Bank bonuses 'to run to billions in 2011'

[cory777]

Source: BBC News

The government is resigned to UK banks paying out billions of pounds in bonuses this year, despite its calls to curb the payments, the BBC has learned.

The best the coalition can hope for is a declaration from the banks that they will pay out less than they would have without government intervention, said BBC business editor Robert Peston.

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The government has pumped billions of pounds into the banking sector, and has bailed out both Royal Bank of Scotland and Lloyds Banking Group.

As a result, many have argued that it should have a greater say in how much banks pay out in bonuses.

Read more: http://www.bbc.co.uk/news/business-12131092

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News that Matters http://activistnews.blogspot.com

[truthisfreedom]

1. rob the people to pay the rich.

business as usual.

[Initech]

2. One of these days we're gonna rise up against these greedy motherfuckers.

[aquart]

3. Not gonna happen till we're starving.

But they're trying to make that happen as fast as possible.

I've never lived through a bloody uprising. I probably wouldn't. But they just can't stop themselves and it is a simple fact that the free market regulates by death. It isn't specific about whose death. Freedom of choice there.

[katnapped]

6. Nah, won't happen

We'll be told by our overlords (and FOX News) that it's out patriotic duty to give whatever's left of our money to the rich while we die en masse (or else we're conspiring with the terrists)

[Jakes Progress]

4. I bet Summers and Geithner

will get their share somehow.

[Hubert Flottz]

5. Meanwhile back in the real world, working people get wage cuts...

seniors get fucked out of their "Golden Years" juniors can't afford an education.

This master and slave economy is working well only for the masters.

[lonestarnot]

7. And the theft continues, while we do nothing to stop it.

[joeglow3]

8. Who is getting the bonuses?

I ask this because so many people jump to the conclusion that it is just the top few and the rich are screwing everybody over. A couple years ago, my sister worked as a manager for Wells Fargo making about $50,000 a year. They were doing great (they only took TARP funds because they were forced by the government to do so) and were getting ready to pay bonuses (of which she was getting a nice one). Well, the news hit just like this and people flew off the handle about "all the rich" stealing their bonuses. So, guess what happened - all the people like here did NOT get their bonuses and, instead, that money went to all the poor shareholders.

Lesson: actually look at those impacted versus those benefiting from your outrage. Ironically, you may be helping out those you oppose to begin with.

[TBF]

9. Instead of anecdotal evidence (your sister) -

let's take a look at facts:

"The average Wall Street trader will receive a $1 million dollar bonus when 2010 winds down. ”That’s the low-end, for the new kids just out of Harvard and Yale, the senior partners will be making many times that in bonuses,” said Tyler Hartmann of Goldman Sachs."

Cite: http://weeklyworldnews.com/headlines/25606/record-bonuses-on-wall-street/

[joeglow3]

11. You are not following what I am saying

My point is that I don't doubt that 75-85% of the bonus is going to those in the top. However, due to your outrage, they pay nothing and 100% goes to the top (shareholders).

I am not saying we should throw in the towel. Rather, I am commenting on the people who ignorantly think them canceling the bonuses is the victory. In fact, I would call that the worst of the 2 scenarios (even though both are bad).

[TBF]

12. I don't think cancelling bonuses is a victory - ending capitalism is the only victory I'm

interested in.

[aquart]

13. The company profits are supposed to go to the shareholders.

That's how the system is supposed to work. I'm a shareholder with my tiny bit in several mutual funds. So is my mom. The executives have been leeching the profits for years. It shouldn't be going to them.

[sarcasmo]

10. GREED plain ole GREED.