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RBS Bonus

Discussion in 'General Chat' started by ScottD3, Jan 26, 2012.

  1. ScottD3
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    ScottD3 I want your faulty electronics

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    [Jan 26, 2012]
    I think I missed this little snippet of new but I'm trying to catch up.

    What is every ones views and thoughts on this?
    Any insider information or more educated information than what the media gives us?
    #1
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  3. s3dave
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    s3dave TFSI Hybrid

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    [Jan 26, 2012]
    A bonus in my day was awarded for outstanding achievement's/targets, RBS is still losing money so IMO its disgusting!
    Dont forget he will be on one hell of a salary.....
    The government are to scared to rock the boat it seems.....
    #2
  4. ScottD3
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    ScottD3 I want your faulty electronics

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    [Jan 26, 2012]
    82% of RBS is owned by us.
    The government is scared to step in and stop the bonus cause most of the board members says they will walk out.
    Fine walk out, your not unreplaceable.
    #3
  5. monster_munch
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    monster_munch Member

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    [Jan 26, 2012]
    I read it this morning, from memory he earns £1.2 million salary, got a £960k bonus, and RBS is 83% tax payer owned or something.
    Do these people live on the same planet as us? Do they know people are losing their jobs, homes, livelihoods?
    I often wonder, on this tiny little planet of ours, how is it allowed that there can be such big divides between human beings.
    #4
  6. Nilz
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    Nilz Defo worth the wait :)

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    [Jan 26, 2012]
    If 82% of it is owned by us, why are we not getting a cut of it?

    What has he done that warrants that big a bonus?!!?

    Its just rubbing our noses in it, and quite frankly i think its a pi55take!!

    When they were in need of us hardworking individuals to pay out and help them, why can they not be decent human beings, have a bit of self respect and shame and turn the bonus down and put it back to us!!!

    Im disgusted by it.
    #5
  7. Nilz
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    Nilz Defo worth the wait :)

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    [Jan 26, 2012]
    Oh and have you seen how many job cuts they are making, for call centre staff etc!!!
    #6
  8. ScottD3
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    ScottD3 I want your faulty electronics

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  9. s3dave
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    s3dave TFSI Hybrid

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    [Jan 26, 2012]
    It would be nice if he donated it to a local youth work charity, they would be able to run a good few years on that....
    #8
  10. monster_munch
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    monster_munch Member

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    [Jan 26, 2012]
    Just another example of how the average working person is being bent over!
    Im in the military and I am losing my job this June, after 9 years of front line service on Harriers which have been prematurely scrapped by the SDSR.
    When I found out I was losing my 'secure' job in the military, I got a diesel car in readiness for the daily commute when I have to start travelling every day.
    And what is the latest headline? Oh yes, diesel prices are rocketing up to a new record high, and soon there will be no advantage to having a diesel car over a petrol.
    Nice one british goverment, I salute you. You bunch of absolute retarted troglodytes.
    #9
  11. Ads
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    Ads License to drive

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    [Jan 26, 2012]
    I used to work for RBS (Well Natwest which is owned by RBS) and I was lucky if I got a 960 pence bonus.

    It was a good few years ago (15 years ago) and my starting salary was only £10k per year. And I bet I worked more hours than this guy.

    However, if they'd offered me £2m in wages and bonus I'd have taken it all day long. Tax payer's money or not.
    #10
  12. s3dave
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    s3dave TFSI Hybrid

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    [Jan 27, 2012]
    I wonder how much dividends the other 18 private shareholders raked in, in my book it should be nothing as the company is not profitable yet...
    #11
  13. warren_S5
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    warren_S5 Moderator Staff Member Moderator VCDS Map User

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    [Jan 27, 2012]
    From what I see more recently, to get round the issue of financial performance many of these companies are setting non profit related targets for their senior execs. In one company I recently contracted for I saw bonuses paid to senior managers where they weren't paid to staff as cost reduction targets (e.g. Redundancy targets) were met so management got a healthy pay out.

    To circumvent the bonus system targets are being set which means that the company can actually deplete staff, quality and standards and chief execs still get paid.

    This gentlemen (and ladies) is the new breed of religion known as advanced state capitalism. Ironically it's not to different to communism other than whereas in communism the people give up their wealth to the state which looks after them (...ahem!), we pay taxes for ours to do the same for us. The bottom line is, in both models 90 odd percent of the wealth still sits in less than 10% of pockets. Capitalism just presents the illusion of 'choice' to make the model more palatable.

    At board meetings these folk sit round and decide what the next years pay rates will look like, as they all want increases, they all agree to each others increases without much in the way of independent adjudication. These people don't often get to the top by good morals and a keen sense of ethical justice, they are suited mercenaries (e.g. Fred the Shred, gives us back your knighthood: well done Labour....not!). Like politics and government, this is now all about self interest as at the top of the food chain life is so far removed from what we know of course they will crave more and more.....

    So which is the lesser evil?! capitalism, communism, or something else? I tolerate our system as it will generally reward me if I bust a gut, but thank god there are so few chief execs of these sort of companies in the economy. For me it's not the money they get I care about, it's the people they directly affect in doing so. I guess it's been going on forever behind closed doors, it's just today we get to know about it.

    A very sorry state of affairs, and if he hands it back, you KNOW it will be bundled into future earnings or rewrapped into alternative benefits (probably handled offshore!)
    Last edited: Jan 27, 2012
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  14. jcs356
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    jcs356 Brum brum

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    [Jan 27, 2012]
    If you want a decent CEO to run your company, you need to pay a competitive salary. Whilst these numbers might be telephone numbers to the majority of the population, they are run of the mill for a CEO.

    OK, 82% of the company is in public ownership, but I'd rather have the bank run by someone who knows what they are doing than dragging someone in off the street for £100k and expect them to do it.
    #13
  15. warren_S5
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    warren_S5 Moderator Staff Member Moderator VCDS Map User

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    [Jan 27, 2012]
    The only challenge I'd argue to them getting paid quite so well is that these corporate figure heads might have to make a few large decisions (e.g. clicking a button to say yay or nay), but the vast majority of the effort, work or research is undertaken by consultants or staff.

    Then usually these companies have a hush-hush paid up sponsor in the House of Lords who do a days 'consultancy' a month on the board and then support the process of oiling the wheels within Govt to make sure these companies are largely protected and looked after, so it's all basically lunches, a bit of golf and a few stakeholder meets. A rather comfortable self perpetuating model.

    What's ironic is some of these people fail to turn round one business, then get recruited to take on another because of the boys club! My big issue is they get paid regarless of success OR failure. That said, the saying 'Pay peanuts get monkeys' wasn't invented for no good reason!
    Last edited: Jan 27, 2012
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  16. Sandra
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    Sandra MODERATOR Staff Member Moderator

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    [Jan 27, 2012]
    Warren, you are a very astute young man, I couldnt have put that better if I tried.
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  17. s3dave
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    s3dave TFSI Hybrid

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    [Jan 27, 2012]
    Lets not forget the guy in question is virtually a public servant and gets 80% more than the prime minister??
    #16
  18. warren_S5
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    warren_S5 Moderator Staff Member Moderator VCDS Map User

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    [Jan 27, 2012]
    Unfortunately, whilst I'd love to agree with your kind statement:

    1) If I go to the doctors they spend more time checking my arse rather than my balls, hence I have accepted I am now old, not young!! (soon be 40!)
    2) I get to see a lot of this stuff first hand as I'm an organisational development consultant and I've worked in quite few FTSE 100's in the last 8 years doing OD work, so whilst it's only a view I get to see some of it 'happening' day to day.
    #17
  19. Sandra
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    Sandra MODERATOR Staff Member Moderator

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    [Jan 27, 2012]
    Soon to be 40 is not old Warren. I must admit though, statement No. 1 made me proper laugh though.
    #18
  20. a3tdi2001
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    a3tdi2001 Member

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    [Jan 27, 2012]
    It's absurd. When the banking crisis hit I remember it being quoted that you had to pay bankers high salaries in order to recruit the "right kind of people". Well they paid the high salaries, and are still doing so, and have recruited exactly the wrong kind of people.
    On the subject of monkeys; if the banking system had been regulated in any way whatsoever, and I'm not talking about the disgrace that is the FSA, then you could argue that a bunch of regulated monkeys would have made a better job of running the banking sector than a bunch of unregulated gamblers.
    #19
  21. jojo
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    jojo S3 Drift King! Staff Member Moderator

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    [Jan 27, 2012]
    This is peanuts compared to what footballers earn! lol
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  22. warren_S5
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    warren_S5 Moderator Staff Member Moderator VCDS Map User

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    [Jan 27, 2012]
    At least those clowns can kick a bag of air and provide tabloid entertainment with their dimwitted actions!
    #21
  23. Alex C
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    Alex C Well-Known Member

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    [Jan 27, 2012]
    :lmfao:
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  24. jdp1962
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    jdp1962 Grumpy Old Moderator Staff Member Moderator

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    [Jan 27, 2012]
    This situation has been coming for a long time. When Hester was appointed to run RBS, he was offered a contract including clauses that provided for him to receive bonuses if certain criteria were met. If those criteria have been met, either in full or in part, then he is contractually entitled to receive the bonuses, again either fully or in part. Whether it would be "the decent thing" for him to decline the bonus is an entirely separate debate from whether he is entitled to receive it. If it not awarded to him, then the government will be in breach of contract. However unpalateable that might be, the current goverrnment knows that no good can come form knowingly breaching an employment contract.

    Now then, hands up, who can remember which Prime Minister and Chancellor offered him this contract ?
    #23
  25. StateOfPlay
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    StateOfPlay Well-Known Member

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    [Jan 27, 2012]
    This guy has saved RBS a mountain of money by cutting 30000 jobs. He deserves a bonus for being able to lay off so many staff and still live with himself.

    This man has been unable to pay back any of the money that RBS received from the tax payer, he deserves a bonus for being able to arrange to take a bonus, whilst owing us all so much money.

    This charming man deserves a bonus for getting himself such a lucrative contract from his old chum Gordon.

    The thing is this. The politicians and financial commentators say you have to pay top dollar to get someone who is good enough to return the Bank to profit and get our money back. Of course, that is ********, it needs the economy to recover to get our money back. Mr Hester may well have been born with a letter S scarred into his chest, but the greedy ****er isn't going to be able to pay back our money unless the economy booms!

    I reckon you could put Basil Brush in charge of RBS, and it will still perform as **** as it is now.
    #24

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