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Cameron's disgraceful failure of leadership

finknottle

Banned
We, the taxpayer are the majority shareholders in RBS owning 82%. Cameron has talked the talk where the obscene bonus culture is concerned but has done nothing to curb it as is shown by his lack of action to prevent Stephen Hestor, the boss at RBS receiving a £963,000 bonus in shares on top of his annual salary of £1.2 million. Just why Hestor has been awarded this huge amount escapes me, he has not repaid the massive RBS bailout of billions of pounds of taxpayers’ money but he has overseen thousands of staff losing their jobs.

It has also been revealed that the bank has spent more than $4m (£2.5m) of British taxpayers' money on lobbyists in Washington since it was bailed out by the government, documents disclose.
Both in-house and commercial lobbyists have been paid to influence American senators and congressmen reforming US finance law since the bank's collapse and government bailout in October 2008.

This was Cameron’s perfect opportunity to show the British people that he is not full of shit but he has failed miserably, he does not have the balls to stand up and be counted, just like all his predecessors he runs scared of the banking sector, shame on you.
 

Flagdeck

War Hero
Failure of leadership...............didn't Millibore just say that ?.............really Finx, you'll be quoting the Daily Mirror next !
 

fishhead

War Hero
Get back in your pram finks.The RBS's CEO's remuneration package and contract of employment was set up by New Lieber and is,therefore,under the control of the Board of Directors.Politicians can huff and puff and utters howls of disapproval but do not have the power to alter anything regrettable though that may be.
 

finknottle

Banned
He did say that and I thought I would use it as a snappy attention grabbing thread title, anything wrong with that?
 

Waspie

War Hero
Even Mervyn King, boss of the Bank of England had a whinge about the amount of obscene bonus the likes of RBS's bosses were getting.

Now if Cameron isn't listening to people like King then he isn't going to listen to us! (Not as if he, (Cameron,) got a majority last time is it?)
 

finknottle

Banned
Get back in your pram finks.The RBS's CEO's remuneration package and contract of employment was set up by New Lieber and is,therefore,under the control of the Board of Directors.Politicians can huff and puff and utters howls of disapproval but do not have the power to alter anything regrettable though that may be.

Where did you trawl that shite up from? Non intended.
 

Seaweed

War Hero
Book Reviewer
As I understand it Hester was recruited AFTER the banking debacle and the bonus is part of the terms on which he was recruited, and I should think terms that are necessary to recruit someone capable of doing the job. His task is to turn the bank around and (as I understand it) make it possible for Govt to sell it. If there were an opening for outrage, it was when the job was advertised or head-hunted.

It's the way the world works, Finks, get over it. It's the Blair/Brown lot who let all this happen. It is a very slippery slope if Govt starts giving itself the right to overturn private contracts.
 

fishhead

War Hero
Where did you trawl that shite up from? Non intended.

If politicians had any influence over the decision to pay the bonus do you think it would be paid? They can plea,beg,implore,suggest and make disapproving noises but if the RBS thinks he is worth the dosh
he gets it.It has been pointed out that he doesn't have to take the bonus so maybe he won't.If it makes you any happier the bonus will take the form of shares in RBS on which tax will be liable leaving around 500 grand at todays share value.If however he turns the company round and the share value goes up he will benefit a great deal more.
 

finknottle

Banned
Funny I thought the trigger for the chaos was the collapse of Lehman Brothers, I did not realise that Blair/Broon were responsible for the whole of the Wests financial catastrophic chain of events.

It's hardly a private contract when we the taxpayer are the majority shareholders.
 
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finknottle

Banned
If politicians had any influence over the decision to pay the bonus do you think it would be paid? They can plea,beg,implore,suggest and make disapproving noises but if the RBS thinks he is worth the dosh
he gets it.It has been pointed out that he doesn't have to take the bonus so maybe he won't.If it makes you any happier the bonus will take the form of shares in RBS on which tax will be liable leaving around 500 grand at todays share value.If however he turns the company round and the share value goes up he will benefit a great deal more.

We are RBS and if a bonus is to be paid the decent thing would be to wait until Hestor has been successful in putting the bank back on the rails, not now.
 
We, the taxpayer are the majority shareholders in RBS...

Well spotted but which was your source for this juicy gem?

Most here are used to your regular bouts of spleen-venting Finks; but shirly there were enough visuals from Monty to put anyone off their second helpings of spleen for today TYVM!

Sentiments agreed, but the trouble is that your line-up is inboard again, into RR; rather than being more usefully directed towards those elsewhere who might (?) even be able to arrange a remedy other than the lone cyber straitjacket available to us poor plebs at RR.

Instead perhaps you could try bleating angrily to your MP/Laird of the Manor/Clan Chieftain/Lord High Provost/favorite minor Royal or even to the Scottish Daily ........ (insert rag of choice) comments pages?



.....Unless this just your first public post-hibernation flash-up of the year for the hielan' ootrage oomnibus, in which case I've well & truly bitten...:-D

Bob:glasses9:
 
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CmdKeen

Lantern Swinger
We are RBS and if a bonus is to be paid the decent thing would be to wait until Hestor has been successful in putting the bank back on the rails, not now.

You mean as has exactly been done by granting him shares he can't sell for a few years...
Anyway I'm loving RBS. I bought shares at 20p and am very happy with their current 27p.

The idea anyone actually capable of doing the job would for a lesser sum is laughable. It is one of the highest profile jobs in British, and indeed worldwide, finance, and thus will attract loads of negative press regardless. Some of the senior managers at RBS are earning more so they'd hardly be lining up to replace him.
Oh and RBS announced a £2bn profit this year. So it is hardly a reward for failure.

And since when did fink care about bankers being made unemployed?
 

(granny)

RIP
Book Reviewer
My understanding on this is that he was employed as it was thought that he was the best person to turn round RBS performance. Who decided that he was the best man ? If we as the taxpayers are the majority shareholder, why did 'we' agree to his terms of employment ? If it was the, then, Board of Directors who chose him, considering their record as to previous choices, they were not quite the right people to decide. Agreeing a bonus package before performance is proven is, to me, unacceptable. Any man worthy of his hire does his job and is very well paid for it. The excuse that if you didn't pay these grossly high wages no-one would get the best men is a load of crap, thought of by those who make sure that these priviledged jobs are kept for the 'boys'.
Rant over......I know what I mean anyway!
 

finknottle

Banned
Out of interest Finks, what's your standpoint on the capping of benefits, does that represent a 'disgraceful failure of leadership'? Just wondering

Capped at £26,000 is the intention, there are many working people who would be over the moon if they were bringing home that sum, such as 18 year old Royals serving in Afghanistan, so HMG should be reducing that amount considerably, IMO.
 

finknottle

Banned
You mean as has exactly been done by granting him shares he can't sell for a few years...
Anyway I'm loving RBS. I bought shares at 20p and am very happy with their current 27p.

The idea anyone actually capable of doing the job would for a lesser sum is laughable. It is one of the highest profile jobs in British, and indeed worldwide, finance, and thus will attract loads of negative press regardless. Some of the senior managers at RBS are earning more so they'd hardly be lining up to replace him.
Oh and RBS announced a £2bn profit this year. So it is hardly a reward for failure.

And since when did fink care about bankers being made unemployed?

It might look good on paper but Hestor has overseen the sacking of 20,000 staff so far with thousand more to go, so that 'profit' will soon go on benefits for those who are now, or soon will be without a job.

It just so happens that I have a great deal of empathy for those who lose their jobs due to the incompetence of those above them.
 
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blondemolotov

Lantern Swinger
Capped at £26,000 is the intention, there are many working people who would be over the moon if they were bringing home that sum, such as 18 year old Royals serving in Afghanistan, so HMG should be reducing that amount considerably, IMO.

£26,000?! I worked 50 hour weeks hard graft to support myself and someone else for less than half of that! And you're telling me I could've got £26,000 for sitting on my arse?! Things are backwards...
 

tam

Banned
Don't let the buggers grind you down finknottle, wherever there is a trough you will always find truffle hunters to get their snouts in it.
 

WreckerL

War Hero
Super Moderator
£26,000?! I worked 50 hour weeks hard graft to support myself and someone else for less than half of that! And you're telling me I could've got £26,000 for sitting on my arse?! Things are backwards...

If I read it correctly that's the maximum anyone could get i.e. out of work disabled with 15 kids from 20 different fathers living in central London and who has a drug habit to feed...at least I hope read it correctly!!!
 

sgtpepperband

War Hero
Book Reviewer
Capped at £26,000 is the intention, there are many working people who would be over the moon if they were bringing home that sum, such as 18 year old Royals serving in Afghanistan, so HMG should be reducing that amount considerably, IMO.

Sorry it's US-centric, but it is appropriate:

 
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