Bankers taking the p...

Discussion in 'Current Affairs, News and Analysis' started by ex_colonial, Feb 14, 2010.

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  1. Assuming it's not banks currently under state ownership or relying on tax payers money to bail them out of the shite, who the fuck cares?

    They're private companies and entitled to pay their staff whatever they like.
  2. How do you propose he does something? What authority does he have over a private company?

    All he's concerned about and indeed all he's ever been concerned about is getting re-elected.
  3. British Banks are buying up a large chuck of government debt.

    That same debt cost the taxpayer £36 billion in interest payments last year.

    If Brown stopped the bankers from paying each other bonuses, they would simply refuse to buy any more debt, meaning that the government would find it extremely difficult to keep spending!
  4. So that will be 10000 bankers putting up to a million each (after their tax) into the economy, whats the problem?
  5. If you've got a problem with it, get a job at a bank. It's selfish, 'I hate people who have more than me' cunts like you that got Labour elected in the first place.
  6. These companies don't simply give people large amounts of money for fun, they value the service they've given over the past year at £1 million, fair enough, it's their choice - stop getting excited over it.

  7. Well, al least his newspaper earns it's money from sales, not relies on a captive market of council non job adverts for it's revenue stream like the Gruniard.

    You could argue that the Gruniard is a nationalized newspaper.
  8. But finds it necessary to make a large number of redundancies while paying Executive bonuses.

    And offshores its accounts to avoid paying UK tax.

    Not the the Daily Mail could ever be accused of hypocrisy.

  9. The Gruniard is squealing too loudly about the Mail…

    Is the Gruniard worried that a Conservative Govt might end it's little gravy train?

    THis would be the Gruniad that lost £90 million in 2009 despite a huge captive non job revenue stream

    Carolyn McCall: Guardian News & Media losses 'massively reduced'
    Guardian Media Group chief executive promises 'significant step change' at national newspapers, and defends regional sell-off
    Buzz up!
    Digg it
    Matt Wells, Friday 12 February 2010 07.37 GMT
    Article history

    Guardian Media Group's Carolyn McCall: 'We are not hard up.' Photograph: Sarah Lee

    Listen to Carolyn McCall talking to Matt Wells Link to this audio
    Losses at Guardian Media Group's national newspaper division will be "massively reduced" next year after a programme of cost-cutting, according to its chief executive Carolyn McCall.

    In an interview with the Media Talk podcast after Tuesday's sale of the group's regional newspaper division to Trinity Mirror, McCall said the cost base of Guardian News & Media has been substantially cut by a restructuring programme. GNM publishes the Guardian, the Observer and the website network, which includes "It will be a significant step change," she said.

    McCall also said she was "surprised" that Trinity Mirror decided not to buy the Channel M television station in Manchester from GMG and acknowledged the likelihood of job losses among the staff on papers, including the Manchester Evening News, who would be transferred to the new owners.

    "I'm sure everyone at the regionals knew that cost reduction programmes weren't over. We would have had to made more redundancies because the business has fundamentally changed. It is smaller and the revenues are shrinking," she added.

    Severing the 142-year link with the Manchester Evening News was a difficult decision for GMG, McCall said, but the regional newspaper business now represented too much of a risk.

    "Regional newspapers have been at the sharp end of digital disruption. For us, it was a very small-scale business, it had 4% of the regional market and despite really important historic connections, it was set up to be a safety net, and it stopped being a safety net some years ago," she said.

    Last year, GMG's regional division made a profit of £500,000, down from £14.3m in 2007-08.

    Channel M was not included in the sale, which netted £7.4m cash for GMG and released it from a £37m contract to print the MEN at Trinity Mirror presses. There will now be a review of Channel M's future.

    In the same interview, McCall said cost cutting measures at GNM were bearing fruit. About 40 editorial staff at have agreed to take voluntary redundancy, although the programme is ongoing and the total number who leave will not be known for some time. GNM has said that more than 100 jobs will be cut across editorial and commercial departments.

    McCall said: "We have to control our costs. The Guardian's cost base is too high for the future revenues of any newspaper. If we don't get our cost base in order someone else is going to do it for us. The good news is that the next financial year will show a massive reduction in GNM's loss. It will be a significant step change."

    She also countered critics of GNM's "bet" on digital media. "Here we are with a profitable radio business, a profitable property services business, a fantastic business in Trader Media Group, and a robust and resilient business-to-business [group] in Emap. When you add all of that up, you get [a business worth] in excess of £1bn even in a dire market, and we have £250m of cash. We are not hard up," McCall said.

    Asked if GMG was talking to any potential suitors in relation to its radio business, she replied: "We are not. Our radio business is doing very well. It is increasing share and listening and it is increasing revenue. It will be in profit this year. But the only thing that is never under review is the Guardian. That is the one thing we are all there to protect in the long term."
  10. I can't stand this crap either. I read a story the other day about how 'disgusting' it was that the new chief exec. of M&S is being paid £15mil when 'others are struggling so much'.

    What's disgusting is that people think it's any of their business what people in the private sector are paid and - worse - are so critical of success. The guy picked up that wage packet because he's spent his entire life working to make himself worth that much. He is only paid that amount because the M&S board believe he can generate more than that for the company.

    The idea seems to be that people should be paid for the effort they put in, rather than how effective that effort is or how much it's worth. That idea is the basis of the failed and discredited ideology of communism.

    I'm not a high end earner by any means, but I'm going to do my very best to become one before I die. That's why I get up and go to work every day, and why I spend so much time racking my brains for ways to make my business bigger, better and more competitive. That's what drives the economy, and that's what once made Britain great.
  11. That's the way it works. Businesses exist to make money for their owners, not simply to employ huge numbers of people who aren't needed.

    Not that it makes the hypocrisy any better.
  12. This sort of tripe p!sses me off to. GB has no significant manufacturing base and banking is now the key underpinning of our economy. It is therefore key that we have the best people working 'for us'. If we attempt to curb these 'disgusting' bonuses all that will happen is that the best staff will go abroad and our banks will be weakened...
  13. BBC taking the piss…

    "…Almost 400 staff at the BBC received salaries of £100,000 last year, it was revealed today.
    The Corporation paid around £50million in wages to its bloated army of top executives and middle managers, including advisors, controllers and producers.
    In all, 382 employees received six-figure salaries, with as many as 58 earning more than the Prime Minister's £194,250-a-year wage.…"