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January 9th, 2012, 06:28 AM | #1 | |
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And the game continues: RBS executive in line for £4m bonus
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RBS-Losses from 2008 and rescue [Google translation, because the English version was shorted] In the wake of the financial crisis, the bank suffered billions in losses and received by the British government state grants. The RBS received (converted), home to around 23 billion euros from the government, the British government gave in return, in February 2009 is now 68 percent of the shares in RBS. In fiscal 2008, a loss of 24.14 billion pounds (about € 27 billion) was announced. The RBS will insure rotten securities with a nominal value of 325 billion pounds to the British government for 6.5 billion pounds against defaults. The state share could rise by about 70 up to 95 percent. Was presented after a redevelopment plan, the beginning of April 2009, aims to earn the RBS savings of 2.75 billion euros within three years. It must also approximately 9,000 jobs will be eliminated. The government invested in the wake of the banking crisis while 25.5 billion pounds in the British tradition of the house. Thus the share of government increases the bank to 84%. The British government secures additional 282 billion pounds from more critical in the securities portfolio of RBS. The takeover of rival ABN Amro in 2007 has brought the bank into financial difficulties. In return for state support, the bank portions of their investment banking business and the branch network to sell. According to the report of the Financial Services Authority (FSA) in December 2011, the Royal Bank of Scotland decreed among other things, a lack of core capital ratio, overvalued structured products, lack of internal controls and a lack of acquisition-review by the Board. The report also favored by the political environment, the shops, because the Royal Bank was inadequately controlled by the FSA, with the lack of regulation was observed under the Blair government as a strength and intended.
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January 9th, 2012, 04:41 PM | #2 |
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Well, it just further shows there are two sets of laws for theft on both sides of the pond. Steal something from your local convenience store; go to jail. Steal billions from the public; get a raise.
All of these a**holes should be tried and strung up. People wonder why we're still in the middle of a recession? Could it be that the crooks are still in charge and making sure we do go over the cliff? Until these people are held accountable we don't have a chance. |
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January 11th, 2012, 08:53 AM | #3 | |
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I took this piece of news only as an example, a -bad- one. The CEOs are (in corporated companies) nothing else than employees too. And if the company is hanging at the drip-feed of the (in this case English) tax payers, that's a no go (- better to say that's impudent), IMHO. While one is blamed of been a communist with those opinions -mostly by our American friends- in Japan those conserative (!) kind of regulations are being normal. The CEO "compensations" are limited to the average income of the employees. I'm personally seeing this behave (unlimited one) as the core woes/problems of the western industries. An other example: I followed the news of the Finish multinational company NOKIA. They moved with parts of their production from Germany to Romania. With the tax payers money of the EU to increase their profits. BTW: In Germany the company not even wrote "Red Numbers" too. About something of about two years later they move more east again, closing the production in Romania. (Romania has paid with with the help of the EU for all the infrastructure). The income of the CEO (Stephen Elop) in 2011 was $1.4 million, plus $6 million bonus. That's the counter-value of about 2055 average worker in Romania !!! And it doesn't help at all, if there (I refer on the American friends) are more worse examples in the United States. Note: This chart starts at 1990. Would it start at 1980 (liberation of the banks in the US during the periode of Ronald Reagen) the numbers would be far more dramatically. It has never been regulated since than!
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January 11th, 2012, 04:44 PM | #4 | |
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There is no excuse for either sort of behaviour the underlying motivation in both cases is a monetary and materialistic greed which has gripped people at large. If X has brand Y, I must have brand YY and so on. What continues to beggar belief is that CEO's are still being paid the sums they are when in many instances the value of their company has declined and as usual it's the man or woman at the coalface that has to take the cuts. |
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January 11th, 2012, 05:26 PM | #5 | ||
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george anson,
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Throughout western history there has always been a certain amount of animosity between the haves and have-nots. The haves always, eventually, get to a point where they overstep their boundaries and try and strangle the have-nots. The have-nots finally wise up and knock the haves down a few (or sometimes many) notches. The best I can tell is that we're now reaching the point where the have-nots are beginning to wake up to the stranglehold that the haves have on them both politically and economically. What will happen now? I don't know. The Arabs are trying to overthrow their despots with some amount of success and a few battles ongoing (Syria and Iran). Here in the western countries I think we will find out in the next few years. It is obvious to me that American companies will only bring jobs back here when they can pay Chinese wages to Americans (about $0.30 per hour) and get rid of all Unionization. Eventually, you only stop the haves by violence or severe economic disruption. Which way will we go now? I don't know but I'll find it interesting to watch. Quote:
We either change this situation or succumb. Its really that simple. |
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January 11th, 2012, 08:30 PM | #6 |
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4M per year ? what a POOF !
anyone that earns less than 1M PER DAY is a lowly under-achiever http://www.businessweek.com/magazine...9001_mz001.htm |
January 11th, 2012, 09:24 PM | #7 | ||
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Quote:
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Please, let us stay a while at the European issues. Later (if there is any interests) we can expand it. In case of RBS: As a company, who is bailed out by the tax payers, those £4M is a number, isn't it! .
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January 12th, 2012, 12:53 AM | #8 | |
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Puhbear69,
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The western economic system is mostly based on exploitation of natural resources. Those resources are now distressed. Oil, water, metals, etc., etc. We now have a world population of about 7 billion people (more than 3x the human population of 1900). Those people are putting significant additional pressure on these resources. Those in the know (the haves) recognize this so they are doing their best to exploit the situation. So we have an interesting problem coming into clear view. Continue the current system and crash the economics of us all (with the haves taking off to their own specially prepared and militarized islands), or, modify the system to the point where all of these people can have a reasonable opportunity for a decent life. What will happen? I don't know but my guess is that the haves won't just give up and start caring about the rest of us. More than likely, start remembering the French Revolution. Only on a world wide scale. I think thats where we are headed. But I hope not. |
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January 12th, 2012, 01:34 AM | #9 | |
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But we must tax them at 97% so they get almost the same as everyone else |
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January 12th, 2012, 09:44 AM | #10 | |
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And I'm aware too, that the employees at the Foxconn Group (Asia), the manufacturer of/for Apple, Dell, HP, Intell, Nitendo, ect., ect., seeing no other choice than to jump out of the windows, because of incredible pressure and the sublime office climate there. For the rest of your Post I'm very near at you, this economic ("turbo capitalistic") system, if we don't change intimately some of the worsen output, is running against the wall. The impacts are coming nearer and are intense, for sure. Keeping on like this isn't any solution, but I have to admit I don't have a solution either. But I have to agree with 'Palo5', those people are eco-ego-maniacs, they are ill, IMHO. Increasing the tax-system (prolonging it to the upper income) would be a solution, I agree. But since the 80s we seeing the opposite direction, the upper income are getting relieved.
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