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LadyEllen -> how to reward failure - banker style (10/18/2008 3:53:18 AM)
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Well, Mr Brown's "strong action" has done it again!
Top UK bankers are to get bonus payments worth millions, despite the "strong action" promised on the bonus culture following us chumps' buying their rotten businesses out and saving their asses. This "strong action", taken after the part nationalisation (aka bailing out) of banks et al, apparently consisted of a letter from the FSA asking them nicely to review their bonus payment structures, making it clear this was not formal guidance.
They've gotten round it as it would seem, by not having the bonuses in cash, but in share options in their own companies. Considering these shares havent just plummeted to earth but have gone positively subterranean, they are of course going to go only one way - up, and by a lot - especially with Joe Public underwriting them.
Now we see why the CEO's wanted to renegotiate the part nationalisation deals - they didnt misunderstand anything - they had this up their sleeves all the time and didnt like what was required in terms of no dividends for shareholders until Joe Public had his money back. They also stated last week that the no dividend thing would adversely affect the share prices as investors wouldnt tolerate it - looking after their own asses again as it would seem, because who is it thats getting a bundle of shares?
Meanwhile, businesses that cater to the every consumer whim of these scumbags report no downturn in business, as the rest of the retail sector suffers, and in fact forecast good business being uninterrupted. Why would that be, do we think?
And, as newspapers drop onto mats in the US - it would seem that the Wall St scumbags have managed a similar breathtaking feat of arrogance as a reward for their failures too.
How I love and admire the "strong action" being taken to ensure the system is fixed.
E
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