Ed Milliband has to go....

[abdoujaparov]

You are wrong... The contract and agreed bonus was agreed under Labour....

[Ed209]

Just gonna argue devils advocate on here, because this forum can be the home of whinging lefties,

When I first heard his bonus my reaction was "is that it". In the world of corporate finance and investment banking that's fuck all for the head of one of the worlds largest investment banks. I have close friends working for investment banks who are getting large 6 figure bonuses and they're nowhere near his level of seniority.

Now not saying these bonuses are right. Of course they are hideous amounts, but I'd rather have someone in charge of our bank and money who knew what they were doing as opposed to someone who didn't, and in investment banking that means paying top dollar.

This guy is in charge of billions of pounds of public money.. If through his sound guidance he manages to make tke uk tax payer billions more then what's a million? I'd rather that than pay someone without the experience less money because that's all we were willing to pay, only for them to go fuck it all up and cost the tax payer even more money.

[abdoujaparov]

. Of course they are hideous amounts, but I'd rather have someone in charge of our bank and money who knew what they were doing as opposed to someone who didn't, and in investment banking that means paying top dollar.

[abdoujaparov]

That was my point... It was in the contract he was entitled to a bonus at the discretion of the board,... Labour didn't have to include that...

I think the bonus should of been vetoed... I think he should at least say no to receiving it...

I think we agree over this one just talking from different ends of the same argument...

[feral chile]

Just gonna argue devils advocate on here, because this forum can be the home of whinging lefties,

When I first heard his bonus my reaction was "is that it". In the world of corporate finance and investment banking that's fuck all for the head of one of the worlds largest investment banks. I have close friends working for investment banks who are getting large 6 figure bonuses and they're nowhere near his level of seniority.

Now not saying these bonuses are right. Of course they are hideous amounts, but I'd rather have someone in charge of our bank and money who knew what they were doing as opposed to someone who didn't, and in investment banking that means paying top dollar.

This guy is in charge of billions of pounds of public money.. If through his sound guidance he manages to make tke uk tax payer billions more then what's a million? I'd rather that than pay someone without the experience less money because that's all we were willing to pay, only for them to go fuck it all up and cost the tax payer even more money.

[feral chile]

it amazes me that people don't seem to mind their taxes going to pay into this already amply rewarded man's pocket, and often the same people begrudge paying taxes to provide life enhancing services.

There are people in the public sector responsible for the safety and health of everyone in the UK. People who save lives. People who improve quality of life. People who collect the public funds to ensure that this can happen. Do these people also deserve massive remuneration for the valuable jobs they do? Or so they, as is the current philosophy within the public sector, have a moral duty to keep public spending to a minimum? And if they manage to make huge savings to the public purse by cutting staff, services, etc., do they also deserve a million pound bonus? After all, if we want the best people for these jobs, then surely they should also be receiving over inflated salaries by people who want to keep them because they're wonderful human beings?

or maybe we should be happy to encourage civic responsibility, fair pay, and satisfaction for a job well done?

[Ed209]

although there doesnt seem to be any link between levels of pay and ability...wasnt Hester's predecessor paid vastly more than he is? And didnt he spectacularly fuck it up? So you have to ask the question, are these levels of reward anything at all to do with individual ability or are they really the product of a system based on institutional greed?

[eFestivals]

Fraser Nelson just tweeted....

He his hardly Labours biggest fan... So to be fair to them the pressure they applied did have an impact. So I suppose we have to give Ed a thumbs up here.

Fraser Nelson makes Attilla the Hun look an empathatic sort of guy most of the time. He's about as nasty as they get.

But he's dead right here. Tories would either have to vote for the bonus and make the tories look out of touch or vote against it and make their leadership look out of touch and incrediably foolish.

So you can be damned sure that in the background the tories put Hester under pressure to pass it up. I wouldn't even be surprised if the tories have rustled up some replacement money from somewhere to buy him off.

Edited January 30, 2012 by eFestivals

[feral chile]

Was reading today that head of the Bank of England is on about £350k... and this guy pulls £1.2 million as a basic... You would think someone who can head up the Bank of England is as capable as this guy at RBS... But both pay packets, as large as they are, are wildly different...

I don't understand that to be honest... Its like footballers salaries... Just think of a number, times it by 50 and there you go, thats the going rate...

Its not that I don't get why etc... Boardroom pay just seems wildly out of control...

I couldn't take that level of money to be honest... I would feel to guilty while we have people working shit hours for shit pay trying to meet ends meet for their family... The lady who works in the local branch earning £15k for example... Seems fucking bonkers for me to take £1 million bonus and then say that women only gets NMW...

We get stuck on here to often arguing why a manger who gets £50k is wrong while the lady on the desk gets just £15k... Its looking in the wrong place... They are both being fucked over by the guy getting a £1 million "bonus'...