Bernie Gunther
Fundamentalist Druid
Well, whether that's true or not depends on how much he spends each year on cocaine, being flagellated and arsefucked by assorted rough trade etc. Or whatever degenerate posh-twat vices he prefers.
Royal Bank of Scotland chief executive Stephen Hester to trouser 963k bonus
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Well, whether that's true or not depends on how much he spends each year on cocaine, being flagellated and arsefucked by assorted rough trade etc. Or whatever degenerate posh-twat vices he prefers.
GarfieldLeChat
fucking awesome but wrong
Will his rejection go to pay off some of their acquired debt? Or will it be paid out to the remaining shareholders rather than to clear the outstanding debt the bank owes tax payers will it fuck. It won't even stop the redundancies.
Total non argument really his not getting it or refusing it will make fuck all difference.
Total non argument really his not getting it or refusing it will make fuck all difference.
London_Calling
Pleasant and unpatronising
That's his Knighthood sorted.
Very true, and for that reason I'm glad they at least pay these things in shares now - at least he's then sort of incentivised to deliver best value for the tax payer (main shareholder) as he wouldn't have been able to cash them in for a couple of years and if he screwed up in future then his yet to be cashed in bonus takes a hit.
Still it is an obscene sum for someone who is effectively a public servant - I'm not sure I buy the whole having to pay that much to attract someone of his caliber - we pay the PM and cabinet ministers much less and they'd seem to have rather more responsibility than some glorified bank manager.
danny la rouge
More like *fanny* la rouge!
It's The People's Bonus.
equationgirl
Respect my existence or expect my resistance
Latest from the BBC website - Robert Peston, business editor writes:
'...Which is why the bank's directors now bitterly regret having brought forward the decision on Mr Hester's bonus by around a month. It accelerated the decision on the bonus because it was asked to do so by the government - with ministers believing that it was a good idea to get the controversy over the bonus out of the way as soon as possible.
RBS's directors now recognise it would have been far better to delay the bonus decision until after the world had seen what Barclays' chief executive, Bob Diamond, is being paid - because Mr Hester's bonus would not look big in comparison.
Damage has been done by the row, not least to the morale of Mr Hester.
Colleagues say he is not angling to leave the bank - even though he feels bruised by the public scrutiny to which he has been subjected. But if an opportunity to go to another big job less in the spotlight were offered to him, the temptation of leaving might well prove irresistible.'
http://www.bbc.co.uk/news/business-16783849
Peston now changes viewpoint - it's the government's fault for forcing the decision to be made early, Hester is just collateral damage. Poor Mr Hester, it's not fair how everyone's been so down on him getting a bonus.
'...Which is why the bank's directors now bitterly regret having brought forward the decision on Mr Hester's bonus by around a month. It accelerated the decision on the bonus because it was asked to do so by the government - with ministers believing that it was a good idea to get the controversy over the bonus out of the way as soon as possible.
RBS's directors now recognise it would have been far better to delay the bonus decision until after the world had seen what Barclays' chief executive, Bob Diamond, is being paid - because Mr Hester's bonus would not look big in comparison.
Damage has been done by the row, not least to the morale of Mr Hester.
Colleagues say he is not angling to leave the bank - even though he feels bruised by the public scrutiny to which he has been subjected. But if an opportunity to go to another big job less in the spotlight were offered to him, the temptation of leaving might well prove irresistible.'
http://www.bbc.co.uk/news/business-16783849
Peston now changes viewpoint - it's the government's fault for forcing the decision to be made early, Hester is just collateral damage. Poor Mr Hester, it's not fair how everyone's been so down on him getting a bonus.
teqniq
DisMembered
Well that's great then. However it seems that there may be another side to this story, from the Independent yesterday:
http://www.independent.co.uk/opinio...rony-capitalism-and-craven-folly-6296284.html
http://www.independent.co.uk/opinio...rony-capitalism-and-craven-folly-6296284.html
weepiper
I fix the machines that fight climate change
Fucking crook blackmailing bastards.
Spud Murfy
Relic
He should get the sack. Hester la vista, baby.
A Dashing Blade
Takes horses to water but can't make donkeys drink
Any danger of some evidence for this fact-free polemic?
London_Calling
Pleasant and unpatronising
Unlikely.
This payment was a 'contractual obligation' we keep being told, which I don't doubt in general terms. But I'd love to know the actual phrasing of that clause because there really has to be a huge amount of discretion built in.
This payment was a 'contractual obligation' we keep being told, which I don't doubt in general terms. But I'd love to know the actual phrasing of that clause because there really has to be a huge amount of discretion built in.
nope. sorry. it's standard practice in financial institutions tho, or was when i worked in the city. bonuses are not limited to just senior management. in saying that, a lot of people (me included) would actually refuse their bonus as it bumped them up into the next tax bracket.
yes, in an ideal world nobody would receive bonuses at all but that sadly aint gonna happen anytime soon. the overall bonus pool at RBS will still be eye-watering.
BigTom
Well-Known Member
Did no-one at this financial institution explain that it's only the amount over the threshold that gets taxed at the higher rate? This is no reason to refuse a bonus..
equationgirl
Respect my existence or expect my resistance
True, but I doubt the secretaries' annual bonuses are 75% of their base salary.
CyberRose
أرفع الشفرات
Hangs head in shame
That's retarded
Though given that statement I suspect your story is complete BS, despite it being incredibly odd that someone would want to pretend to be an ex banker.
grit
an ugly force for good
How do you calculate a million quid could let you never work again in your life?
FridgeMagnet
Administrator
The sheer existence of bonuses isn't limited to senior management, but they're not exactly comparable between a PA and somebody on the board.
grit
an ugly force for good
Why is it retarded, its very possible that the jump in income effects your tax to the extent that you end up coming out with less.
FridgeMagnet
Administrator
Not in terms of income tax it isn't.
grit
an ugly force for good
I dont claim to know the details of the tax system (I've finally learned to just pay for an accountant), but I know several people that after the additional income was taken into account, the quirks of the tax system left them with less.
FridgeMagnet
Administrator
It's always been a regular corporate urban myth that "X turned down his bonus because it was so high, it would have cost him more to take it" - everywhere I've worked - but I've never come across an actual verifiable situation where it has taken place.
grit
an ugly force for good
Its all dependent on how its structured I guess, regarding verifiable, most people dont make a habit of discussing their personal finance matters with just anyone.
FridgeMagnet
Administrator
Which would mean that there was no reason to believe it in the first place. I suspect it's just people in sales trying to impress the PAs as usual.
grit
an ugly force for good
You are right, it must be impossible then.
FridgeMagnet
Administrator
"You know that cleaner who was always around? The one who hasn't been around for ages? They fired him, because he was cleaning the executive loos and he found a bag of coke behind one of the cisterns."
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