Ban the bonuses: The�IoS�Banks Manifesto

Last week, the IoS published it's Banks Manifesto, which consisted of the following demands:

Sunday, 15 February 2009

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* Britain's banks, especially those receiving public funds, should immediately adopt a policy of voluntary restraint, in pay and bonuses.

* If taxpayers are paying, their representatives should decide on bonuses, and any earned should be given in share options, exercisable only when public funds have been repaid.

* Failure should not be rewarded. Bonuses paid in the past year by banks bailed out by the taxpayer should be repaid now.

* At a time of widespread job losses and sacrifice, it is vital that there is a not only a widespread perception of fairness, but the reality of it too.

Comments

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why pay bonuses at all?

frank598 wrote:

Sunday, 15 February 2009 at 12:27 pm (UTC)

I do not understand the need for bonuses at all.

Why can't these people just do the job they are supposed to like the rest of us?

Also, they are considerably overpaid. Thre is no need for anyone to earn 20 times the national average salary. You can only sleep in one house at a time, surely.

These enormously high salaries concentrate power within the hands of a very small number of people.

By their appalling incompetence they have shown they do not deserve this.

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vote link

iheartbankers wrote:

Sunday, 15 February 2009 at 01:42 pm (UTC)

http://www.independent.co.uk/news/business/news/ban-the-bonuses-theiosbanks-manifesto-1609018.html

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banks and bonuses

elroycanard wrote:

Sunday, 15 February 2009 at 09:25 pm (UTC)

the RBS is to pay millions in bonuses and make a couple of thousand people redundant. Having picked up so much government money, this takes hypocrisy to a new high.

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Bonuses

konamantarays wrote:

Sunday, 15 February 2009 at 11:17 pm (UTC)

If public funds had not been made available, these banks would be bust. Forget bonuses - these people wouldn't even have a salary.

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runningguy wrote:

Thursday, 19 February 2009 at 08:07 pm (UTC)

The so called "masters of the universe", "city whizz kids", call them what you like, have finally been exposed as mere mortals like all the rest of us. Prone to averise and greed, and lazyness, "money for nothing and your kicks for free" (dire straits), ironic indeed!, but on a monumental scale and they have taken us all to hell in a hand cart - indebted and morgaged up to the eyeballs. The governments pathetic response is to give them a free hand out. If the govenrment really wants to stimulate consumer spending then a far more effective way surely would be to give all the billions paid out to the Banks straight into the pockets of all of us, protect and reimburse all investors savings with the faliled banks and then let those banks go under - just as happens with any other business with a failed business model/product. But of course the government would never trust us with our money!

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