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  1. #1
    Thailand Expat jandajoy's Avatar
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    Thieving bstard banks.

    Lloyds chief tells staff: you'll still get bonuses

    Bank boss says bail-out imposes 'very, very few restrictions'
    Guardian/ICM poll shows no bounce for Brown from latest crisis
    Weakening economy pushes public debt to 60-year high



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    Lloyds TSB chief executive Eric Daniels. Photograph: Ben Stansall/AFP The chief executive of Lloyds TSB, one of the banks participating in the 37bn bank bail-out, has promised staff they will receive bonuses this year despite Gordon Brown's promise of a crackdown on bankers' pay following the investment by taxpayers.
    Eric Daniels has told employees that the historic government intervention will not change the behaviour of Lloyds, which is in the throes of the rescue takeover of HBOS brokered by the prime minister.
    In a recorded message to employees, Daniels stressed that the bank faced "very, very few restrictions" in its behaviour despite the injection of up to 5.5bn of taxpayers' funds. "If you think about it, the first restriction was not to pay bonuses. Well Lloyds TSB is in fact going to pay bonuses. I think our staff have done a terrific job this year. There is no reason why we shouldn't," said Daniels.
    The emergence of these assurances adds to the pressure on Brown over the banking bail-out as a Guardian/ICM poll reveals he is winning praise but not votes for his handling of the financial crisis.
    The poll shows the Conservatives maintaining a double-digit lead, enough for a Commons majority, despite the transformation of the prime minister's reputation at Westminster.
    Labour had been hoping for an electoral reward from Brown's new-found confidence and international standing, but so far voters seem unimpressed. Six out of 10 think he has done well, but there has been no bounce in Labour's fortunes.
    Asked whether Brown's response to the crisis makes them more or less likely to vote Labour, only 13% say more, against 27% who say less. Most, 60%, say it has made little difference.
    Brown's actions appear to be strengthening Labour's core support, but are making little impression among opposition supporters. Among Conservatives, only 3% say they are now more likely to think of switching to Labour and among Liberal Democrats only 11%.
    Even among people who backed Labour in 2005 - some of whom now back other parties - only 25% say the crisis has made them more supportive of Labour.
    Today's state of the parties poll puts Labour on 30%, 12 points behind the Tories on 42%. At a general election, that would leave Labour around 100 seats behind the Tories. David Cameron would have a small but secure parliamentary majority.
    The figures for the two main parties are identical to those in the last Guardian/ICM poll, which followed the Conservative party conference and showed a small boost in Tory support. Since then, Brown has launched his high-profile bank bail-out and made a series of national appearances, while the Conservatives have struggled to make a mark.
    The findings came as new figures showed that the public finances hit their biggest deficit in 60 years last month. The Office for National Statistics put borrowing in September at 8.1bn, driven by the weakening economy and government overspending.
    That takes the figure for the first half of the current year to 37.6bn, the highest since records began in 1946 and not far short of Alistair Darling's forecast deficit for the whole year of 43bn.
    In his message to staff, Daniels said the government had agreed Lloyds TSB was "different" from HBOS and Royal Bank of Scotland, the two other banks taking 37bn of taxpayer' funds in return for shares.
    When the ground-breaking scheme was announced last week, Brown said banks seeking help had agreed conditions which would "bring an end to rewards for failure" and pledged that directors at RBS and soon-to-be-merged Lloyds TSB and HBOS would not receive cash bonuses this year. Lloyds will ask its executives to take their bonuses for 2008 and 2009 in shares instead.
    The government also insisted it had attached conditions about maintaining lending to small businesses and would-be home owners and would appoint directors to the boards to the banks.
    Until Lloyds announced the rescue takeover of HBOS last month it had been regarded as having weathered the credit crunch comparatively well, but as a result of the bail-out it could find the taxpayer ends up owning more than 40% of the combined entity.
    Daniels insisted that the bank's lending policy would not be dictated by the government. "We do not have any such restrictions. What we have given the government is an assurance that we will make our products available in the SME (small and medium business) markets and mortgages so we will have good availability and we will market just as hard as we did in 2007. I have no issue in agreeing to that," Daniels told staff.
    He also played down the significance of the two new board members who will be appointed once the controversial takeover of HBOS is clinched. "Those board members are not there to protect the government. They are there to serve all of our customers," Daniels.
    He conceded that the "only restriction" was the inability to pay dividends to existing shareholders until the bank has paid off the preference shares that are also part of the deal. These preference shares do not carry voting rights but must be repaid before dividends can be resumed to ordinary shareholders - a stipulation which is believed to have been made by the EU in return for approval of the state bail-out.
    Daniels said the bank was "working very hard" with the government to remove the stipulation or alter terms which the government had recognised "may not be a good idea".
    The employees being addressed by Daniels are not necessarily among the highest paid at the bank and could be working in branches, earning around 15,000 a year and relying on bonuses to help bolster their take home pay. Daniels made no assurance to employees of HBOS, whose chief executive, Andy Hornby, and chairman, Lord Stevenson, will both leave, without pay offs, when the takeover is completed early next year.
    Accord, the union that represents many HBOS employees, is writing to Alistair Darling to seek clarity on how the government will handle the relationship with Lloyds TSB in the future. The taxpayer is likely to end up with a 43% stake in the combined Lloyds TSB-HBOS although the price at which HBOS is trading on the stock market indicates some concern about whether the deal will be completed.
    HBOS shares are trading 25% below the value put on them by the Lloyds offer, when traders would ordinarily expect the prices to converge. The Lloyds offer fluctuates in accordance with its own share price. It valued HBOS at 104p a share last night, but shares in the mortgage lender closed at 78.9p.
    This was despite support from Standard Life Investments, one of the largest investors in HBOS, which backed the government bail-out and the rescue takeover of HBOS.
    Investment director Euan Stirling said: "From an HBOS perspective, you would need a huge appetite for risk to want to see it trading independently again, but I also think that Lloyds has made a very good case for the value that accrues to it from the deal."
    In the US, congressman Dennis Kucinich has called for an inquiry into remuneration proposals at Wall Street's top banks, after a Guardian report revealed that six distressed institutions had drawn up pay plans, including substantial discretionary bonuses, worth more than $70bn for first nine months of the year.

  2. #2
    Sprayed On Member
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    Its a bit too long for me to read until I've woken up properly but I'll give ya a "Here Here" To the Thieving bastard banks bit!

  3. #3
    I am in Jail

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    they should shoot the wanker, sorry banker

  4. #4
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    If someone pisses on your head you can call it rain, or you can call it piss. This guy says he's raining.

  5. #5
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    he seems a bit of an arrogant prick.

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    perhaps we can sack him and use his salary for the bonuses.

    He's quite right though that apart from the high flyers the bonuses are actually performance related payments that do not relate to the profitability of the business. My bonus (different bank) relies on my performance being ranked amongst my peers and we are then split into quartiles with the top quartile getting 20% of their annual salary and the bottom quartile getting a 'must try harder' lecture.

  7. #7
    Thailand Expat jandajoy's Avatar
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    Quote Originally Posted by BigRed
    He's quite right though that apart from the high flyers the bonuses are actually performance related payments that do not relate to the profitability of the business. My bonus (different bank) relies on my performance being ranked amongst my peers and we are then split into quartiles with the top quartile getting 20% of their annual salary and the bottom quartile getting a 'must try harder' lecture.
    But you all failed miserably and blew billions of our money. Why the fck should you be rewarded. You should all be jailed.

  8. #8
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    We haven't all failed miserably at all. I've met all my targets in keeping computer systems above 99% available 24x7. I don't care if I work for a bank or a charity, it's got nothing to do with what I get paid for. The counter staff haven't failed either, they do what they are paid for and meet their targets. The people at the top who set the strategies and targets are the ones who have failed.

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    Quote Originally Posted by BigRed View Post
    We haven't all failed miserably at all. I've met all my targets in keeping computer systems above 99% available 24x7. I don't care if I work for a bank or a charity, it's got nothing to do with what I get paid for. The counter staff haven't failed either, they do what they are paid for and meet their targets. The people at the top who set the strategies and targets are the ones who have failed.
    and set their big bonus strategy, with them coming out on top.
    good work if you can get it.

  10. #10
    Thailand Expat jandajoy's Avatar
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    Quote Originally Posted by BigRed
    We haven't all failed miserably at all. I've met all my targets in keeping computer systems above 99% available 24x7. I don't care if I work for a bank or a charity, it's got nothing to do with what I get paid for. The counter staff haven't failed either, they do what they are paid for and meet their targets. The people at the top who set the strategies and targets are the ones who have failed.
    You are part and parcel of the system that has fleeced millions out of billions. Your asses have been saved by the injection of tax payers money. You, sir, are scum.

  11. #11
    lom
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    Quote Originally Posted by jandajoy
    You are part and parcel of the system that has fleeced millions out of billions. Your asses have been saved by the injection of tax payers money. You, sir, are scum.
    That is a very stupid comment JJ, do you also hold the bank cashiers responsible?
    The switchboard girl? The janitors?

  12. #12
    Thailand Expat jandajoy's Avatar
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    Quote Originally Posted by lom
    That is a very stupid comment JJ, do you also hold the bank cashiers responsible? The switchboard girl? The janitors?
    YES I FOKIN DO>

  13. #13
    lom
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    ^That explains your "I don't understand" thread

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    Thailand Expat jandajoy's Avatar
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    Quote Originally Posted by lom
    ^That explains your "I don't understand" thread
    I'm sure it does, or not.

    Bankers have lost in this crisis?
    Traders are selling their houses?

    Who's lost out?

  15. #15
    bkkandrew
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    All employees would be on the dole without the bailout, so they should be thankful for their salary at the behest of UK taxpayers and not demand bonuses. Many staff were responsible for the reckless lending that led to the collapse. Click on the link below to avail yourself to guy on 14K a year given a 150K mortgage, the unemployed couple granted a 170K mortgage and Buy to Let 'accountant' on 20k pa loaned 580K.

    BBC NEWS | Business | Repossessions: your stories

    Eyes were closed, ears shut and brain switched off at all levels.

  16. #16
    Thailand Expat jandajoy's Avatar
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    Why the fok shouldn't bankers be made bankrupt, traders tossed on the street, FIA forced into liquidation, and every other greedy selfish, self serving money grabbing, immoral. devious cnt of a so called "expert" be allowed to hang out and dry.

    Hang the fokin lot. But first, get their money.

  17. #17
    lom
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    Quote Originally Posted by jandajoy
    Bankers have lost in this crisis?
    Yes, a lot of them has lost.

    Quote Originally Posted by jandajoy
    Traders are selling their houses?
    Why not? You'll find a lot who didn't jump ship before the bubble burst and who
    now are in personal bankruptcy.

    Quote Originally Posted by jandajoy
    Who's lost out?
    Those who has lost their jobs because of the crash.
    Those who have borrowed but can't pay mortgage and now have to leave their homes.
    Among others.

    Who has lost is a bit irrelevant for this discussion though, the question was who is responsible. Who is a scum..
    Blame bank executives, blame uncontrolled capitalism, but don't blame the
    bank workers. They had no say in the inflation of the bubble.
    May the bridges I burn light my way

  18. #18
    Thailand Expat jandajoy's Avatar
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    Fair point mate. But frankly, any one involved in this fiasco deserves to lose everything.

  19. #19
    bkkandrew
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    Quote Originally Posted by lom View Post
    don't blame the
    bank workers. They had no say in the inflation of the bubble.
    I think you will find that many of them did turn a blind eye to obvious credit risks chasing commissions causing this:

    Quote Originally Posted by bkkandrew View Post
    the guy on 14K a year given a 150K mortgage, the unemployed couple granted a 170K mortgage and Buy to Let 'accountant' on 20k pa loaned 580K.

  20. #20
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    Quote Originally Posted by BigRed View Post
    We haven't all failed miserably at all. I've met all my targets in keeping computer systems above 99% available 24x7. I don't care if I work for a bank or a charity, it's got nothing to do with what I get paid for. The counter staff haven't failed either, they do what they are paid for and meet their targets. The people at the top who set the strategies and targets are the ones who have failed.
    This is great news.

    In the real world bonuses and performance payments are directly related to the generation of revenue and profits. I am pleased to learn that banks operate some other system. No wonder they are going broke.

    Tomorrow I am going to take another ThB 250,000 from my bank account and tell the bank it is performance related. The fact that the money isn't there is irrelevant, I consider I have earned it. A quick letter to Gordon and Alistair and I'm sure they will stump up the money to pay off my overdraft.
    I see fish. They are everywhere. They don't know they are fish.

  21. #21
    Thailand Expat jandajoy's Avatar
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    LLOYDS CHIEF SPITTING CAKE EVERYWHERE LLOYDS TSB chief executive Eric Daniels was last night urged not to speak until he had swallowed all the cake in his mouth.


    Good cake
    Staff at the bank's London headquarters were sprayed with bits of sponge and icing during Daniel's cake frenzy, while one senior executive was hit in the eye with a Cadbury's chocolate button.

    A Lloyds spokesman said: "The chancellor sent round a whole load of cakes last week with a note saying we were not allowed to eat them without his permission."Oh, they were lovely cakes. There were chocolate ones and jam ones and a great big cheese cake in the shape of a hospital." "Eric promised not to touch them, but there was a wicked glint in his eye and you could tell he was already salivating."

    The spokesman added: "He did manage to restrain himself for about 48 hours, but sure enough the cleaner came in on Monday morning to find him rolling around half naked with his face covered in chocolate cream. He is a bastard for cake."
    In a recorded message to staff, Daniels insisted everyone would get some 'lovely cake', adding: "Mmmph, bmmmph, fmmph, mmmmph, nmmmph."



    LLOYDS CHIEF SPITTING CAKE EVERYWHERE - The Daily Mash

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    well they won't be happy to read this then

    Bankers herded into cattle class | smh.com.au

  23. #23
    Thailand Expat jandajoy's Avatar
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    Quote Originally Posted by William
    well they won't be happy to read this then Bankers herded into cattle class | smh.com.au
    Brilliant. That's exactly what should be happening. Marvelous.

  24. #24
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    ^yes, but the airline industry will not be happy. They may lose money. We may need to bail them out. Hell, the economy may just coming crashing to its knees

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    Thailand Expat jandajoy's Avatar
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    Never fokin ends does it.............

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