Guest 698- Registered: 28 May 2010
- Posts: 8,664
If this goes through, and if we remain in the EU, within 5 years the following will happen:
- World financial centre will rapidly shift from London to New York, Zurich, Hongkong and Dubai.
- 150,000 job losses in City of London, similar in Paris and Frankfurt.
- London and Home Counties real estate market will collapse.
- UK GDP will shrink in a way that makes the last 5 years look like a tea party.
- Senior bankers will be laughing - tax rates abroad are lower- HK 15%, Dubai no income tax at all.
Stupid, stupid, stupid Europe. They think the way to deal with a goose that lays golden eggs is to kill and eat it.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
getting back to the greedy pigs,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
OK Keith...
"Your article (Barclays to reveal pay rates - with up to 600 staff earning over £1m, 26 February) repeats the ludicrous perception of the Financial Services Authority as stated in its remuneration code that there are employees of banks who are responsible for taking risks. Bankers are not responsible for taking risks (unless they are members of a partnership) - they create them, and then generally seem to benefit, often excessively, if such risks turn out to be profitable. This is not capitalism (where the profits generated by the use of capital accrue to the owners of such capital, ie shareholders), but (bloated) "executivism".
As a member of a remuneration committee of a small authorised institution, I have found myself a lone voice in opposition to a new medium-term bonus plan for "senior executives" that is based upon their benefiting from just such strategies, with of course those employees not in such lofty positions (but whose efforts are required to achieve success) receiving only (modest) annual bonuses. Apparently the former group needs incentives and rewards, but the other does not. My citing my personal memories, and for the last 30 years close experience, of every banking crisis since the early 1970s was not sufficient to persuade my fellow directors of the dangers and inappropriateness of such a plan.
Name and address supplied
http://www.guardian.co.uk/business/2013/mar/03/bankers-bonuses-healthy-losses
Use the above link to access the article referred to.
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
HSBC pre-tax profits for 2012 $ 20.6 billion bumper profits despite fines from US authorities
and for laundering money and paying out obscene bonuses......75 UK staff paid £ One million plus.
Banks have been salvaged by us the tax payer but still they will not lend money to struggling
businesses to propmote economic growth.....and Ossie is in Europe trying to keep the bonuses high
They have ``our`` cake and eat the lot.....is this the way to run a Dance Hall ?
City of London`s Big Banks are considering suing the EU over rules to cap bonuses after legal advice.It is said our present big
bonus earners will leave the UK if bonuses are capped......as the present lot brought the finance world to its knees ....let them
go....the next lot will be lower rewards and could not do a worse job ,,,,,could they ?
HSBC rules out transferring HQ to Hong Kong despite a bonus cap....in previous times finance johnnies who left UK to go to
Hong Kong were labelled ``FILTH``.....``failed in London try Hong Kong``
Swiss relationship with rich under strain.Cracks are appearing in countrie,s marriage with the ultra wealthy.
What slump ?Billionaires`list swells by 210........the world now plays host to a record 1,426
dollar billionaires according to Forbes study.
Guest 698- Registered: 28 May 2010
- Posts: 8,664
HSBC has not received public money. Most of its operations are outside the UK. They have a three-yearly review of their domicile. Many of their top executives are based in HK where the top rate of income tax is 15 or 17 %, there is no capital gains tax, dividend tax or inheritance tax. Oh, but there is a thriving economy.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Ossie rebuffed by rest of EU on bank bonuses.
Britain left isolated,without veto,as 26 EU finance ministers agree to a clamp down on executive s pay targeted at the City.
George Osborne suffered a bruising defeat in Europe on Tuesday as the 26 other EU finance ministers imposed curbs on bankers' bonuses in an unprecedented move targeted at the UK financial services sector.
Osborne had travelled to Brussels in a vain attempt to defeat proposals outlined last week to set a limit of a year's salary on bankers' bonuses, protecting the status of the City and Britain's biggest industry - financial services. "I cannot support the proposal on the table," he told the session.
But his pleawas ignored and Britain was left isolated, with no other government opposing the move - which was also supported by the European Central Bank and the European Commission.