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    Bankers' bonuses axed by people power

    Ok so its in Holland. But it will be interesting to watch the situation, with many in this county claiming it can't be done.

    Dutch bankers' bonuses axed by people power
    An online campaign has overturned ING's executive pay policy, and the mood in Amsterdam is getting increasingly militant about bonuses at bailed-out banks

    36 Comments

    Banned

    Inb4 the usual defenders of the indefensible.

    So lots of the best/most profitable bankers from Holland will now be looking for jobs elsewhere so they can get their £100k bonuses, so less tax for Holland.
    Genius.

    couldnt give a monkeys if they left our country
    99.9% people would agree

    Original Poster

    sickly sweet

    So lots of the best/most profitable bankers from Holland will now be … So lots of the best/most profitable bankers from Holland will now be looking for jobs elsewhere so they can get their £100k bonuses, so less tax for Holland.Genius.



    Just think what could happen if governments at the G20 or suchlike all agreed such a policy.
    Lots more revenue and less need for cuts.

    WoolyM

    Just think what could happen if governments at the G20 or suchlike all … Just think what could happen if governments at the G20 or suchlike all agreed such a policy. Lots more revenue and less need for cuts.



    Can you read?

    Very shortsighted of the Dutch.

    autolesbona

    Can you read?



    Read what?

    WoolyM

    Just think what could happen if governments at the G20 or suchlike all … Just think what could happen if governments at the G20 or suchlike all agreed such a policy. Lots more revenue and less need for cuts.



    If that was the case (very unlikely as it would be to the detriment of governments to sign up to it), then the best bankers would go to Hong Kong and such countries outside of the G20.
    It really is a case of cutting your nose to spite your face - good for jo public to get short term confidence in their government but long term loss of tax revenue through individuals and companies transferring abroad (of course they want the best of the best, if one employee can make a bank £40million, and give him £100k bonus, is that not better than a lesser skilled employee who makes the bank £10million getting no bonus?)

    Original Poster

    There was an interesting point raised in one of the comments at the end of the article which I do have some sympathy with

    Talented people do not work simply for money. They don't have to. Those that do - as our recent history neatly illustrates - are not the most talented....

    Original Poster

    Again this was a link from one of the comments in the article
    A study carried out by MIT about what motivates us.

    youtube.com/wat…jJc (10 mins long)

    guv

    Inb4 the usual defenders of the indefensible.



    i wonder who your thinking of?

    Banned

    sickly sweet

    If that was the case (very unlikely as it would be to the detriment of … If that was the case (very unlikely as it would be to the detriment of governments to sign up to it), then the best bankers would go to Hong Kong and such countries outside of the G20.



    Have China been kicked out?

    Original Poster

    guv

    Have China been kicked out?


    Thnk they are still in if this wiki document is correct. Interesting that they have the EU as one member but then also UK, France etc.
    en.wikipedia.org/wik…ies





    Edited by: "WoolyM" 29th Mar 2011

    Banned

    candi

    couldnt give a monkeys if they left our country 99.9% people would agree



    So you would be happy if the financial services industry and associated taxe receipts left this country?

    Banned

    candi

    couldnt give a monkeys if they left our country 99.9% people would agree



    99.9% of people would be pretty stupid then

    Original Poster

    So would you leave then Filth if this happened in the UK?
    Edited by: "WoolyM" 29th Mar 2011

    Banned

    WoolyM

    So would you leave then Filth if this happened in the UK?



    I don't work in the banking industry.

    But if this did happen and our economy did suffer, I think a lot of people would leave (not just bankers).

    Original Poster

    Well obviously the bankers families as well. But you know Hong Kong is quite crowded and I really cant see it being bolthole of everyone in the banking industry.

    Banned

    FilthAndFurry

    So you would be happy if the financial services industry and associated … So you would be happy if the financial services industry and associated taxe receipts left this country?



    He didn't say that. I would imagine he's referring to the fat cats with their noses in the trough.

    Funnily a mate of mine who used to get crazy bonuses as the treasurer of an Arab bank in London, did exactly that and left for Geneva approx 10 years ago. We were over there with them when this hedge fund problem first surfaced in the US and he predicted within a year it would be causing a recession and serious problems in the banking industry in the UK and worldwide. He lost his job as the treasurer for an Arab bank based in Geneva 18 months ago through cutbacks.

    He always used to say he got paid for doing booger all and whilst he's a very intelligent man, he admitted his bonuses were unjustified. Strangely, he explained to me what the problems we would be facing were and why its a ridiculous situation they got themselves into. But these guy were experts and couldn't, yet I could see instantly how idiotic they had been. Go figure. (Clue... Greed)

    No one is irreplaceable and lets be fair, with the mess they've made, a replacement couldn't do much worse. The banks could give us better interest rates on the millions they'd be saving too. X)

    .

    Edited by: "guv" 29th Mar 2011

    Are not bonuses taxed at a higher rate than corporate profits? I may be wrong but wouldn't that mean that the country actually gets less tax receipts?

    Banned

    colinsunderland

    99.9% of people would be pretty stupid then


    +1

    Banned

    Less bonuses equates to more money the bank will no doubt find ways of getting rid of through 'tax efficient' means so the economy won't see any more from corporation tax, and they'll actually see less from income tax revenue.

    It still amazes me how short sighted some people on here are. A knee jerk to stop a bankers bonus has consequences far worse that you care to think about.

    But as long as that nasty banker isn't getting that new Porsche, I guess you're happy.

    Silly economics from some very silly people.
    Edited by: "JonnyTwoToes" 29th Mar 2011

    There is a member on here who claims to be a banker and if he is typical of them then this is good news if it comes to the UK as they would appear to be annoying little oiks

    However the same member is also know for being a blatant liar and a supporter of terrorism though so will reserve my final judgment on bankers for now

    Edited by: "boothy" 29th Mar 2011

    Banned

    Power to the people, right on.

    point to note is that it was these highly paid financial ppl that got us in this mess. I say more regulation.
    I wouldn't mind if they actually did a good job but...
    despite the above we still need them grrr

    You may want to check what pay rises the bankers have managed to give themselves over the last 18 months. Some sources say they have increased the salaries by the amount they've reduced bonuses, in some cases upto 50%.

    What's the point of banning the bonus, you'd have better luck banning the bomb!

    It's the price of capitalism. But the cost of any other system would be much higher imo...

    Banned

    FilthAndFurry

    So you would be happy if the financial services industry and associated … So you would be happy if the financial services industry and associated taxe receipts left this country?


    out of interest.....where would they all go and would their families want to go there?

    pretty sick of hearing this nonsense.

    Banned

    casparwhite

    out of interest.....where would they all go and would their families want … out of interest.....where would they all go and would their families want to go there?pretty sick of hearing this nonsense.



    Any of the emerging markets. It's not the rank and file members who are largely replaceable, but the major figures in departments who would get pay increases (in real terms due to lower taxes) to relocate and set up the new headquarters.

    If even one major bank decided to do this it would irrevocably damage the reputation of 'the City' and severely damage Britain as a whole.

    jiminym

    You may want to check what pay rises the bankers have managed to give … You may want to check what pay rises the bankers have managed to give themselves over the last 18 months. Some sources say they have increased the salaries by the amount they've reduced bonuses, in some cases upto 50%. What's the point of banning the bonus, you'd have better luck banning the bomb!


    The point is that salaries are declared to shareholders whereas bonuses are not. This makes a company appear more attractive to shareholders because the total salary bill is lower. It's a much more transparent and therefore fairer system to just pay everything as a salary

    It's a very similar to MPs who were propping up their lifestyles by drawing expenses and so were able to be better off while telling voters that they were doing their bit to support the economy by drawing a small salary.

    Original Poster

    FilthAndFurry

    Any of the emerging markets. It's not the rank and file members who are … Any of the emerging markets. It's not the rank and file members who are largely replaceable, but the major figures in departments who would get pay increases (in real terms due to lower taxes) to relocate and set up the new headquarters.If even one major bank decided to do this it would irrevocably damage the reputation of 'the City' and severely damage Britain as a whole.



    So did you bother to watch the study from MIT on what motivates people?

    Banned

    FilthAndFurry

    Any of the emerging markets. It's not the rank and file members who are … Any of the emerging markets. It's not the rank and file members who are largely replaceable, but the major figures in departments who would get pay increases (in real terms due to lower taxes) to relocate and set up the new headquarters.If even one major bank decided to do this it would irrevocably damage the reputation of 'the City' and severely damage Britain as a whole.



    so where would they go ....brazil.....china......UAE?

    not a chance for most family men and even the batchelors could only put up with a sub standard life in n "emerging country" for so long,regardless of the few extra quid in bonuses they probbly couldnt spend in the first place

    casparwhite

    so where would they go ....brazil.....china......UAE?not a chance for … so where would they go ....brazil.....china......UAE?not a chance for most family men and even the batchelors could only put up with a sub standard life in n "emerging country" for so long,regardless of the few extra quid in bonuses they probbly couldnt spend in the first place



    Soldiers relocate for a lot less.

    Banned

    casparwhite

    so where would they go ....brazil.....china......UAE?not a chance for … so where would they go ....brazil.....china......UAE?not a chance for most family men and even the batchelors could only put up with a sub standard life in n "emerging country" for so long,regardless of the few extra quid in bonuses they probbly couldnt spend in the first place



    I wouldn't want to work there, but there are plenty of young 20-somethings who look at the money on offer in places like Dubai and are literally queuing up to go. I also know of a couple of chaps working in Hong Kong, so it's not that strange.

    You only have to look at people living in some places in this country that aren't ever going to 'emerge' and they seem quite content.

    Banned

    WoolyM

    So did you bother to watch the study from MIT on what motivates people?



    Maybe if you paid me.
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