Comments on: Idiot stupidity at Compass once again.

By: Gareth

Gareth — Sat, 27 Feb 2010 22:08:41 +0000

All this propaganda froth against banking is driving me nuts. It’s a distraction from the mess the FSA turned a blind eye to and the vast gobs of debt the taxpayer will have to find as a result because the Government couldn’t let bad businesses suffer for their own mistakes.

There was a perfectly reasonable compensation scheme in place and the Government blinked.

Barclays’ begging bowl was filled with private money not taxpayers. If they could do it why couldn’t the rest, then there would be no (pretend) issues over bank pay and perks.

By: Adrian

Adrian — Sat, 27 Feb 2010 16:19:28 +0000

Ted, you’re right. This has absolutely nothing to do with economics and improving banking, and everything to do with getting the boot in as part of the class war. It is all politics.

Here is a question I’d love to ask Brendan Barber or Derek Simpson or any of those: would they ever campaign against million pound bonuses for its members?

Also, their big assumption is that the market has plenty of people perfectly able to become Investment Bankers for a bonus-free (say) £45k. Are they out there? What has stopped a bank hiring such cheap, competent people? There is an opportunity if there really are such people out there.

By: Ted Baumann

Ted Baumann — Sat, 27 Feb 2010 16:03:50 +0000

And then compass and their far-left friends will that this has anything to do with politics of envy.

By: vimothy

vimothy — Sat, 27 Feb 2010 15:09:23 +0000

Oh, right. I forgot that we were deriving universal remuneration laws for every company in the country. I mean, if we cap pay for the banks and no one else it would be oh so unfair and the baby Jebus would cry.

Diddums–don’t cry. Of course you can keep all that money!

By: JohnRS

JohnRS — Sat, 27 Feb 2010 14:32:12 +0000

The bank wont get to keep it, there’ll be a windfall tax – Gordon will know what to do with it. He’s good with money you know.

By: Pat

Pat — Sat, 27 Feb 2010 13:38:51 +0000

I would have thought that an organisation seeking to enrich employees in general would favour the highest possible percentage of company income went as staff remuneration.
Do they say where they want the bank to put the money saved by the proposed pay cuts? Spend more on stationary? Fancier buildings? More dividends for the shareholders?