Abandon All Fear

What nobody else seems to be saying…

Posts Tagged ‘hbos’

[Misadventure Capitalism] – The Fat Cats That Got The Cream

Posted by BHudson on February 8, 2009

Royal Bank of Scotland – 68% nationalised
Lawrence Fish, non-executive chairman – paid £6.6m in 2006, receiving a £1m pension from April.
Fred Goodwin, former chief exec. – paid £4.2m in 2007, due for a pension of £8.37m

HBOS – 40% nationalised
Peter Cummings, former head of corporate lending – paid £2.6m in 2007
Michael Geoghegan, chief exec. – paid £2.955m in 2007

Bearing in mind that their companies are now owned by the taxpayers, one would have thought that they could show some restraint in pouring out bonuses. Nonetheless, RBS alone seems to think it’s a good idea to pay out a billion pounds of money to their fat cats as reward for nearly killing the economy.

I hold these points to be self evident:
1.Wages are a reward for the individual’s input of the factors of production.
2.Banking is a service industry, hence the factors offered by the executives are labour and entrepreneurship.
3.Most executives seem to do very little work. Hence, their input of labour is little.
4.Good entrepreneurship does not result in almost going bust. Hence, their input of entrepreneurship is very little.
5.Hence, they are due little compensation for their efforts.
6.Bonuses are a reward for extraordinary success.
7.Ending up mostly owned by the government is not an extraordinary success. Hence, they are due no bonuses.

Anything there sound ridiculous? To be honest, they ought to pay back all their bonuses for the years of unwise lending that got us in this state in the first place. Now the government has bailed out the bankers and decided to nationalise them, they ought to take a stand to stop such ludicrous profiteering, rather than trying to ‘coax’ them into playing ball. If America, France and Germany can do it perfectly easily…

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Posted in Bank Robbers, Corporate Irresponsibility, Financial Terrorism, Little Hitlers, Londonland, Named and Shamed, Opinion, Profiteering, Protest, Untouchables, Wealth Creation | Tagged: , , , , , , , , , , | 3 Comments »

[Penalty Charges] Calls to Stop Conducting Illegal Activities are Unfair

Posted by Lex Fear on March 31, 2007

Hit with millions of claims, customer complaints, an online petition and impending OFT investigation- banks are now crying “foul play” and threatening to end free banking.

“Banks were accused of blackmail yesterday for threatening to end free banking if they were forced to reduce overdraft charges and other penalty fees.

The banks, which charge up to £39 for bounced cheques and unauthorised overdrafts, had been expected to be told to reduce the charges to around £12.” – Telegraph

Let’s forget the fact they are already operating illegally by imposing fines greater than £12- therefore sounding like a burglar who complains he’s been asked to reduce his amount of breaking and entering.

These are the companies who this year posted pre-tax profits of:

£11.5bn: HSBC
£.7.14bn: Barclays
£5.7bn: HBOS
£559.2ml: Nationwide
£585ml: Alliance & Leicester

These are the companies who insist on charging Average Joe up to £39 for even dipping into the red:

Penalised for just over £27
Penalised for delay in clearing customers cheques – wait a minute, who delays the cheques in the first place?
Penalised for unforseen circumstances

Well, perhaps if you make a mistake, even if it is accidental, unforseen or just business, you deserve to be charged right?

So I look forward to seeing what kind of charges are levied on these errors:

Oops! Delay in receiving monthly salary
Oops! Sent details to wrong address

Quid es equitas?

Posted in Absolute Power, Bank Robbers, Financial Terrorism, Justice & Mercy, Pharisees, Predatory Systems, Profiteering, Takeback, Uncircumcised Philistines, Wealth Creation, WhatTheyDontWantU2C | Tagged: , , , , , , , , , , , | Leave a Comment »