to ordinary people) that many may not be at all too happy with.

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@McTag,

And Denis Kucinich wants an enquiry about Wall Street's stated intentions to pay bonuses/ severance.

http://www.guardian.co.uk/business/2008/oct/21/wall-street-bonuses

People whose houses are being repossessed, of who have lost their jobs in this bank-created climate, may well raise an eyebrow.

2 Replies

@McTag,

They can handle eyebrows being raised.

1 Reply

@spendius,

What time of day was the poll conducted Mac? How were the numbers chosen?

1 Reply

@spendius,

What poll, Spendy? Do try to keep up.

1 Reply

@McTag,

I say storm their homes like the villagers at Frankenstein's castle...tear them limb from limb and feed their entrails to the crows.

1 Reply

@McTag,

This poll Mac-

Quote:

• ICM Research interviewed a random sample of 1007 adults aged 18+ by telephone on October 17-19 2008. Interviews were conducted across the country and the results have been weighted to the profile of all adults. ICM is a member of the British Polling Council and abides by its rules.

Do you not read your own links?

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@McTag,

No - absolutely not. Bonuses are supposed to be paid according to work that is done above and beyond their normal job expectations (at least that is what I am told at work). Isn't that what bonus means in a sense - it isn't supposed to be guaranteed pay.

I am on the fence about severance - if some one is let go, even at a low level and even an underperforming employee, they receive severance (at least that has been my most recent experience). However, severance should be determine comparable to all employees.

1 Reply

@McTag,

Why not>? The US has done the same thing, so why should they treat bank employees any different? It's not ethical, but what have they ever done that's ethical for their customers.

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@Linkat,

You got it, Linkat. If it's not related to good performance, it isn't a bonus. It's just more money.

Hey, has anyone wondered if these huge bonuses and severance packages aren't something like "hush money". Who would know more about what's hidden under the carpets than a dirty CEO or CFO?

1 Reply

@roger,

Oh it is definately hush money and to avoid any negative comments about the company. Usually they make some sort of agreement to get them to leave quietly.

0 Replies

@Bi-Polar Bear,

Quote:

tear them limb from limb and feed their entrails to the crows.

The crows wouldn't have them.

1 Reply

@Eorl,

Eorl wrote:

..but what if they didn't do that? It would spell disaster for the likes of BMW and Mercedes Benz.

If I have to help pay for their BMW or Mercedes , I want one too !!

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@McTag,

the wall street bonus payments probably come out of the bailout money .
a/t one source "these payments were in recognition of services rendered" Drunk

and another little "bonus" story :

http://www.huffingtonpost.com/2008/10/18/wall-street-banks-pay-bon_n_135878.html

Quote:

Wall Street banks in $70bn staff payout
Pay and bonus deals equivalent to 10% of US government bail-out package

i mean , that's only 10% commision for a job "well done" !

1 Reply

@Eorl,

eorl wrote :

Quote:

..but what if they didn't do that? It would spell disaster for the likes of BMW and Mercedes Benz.

spokesperson for harry winston jewellers was concerned about lagging pre-christmas sales for "big baubles" .

such as :

http://www.artknowledgenews.com/files2007a/HarryWinstonADiamondBracele.jpg

Should bailed-out banks pay bonuses to senior staff?

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