Do we forgive them?

[che]

Is this Politics (guidance needed)

The former bosses of the two biggest UK casualties of the banking crisis have apologised "profoundly and unreservedly" for their banks' failure.
Former Royal Bank of Scotland chief executive Sir Fred Goodwin told MPs on the Treasury Committee he "could not be more sorry" for what had happened.
The former bank chiefs also said the bonus culture had contributed to the crisis and needed to be reviewed.

But Sir Fred said if bankers felt they were not paid enough, they would leave.
Sir Tom McKillop, former RBS chairman, also admitted that his bank's much-criticised purchase of Dutch rival ABN Amro had been a "big mistake".

So do we forgive them and do we want the banks to honor their legally binding bonuses?

[BaZa®]

Have not read my Daily Mail yet so can't possibly comment.

[BigBol]

Forgive them, i think not. I believe to the bankers out there that they don't really care about the man on the street. Lets face it, if you make a mistake they will charge you, if your late with the mortgage they may well take your house from you. I've worked for a large accountancy firm and all they care about is chargeability and profit. They care not for the staff especially if they are of the non-chargeable. Don't trust them.

[banquo]

If you reward people hugely (obscenely) for making your company big bucks in the short term, by taking unacceptable risks, with no thought of the longer term implications of their irresponsible gambling with other people's money, then that is gross negligence.

Sorry is not enough. And I hear at least one of them is still being paid £60,000 a month, as a consultant to the Bank from which he was forced to resign. I gather none of them had a formal banking qualification in any case, so it's no particular surprise they admitted they didn't actually understand what their subordinates were doing with the bank's money.

They say if we don't pay these unqualified idiots these huge sums, they will leave.

Good.

[BigBol]

These bank and big firms are 'Jobs for the boys'. It's a case of face fitting and stuff the rest.

[BNM]

Sack them for gross incompedence !

and ammend the job description to include

" must be able to run a p!ss up in a brewery "

London is the number one financial trading centre in the world, coming a close second is New York.
Ever wonder how such a small island as this manages to be involved in world affairs on the scale it does ?.
The british economy is built around our financial institutions and the trust the world has in " the British way of doing things and the controls and measures it puts in place to protect its financial institutions ". This is a major responsibility given a global economy.

Confidence is gone and the british economy and the £ should look to take a major beating for betraying this confidence.
No matter how much Gordon Brown throws the £ at the problem .

[quote]
I quote HM Treasury Statement 22 March 2006


Press notice 04: Strengthening London’s position as the world’s leading international financial centre

Key stakeholders in London’s financial sector are joining forces with the Government to promote London as the world’s leading international financial centre. Twelve leading London markets and financial sector industry bodies have endorsed plans to set up a high level group to agree before the summer a strategy to consolidate London’s position, recognising the opportunity that emerging markets such as China and India present and the strength of international competition from other financial centres.
Welcoming the news, Chancellor of the Exchequer, Gordon Brown said:
“Britain’s financial services sector, led by the international financial markets of London and other important financial clusters such as Edinburgh and Leeds, provides finance for global businesses and supports development in growing markets like India, China and the Middle East. Together with many business services that support it, including accountancy and law, it is a truly world-class industry and, as testified by its growth over the last ten years, is succeeding in rising to the challenge of globalisation. No other financial centre can match the international scope of Britain’s financial markets, and the Government is committed to supporting and promoting these strengths around the world.
“To realise the full benefit of these opportunities for Britain, the Government and financial services industry need to work together. The Government will join forces with a new financial services group to develop and support a coordinated strategy for promoting Britain’s financial services sector around the world. London is the world’s leading international financial centre, and working together we will achieve our ambition: for London to strengthen its position as the number one financial services centre around the world.” [quote/]

[Monkeybrain]

Has Che posted her log in details for this site on the Socialist Worker website?

[kevscrivener]

Originally Posted by Monkeybrain

Socialist Worker

Oxymoron.

[Monkeybrain]

Who's calling me a fekkin moron....


OUTSIDE NOW.




Hold on, its cold...




OUTSIDE IN 10 WEEKS TIME.




Hold on, I'm on my hols, forget it, I'm a moron.

[kevscrivener]

Originally Posted by che

Is this Politics (guidance needed)


But Sir Fred said if bankers felt they were not paid enough, they would leave.


So do we forgive them and do we want the banks to honor their legally binding bonuses?

Not politics Kim, simple common sense.

With the exception of politicians, bankers, (some) social workers and Chief Constables, everyone else in the world who goes to work would reasonably expect to be sacked if they screw the job up. Not promoted, awarded substantial pay rises and bonuses, and generous severance payments; sacked, out, and finished, clear your desk now and here's your P45.

If it's good enough for us, it's good enough for them.

Why should be worried if they leave anyway; looking at the mess this lot have made, we won't miss them.

Agree entirely (again) with Banquo's comments.