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[Field Marshal Dr. Opti]

84% state (taxpayer ....you and I owned)....1.3 billion in bonus payments ........an average of £75,000 per investment banker....
Why oh why are  bankers rewarded for failure and ineptitude.?........
Where else in the real world does this happen?. :-/

[Chris_H]

The world is becoming less "real" the more "sophisticated" we become as a society.  You would be amazed if you lived in some African towns for instance, at the delightfulness of a simple, albeit impoverished, life.

The official answer to your question is that the bonuses go to those (in the investment arm) who made a profit and hence contributed to the loss being less large.  I suspect you need to be immersed in the banking world to not realise the appalling duplicity of that.

[STMO999]

84% state (taxpayer ....you and I owned)....1.3 billion in bonus payments ........an average of £75,000 per investment banker....
Why oh why are  bankers rewarded for failure and ineptitude.?........
Where else in the real world does this happen?. :-/

At LFC.

[albitz]

Its a very good sign indeed. I tshows the bank is recovering and that it is putting many millions of pounds into the coffers of the treasury.They are once again able to pay the going rate so will be able to hold onto people who are good at what they do.The chief executive said on TV today that if they had been able to pay good people what they were worth last year and therefore stop them from going elsewhere the bank would have made approx. another 1 billion profit this year.
Still, at least things are heading in the right direction and the taxpayer should hopefully be able to look forward to big profits from RBS and therefore a good return on our investment.

[tunnie]

they have to pay it to keep their resouces, if they don't, they will loose their best staff to other banks.

[albitz]

Exactly. They lost a lot of them to other banks last year, any employer in a competitive marketplace has to pay the rate for the job. I think people get sucked into the politics of envy because these people have more noughts on the end of their salaries than the ret of us. The fact is that if its as easy as a lot of people think it is then why dont they scrape together all the money they can lay their hands on and play the markets with it, they could all be very rich very quickly surely ?

[Field Marshal Dr. Opti]

they have to pay it to keep their resouces, if they don't, they will loose their best staff to other banks.

......not that old chestnut again......there are many....many  talented people out there who would  do a  far better job in my opinion.... ...and for far less money ....I'll wager.

[Varche]

Exactly. They lost a lot of them to other banks last year, any employer in a competitive marketplace has to pay the rate for the job. I think people get sucked into the politics of envy because these people have more noughts on the end of their salaries than the ret of us. The fact is that if its as easy as a lot of people think it is then why dont they scrape together all the money they can lay their hands on and play the markets with it, they could all be very rich very quickly surely ?

There is only a fixed number of banks (possibly actually less than before the crisis) so this losing to other banks is actually just recycling dross. I seem to remember that ineptitude used to be rewarded by promotion. May still be the case nowadays.

The banks still haven't taken on board the misery and abject poverty in some cases that they created.

It is about time they were taken to task over credit card rate rip offs too. Bloodsuckers.

[albitz]

I would wager that the emerging Chinese and Russian sectors would willingly scoop up any number of them and pay them as much if not more than they earn at present.
Like I said earlier, its the politics of envy, if its not that difficult remortage your house and play the markets with the money and you will be a multi millionare by this time next year.
For the people who now run RBS (Fred the shred and his crew are long gone) to have got the bank to where it is now from where it was when they took over the running off it they must have worked incredibly hard in very difficult circumstances. I say well done and good luck to them. I wish I had the talent to do it.

[Varche]

Let them go to those sectors I say. Move away from "Great Britain" have to cope with even more corruption. They haven't a clue what they would be letting themselves in for. But they would earn get more money for a time.

 Have they Any sense of loyalty or doing what is right for their great country? I guess not.

Nick Leeson ? seem to remember he was a good trader too.

Not convinced sorry.

[mantahatch]

84% state (taxpayer ....you and I owned)....1.3 billion in bonus payments ........an average of £75,000 per investment banker....
Why oh why are  bankers rewarded for failure and ineptitude.?........
Where else in the real world does this happen?. :-/

At LFC.

Or PFC, or should I say PAFC 

[Field Marshal Dr. Opti]

Exactly. They lost a lot of them to other banks last year, any employer in a competitive marketplace has to pay the rate for the job. I think people get sucked into the politics of envy because these people have more noughts on the end of their salaries than the ret of us. The fact is that if its as easy as a lot of people think it is then why dont they scrape together all the money they can lay their hands on and play the markets with it, they could all be very rich very quickly surely ?

There is only a fixed number of banks (possibly actually less than before the crisis) so this losing to other banks is actually just recycling dross. I seem to remember that ineptitude used to be rewarded by promotion. May still be the case nowadays.

The banks still haven't taken on board the misery and abject poverty in some cases that they created.
It is about time they were taken to task over credit card rate rip offs too. Bloodsuckers.

Agreed............. They exist in a different world to everyone else...........They are unrepentant..... :-/ :-/ 
 

[albitz]

They and they alone fuelled the boom during the last decade which most people to a greater or lesser degree enjoyed the fruits of. Their contribution to the UK economy is approx. 25% of the whole economy,or to put it another way, if the banking industry moved abroad en masse tomorrow this country would be more skint than the average African banana republic.
It is the only world class industry this country has. The only possible way of changing the countrys reliance on the banking industry would be to find a way of turning the clock back to the days when we were a serious industrial power. If anyone has the answer to how that can be done - answers on a postcard to 10 Downing street please  ..............I still say that everything I have read here is envy - nothing more nothing less.

[albitz]

And just to try to dispel a few of the myths and sweeping generalisations about many thousands of people. I know one of these Parasites who spends 2 evenings every week at a substance abuse clinic working with the people there, helping them and giving the benifit oftheir experience and advice.
Another who gives a lot of their time and money to charities for the homeless and animal welfare. And do any of you remember the senior Barclays fund manager who was murdered by thugs in Norwich last year while trying to stop them from beating up a homeless man ?
its easy to live in a comfort zone of prejudice, feeding on the tabloid/ BBC myths, harder to look at reality and take a bit of time to study the subject you want to have a debate about.                                                                                                                            

[Nickbat]

They and they alone fuelled the boom during the last decade which most people to a greater or lesser degree enjoyed the fruits of. Their contribution to the UK economy is approx. 25% of the whole economy,or to put it another way, if the banking industry moved abroad en masse tomorrow this country would be more skint than the average African banana republic.
It is the only world class industry this country has. The only possible way of changing the countrys reliance on the banking industry would be to find a way of turning the clock back to the days when we were a serious industrial power. If anyone has the answer to how that can be done - answers on a postcard to 10 Downing street please  ..............I still say that everything I have read here is envy - nothing more nothing less.

Yep, Albs, you're largely right in what you say.

The banking crisis began in the US and was fuelled by political interference (forcing banks to make unsafe loans). While I have an axe to grind with some aspects of today's retail banking, it is to the investment bankers that we look to generate a sizable portion of our wealth, not just in terms of our balance of payments but also to our own pension schemes.

I echo the point that these bonuses are determined by the market place. If the employers don't pay them, the employees move on elsewhere. And to insinuate that anyone could do a better job than them is completely daft. Modern banking is highly complex and requires considerable knowledge as well as formal qualification. Admittedly the complexities have contributed to the problems, but that is the way it goes. We can't shackle our banks with excessive regulation, else the business goes elsewhere.

I agree that this is a much to do with envy (and political posturing) as anything else.