Watchdog 'gives green light' for huge City bonuses  !!!!!!!!!!!!!

FSA is accused of backing away from introducing tough new rules, as new
figures reveal unemployment is at 14-year high 19 Comments

http://www.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6794059.ece

McGregor wrote:
> Watchdog 'gives green light' for huge City bonuses  !!!!!!!!!!!!!
> 
> FSA is accused of backing away from introducing tough new rules, as new
> figures reveal unemployment is at 14-year high 19 Comments
> 
> http://www.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6794059.ece 
> 

Let me spell this out for you..

1) Hardly anyone in the City gets a huge bonus. Even on the trading floor.

2) Huge bonuses go to only those people who have the ability to bring in 
vast amounts of revenue from around the world.

3) If we stop bonuses in this country, other financial centres like 
Singapore, Tokyo, New York will laugh out loud and poach these people, 
offering higher salarys and lower tax.

4) So all this revenue from around the world goes to another country, 
and the bonuses are spent (and TAXED) in another country.

Which means if we stop these bonuses in the UK, the whole process 
continues exactly as normal but it's another country which benefits in 
taxes received and money pumped into the economy by the high earners.

I really wish people like you would use their brains. Finance is the one 
industry we still rule the world in, but people like you are doing the 
dirty work for every rival financial centre in the world.

"Robert"  wrote in message 
news:LeqdnWVT8v-0cx7XnZ2dnUVZ8iidnZ2d@brightview.co.uk...
> McGregor wrote:
>> Watchdog 'gives green light' for huge City bonuses  !!!!!!!!!!!!!
>>
>> FSA is accused of backing away from introducing tough new rules, as new
>> figures reveal unemployment is at 14-year high 19 Comments
>>
>> http://www.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6794059.ece
>
> Let me spell this out for you..
>
> 1) Hardly anyone in the City gets a huge bonus. Even on the trading floor.
>
> 2) Huge bonuses go to only those people who have the ability to bring in 
> vast amounts of revenue from around the world.
>
> 3) If we stop bonuses in this country, other financial centres like 
> Singapore, Tokyo, New York will laugh out loud and poach these people, 
> offering higher salarys and lower tax.
>
> 4) So all this revenue from around the world goes to another country, and 
> the bonuses are spent (and TAXED) in another country.

And the other countries get to pay the huge cost of the bail out when it all 
goes wrong.

Whilst in principle you are right I would bet a lot of money that the net 
tax return to the UK from the banking system over the past 20 years has been 
negative, something that we don't want to repeat

tim

tim..... wrote:
> "Robert"  wrote in message 
> news:LeqdnWVT8v-0cx7XnZ2dnUVZ8iidnZ2d@brightview.co.uk...
>> McGregor wrote:
>>> Watchdog 'gives green light' for huge City bonuses  !!!!!!!!!!!!!
>>>
>>> FSA is accused of backing away from introducing tough new rules, as new
>>> figures reveal unemployment is at 14-year high 19 Comments
>>>
>>> http://www.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6794059.ece
>> Let me spell this out for you..
>>
>> 1) Hardly anyone in the City gets a huge bonus. Even on the trading floor.
>>
>> 2) Huge bonuses go to only those people who have the ability to bring in 
>> vast amounts of revenue from around the world.
>>
>> 3) If we stop bonuses in this country, other financial centres like 
>> Singapore, Tokyo, New York will laugh out loud and poach these people, 
>> offering higher salarys and lower tax.
>>
>> 4) So all this revenue from around the world goes to another country, and 
>> the bonuses are spent (and TAXED) in another country.
> 
> And the other countries get to pay the huge cost of the bail out when it all 
> goes wrong.
> 
> Whilst in principle you are right I would bet a lot of money that the net 
> tax return to the UK from the banking system over the past 20 years has been 
> negative, something that we don't want to repeat
> 
> tim
> 
> 
> 
> 

I agree with your point but bailouts happened all over the world, it 
wasn't just the UK.

I think the people who caused the credit crunch are absolute idiots, but 
it's important to remember only a TINY fraction of finance staff were 
involved in this, and most people receiving huge bonuses weren't 
involved in it either.

The benefits of the City are pretty much incalculable. Apart from the 
vast amount of tax revenue (which I'd bet is a net +ve return, even 
ignoring the future payouts from the bailouts), there's also the 
spending of the highly paid individuals and the not so highly paid that 
boosts every other industry in the country.

People need to get a grip - and ignore idiot politicians looking to 
distract people from their own mistakes.