All in it together? RBS fat cat “in line for £7m payout”. Seven. Million

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million: http://t.co/WA5U2QjP reports @ShamikDas

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million: http://t.co/WA5U2QjP reports @ShamikDas

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million: http://t.co/WA5U2QjP reports @ShamikDas

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million: http://t.co/WA5U2QjP reports @ShamikDas

RT @leftfootfwd: All in it together? RBS fat cat “in line for £7m payout”. Seven. Million http://t.co/EiEEg0Q3

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million: http://t.co/WA5U2QjP reports @ShamikDas

Left Foot Forward – All in it together? RBS fat cat “in line for £7m payout”. Seven. Million http://t.co/m7Lzq4m4

#UK : All in it together? RBS fat cat “in line for £7m payout”. Seven. Million http://t.co/smoY697P

All in it together? RBS fat cat “in line for £7m… http://t.co/scUCDGcX #Clean_Politics #bankers_bonuses #banking #muslim #tcot #sioa

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million: http://t.co/WA5U2QjP reports @ShamikDas

Did bankers really ’cause’ the crisis, though?

The ultimate cause of the crisis was people (predominantly in the US) taking out mortgages which they couldn’t afford and then defaulting on the loan. If this had not happened then there would have been no financial crash. Bankers made these loans using algorithms of historical loan-default rates. If they had suspected the loan default rate was going to be so high that it would threaten to bankrupt their bank, lose them their jobs and the destroy the entire financial system, then they would have used a different algorithm, it’s as simple as that.

It’s all very well to look back after the fact, and say, “Oh those greedy bankers, look what they’ve done!”. But I don’t remember the Left out demonstrating at the time, marching into the City of London, camping in the streets, clamouring for a change to mortgage lending policies. It was every man for himself as people jumped over each other to get on the housing ‘ladder’ and the biggest mortgage they could. And it was that failure of personal responsibility -only borrow what you can afford, always pay your debts- that caused the banking crisis.

The media, especially the Left, loves to trot out these dependable demon-figures as they are easy and populist explanations of a situation whose causes are rather more complex.

It is a lot easier for lazy thinkers to just bash the bankers. Certainly they were at fault as were the politicians who encouraged them/let them get away with things and more importantly as were the electorates who voted for parties prommissing reckless spending and endless hand outs from the newly discovered money tree.

Hester did not cause the problem he is trying to sort it out – I for one would rather we paid the going rate for this role in the hope of getting something back for the taxpayer than appoint a cheap nobody and never see any return back on the money pumped into RBS

The last crisis was caused by people not paying their debts.

The current crisis is being caused by people not paying their debts.

The last one, was people who borrowed money for property.

The current one, which is going to get far far worse, is caused by governments.

7,000 bn of debt in the UK, run up by governments.

You’re complaining that the public sector pensions are being done over, and that is what is happening. However, that’s not an ‘official debt’, so none of it has to be paid. Right?

225,000 per taxpayer.

How are you going to pay your share?

Now for the language.

You are blaming all bankers (Hester included), for what a small group did. Loan money to people who defaulted.

Now, swap banker for black or jew.

All blacks are to blame for the few that commit crimes.

Yep, shows just what your real attitude is. No difference to that of an antisemite or racist.

On the deficit. That’s the government’s fault.

Perhaps you are now in favour of government workers getting their pay cut until the deficit is down to zero?

What about them working for free until the government debt is paid off?

By your logic, because Gordon Brown made mistakes *Ed Balls and Milliband have admitted to this”, you want to punish all government workers.

Yep, just show what hypocrites you are.

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million: http://t.co/WA5U2QjP reports @ShamikDas

"He could struggle on with £1.2m" http://t.co/iG7Cz2KN Hester's total package could reach a potential £7.38m this year #RBSdisgustme

Did anyone notice Michael Fallon on BBC defending the payout, with the tagline ‘Treasury Select Commitee’, instead of the usual ‘Conservative Party Chairman’ used when slagging off the Labour party.

I think what people below may be missing here is why does ANYONE need that big of a bonus. Seriously, Seven Million Pounds during a crisis where poor people are being thrown onto the trash heap? He’s already getting a fair bit of dosh during the year, and that’s just ridiculous. If we’re “all in it together” then surely the point is that someone could give up a bonus for a year and lend a hand, but they aren’t. It’s comparing the hardship of not being able to upgrade the yacht to the hardship of whether or not you can afford to eat. It isn’t rocket science but I’m sure someone will come along and scoff at me pointing out the flipping obvious.

RT @leftfootfwd: All in it together? RBS fat cat “in line for £7m payout”. Seven. Million http://t.co/OYPVj37T

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million … http://t.co/jFo2Nrw6

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million … http://t.co/RGCjs5u4

RT @leftfootfwd: All in it together? RBS fat cat “in line for £7m http://t.co/ROjee9gx

[...] also: • All in it together? RBS fat cat “in line for £7m payout”. Seven. Million – Shamik Das, January 27th [...]

That level of bonus is the simply the going rate for that level in that industry. That’s difficult for most people to understand as they don’t work in Finance and aren’t CEOs of huge companies. If a company feels their employee is deserving of a bonus, then he or she should have it.

Why are some jobs paid more than others? Why does a dentist earn multiples of what a car mechanic does? They’re both essentially manual jobs that require knowledge, training and technical skill. Yet no-one is demonstrating outside their local dentists. It’s the same principle.

And how about actors? No-one ever complains about the millions they earn. Perhaps Jude Law should donate a year’s pay to the Treasury. Yet’s that’s not something you ever hear suggested. Is that because actors are seen as fun, entertaining, and good looking, whereas bankers are just boring men in suits that sit in offices doing things that people don’t understand and find it difficult to attach value to.

My ex husband writes the software for these banks to do their international trading. Yes, I know the industry. And “well that’s the industry” isn’t a good excuse. Who the feck can spend all that money in one go? My ex’s bonus is more than I will see in an entire year, but he won’t take over care for his own son – “too expensive” he said. Lovely. So I do a job which would cost an agency £100,000 a year to do, and I get £55 a week for it…and I’m called a scrounger for getting that at all; because of course raising the next generation of tax-payers isn’t important, especially if said future tax-payer needs a lot of work to get to that stage in the first place (since my son is disabled). I’m doing an essential job and the paper is filled daily with how people like me are a drain in the system. I suppose if we’re going to use the “No one knows how much work it is”, I’d invite someone to try and educate and care for my son for a week, and then tell me I’m not entitled to support to do so because it’s clear no one else wants the job.

Money I earned didn’t go to bail out starving actors last year, or yes I’d be picketing. However I also am not a big fan of footie players or artists; I don’t watch telly, I don’t watch footy as a result. But last I checked they do pay their taxes and don’t dump it into offshore so they don’t have to. Quite a few donate to charities. But as I’m well aware of how bankers think thanks to one too many company picnics where I’d have to be the Supportive-and-Subordinate-Wife role, I heard what these fellows spent their bonuses on, and it sure wasn’t charity.

If Paul Newman and Bill Gates could decide they had finally made enough money and therefore refused to make any more (and indeed gave the rest of their earnings away to charity) then maybe your idea isn’t as “ridiculous” as you’re trying to claim it is. Baroness Meacher is already on record saying she would happily give up some of the perks she has as a member of the House of Lords so that the disabled don’t have to. I would therefore suggest that “Oh but it’s expected” isn’t really a good excuse…nor is a lack of empathy or compassion, although it doesn’t seem to stop those claiming these extortionate bennies (oh my, benefits!).

“Starving actors” wasn’t what I meant, but actors who had over-spent and took a risky gamble, then lost the lot and got a deal under the table to pay it back…yes, that would be the same issue and I’d be just as irked.

If he thinks he is that Clever , pay him his Salary and all bonuses with the proviso that ,he invests the bonuses part of his award into starting up a new business to employ at least 100 people , employed at a more than minimum wage ( Say £15.00 per hr ) for a cleaner , no one must be paid less than the stated £15.00 per hr ! let him prove just how clever he really is , I Suspect that he is more clever than the Dumplins who signed his Contract , but not that clever that he could pull off the above !!.

[...] we said earlier today: “As winter’s icy chill blasts millions of Britons up and down the land, with [...]

Well , if you were loaded and you were still looking for more , would you lend your own money to someone whom you thought was unable to repay with minimum interest ? or would you still do it but with someone elses money ? bet the latter is probably the most pertinent answer . GREEDY BANKERS , YES ! As LONG AS IT’S NOT THEIR MONEY , ANYTHING GOES .

Are you suggesting that banks should only be able to lend out the personal assets of their employees then? Really, we’re all ears.

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million http://t.co/ZQTPA9TQ

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million: As winter's icy chill blasts millions … http://t.co/scFmpWtK

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million http://t.co/czqn9xMz

All in it together? RBS fat cat “in line for £7m payout”. Seven. Million: If they had suspected the loan default… http://t.co/2EvkO6Ap

No, I’m in favour of fairly taxing your 1% until the debt’s back down to a reasonable level. Then keeping fair taxes and using them to fix issues.

Of course, your answer is to cut taxes, and the hell with anything else.

Of course you’re an anti-semite and a racist, this is absolutely no surprise.

Do keep trying to excuse the damage your profession has done to this country though, pretending it’s a fundamental like race. No, you are to blame, and you are responsible. The debt is yours, and a sane government will deal with it as such.

No, it’s easier for your 1% to try and blame everyone else.

Hester caused the problem. Hester is to blame. He’s not solving anything, he’s making things worse. You’re just, as corporatists do, putting collective interests of legal fictions above people.

The going rate should be going to jail.

I agree. The bankers who caused failure should be jailed.

Likewise for those in government running frauds, and hiding the debt.

Hester caused the problem

===============

Hester was put in to clean up the mess caused by the previous incumbant. He didn’t cause the problem at RBS.