Wednesday, January 12, 2011

Bankers will take bonuses because they weren't praised last year, says Lord Jones


What a typical bullshit banksters weep this story is, "oh we will leave the UK if we don't get our multi-million pound bonuses" well go on then, f**k off the lot of you! go be Romanian tax collectors or something.

The situation is similar in Australia, the banking CEOs think they are doing God's work and want praise from the masses for doing it. A few years ago I had to endure my daughter's school speech night where the guest speaker was the CEO one of Australia's largest banks (she was a school "old girl"). Even though I had steeled myself with a double shot coffee she still put me to sleep rabbiting on about work life balance, glass ceilings and gender inequality....zzzz. If that is the caliber of the chosen ones we are in trouble, my suburban tax accountant would make a better bank CEO.


From the UK Telegraph:

Lord Jones, the chairman of HSBC's international advisory board, has said that bankers will take bumper bonuses this year because those that sacrificed big cash rewards last year received "not one jot of praise".

Speaking to The Daily Telegraph, the former Labour minister conceded that the "lack of sensitivity" among some parts of the banking community continued to amaze him.

But he added that the bosses who had foregone their bonuses had very little incentive to do the same again.

"To be fair, when the chief executives of the major banks sacrificed their contractual entitlements to bonuses over the past couple of years, or gave the cash to charity, not one jot of praise or even understanding came their way," he said.

He argued that the banks instead faced compelling business reasons for not reducing pay-outs. "So why, they may think, bother [reducing bonuses] when the rest of the world's banks are enticing staff away every day?"

Lord Jones, who was also former director general of the CBI, warned the Government not to go further than the rest of the world in its attempt to curb City pay.

"Tax bonuses in isolation - that is, without the rest of the world following suit - and talent will leave the UK," he said.

The comments from the City heavyweight come amid mounting political tension about the investment bank bonus payments which will be finalised over the next few weeks. Experts have estimated the big banks could award nearly £7bn in bonuses this year......read on

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