The Royal Bank of Scotland (RBS) is 83% owned by us, the taxpayers, yet Stephen Hester, chief of RBS, has yet again been awarded a bonus worth £1 million.
I think this is outrageous especially given the economic state that our country is in. If, like me, you are enraged about this, there is a petition that is going to be sent to Stephen Hester in the hope that he will see how many people are against his getting the bonus. Whether he will be persuaded by the petition remains to be seen but I think it is worth a try.
The petition can be signed here: http://www.38degrees.org.uk/
I've signed it already Pauline! I notice the Chairman, Sir Philip Hampton, has already turned down his £1.4 million bonus.
edited to add: I forgot to mention that apparently RBS has spent £2.5 million on political lobbying in Washington.
Thank you for bringing it to peoples attention. I get regular emails from them on different matters ;D.
We are with 38degrees
signed, and a 'suitable' comment added too
Come on! Don't get caught up in the hysteria. Look for something else because this is a smokescreen and the government are hoping we will vent our rage at the banker while they sneak something else through. Like NHS reforms and child credit.
Let's not forget this bloke ain't getting cash in hand, it is a bunch of shares that if they mature and sell for a profit we all benefit. Because it means our bank is making loads of money. He is gradually getting the bank back on two legs, which with all the global economy working against him must be a very stressful job. Are any of you personally worse off because of this blokes perks?
Of course we are worse off for it Ace. Any money 'spare' from RBS' profits should be put into a fund to pay us all back the money given to them without our permission.
Why can't these 'executives' work just for wages, like the rest?
But I agree with you about sneaking through other legislation through. There is a big protest by disabled people today in London, against the nhs cuts. Unfortunately I can't attend these rallies, but would if I could. I'll bet you don't see much of it on the news though.
If it's anything like the pensions protest, the police barricaded the streets off with 3-metre high steel barriers so no-one could see the protestors and the protestors could see no-one.
There is something fundamentally wrong with our so-called Democracy at present, and it needs changing, before the transition to police state is complete.
My message: Support the Occupy protestors!
Good news. ;D ;D Stephen Hester has now rejected his bonus.
http://www.bbc.co.uk/news/uk-16783571
The problem is he was pushed into not of his own free will ::).
For me the problem is that it shouldn't be down to his free will nor should it be a response to public outrage. In today's climate it shouldn't be happening at all and where it is considered that a bonus is merited it should be a percentage linked to the level of growth. not a multiple of salary!! The salaries these people get are gross too.
>:(
OK rant over! ;)
When I see stuff like this in the press be it a smoke screen for other matters of a national importance, it just pee's me off, I'm all for letting anyone keep their wealth if they have paid their taxes, but to see a bonus being paid when he is already on £1.2 million when he is working for me is a joke, :)
Also having agreed to a contract... why should an employer suddenly renege on it just because there is a fuss. If he walks away (no doubt there is a golden goodbye) who will take on the job?
Don't get me wrong, I think the whole level of salaries and bonusses (sp?) is obscene in finance and banking at the top end... but it was agreed and so should be stuck to.. :-X
I got an extra £10 for Xmas on my OAP. I can't really get that worked up about it, as lots of people are rich. My Dad said never be jealous, as long as they spend the money it is OK, the people that don't spend and take it out of circulation don't help. He said if people employ staff etc. and buy new things that helps everyone. We had a curtain business and needed the rich people to buy curtains from us (didn't have many ready mades in those days), and curtains were expensive to have hand made. May be he gives a lot to charity (who knows).
Have to agree with ace.................does that mean that all you oap's
will hand back your winter fuel payments as a point of principle :P
::) ::) ;D ;)
Thing that gets me about the bonuses is that as far as i understand it they are tax free and so unlike a salary they dont have to pay anything back on it? Makes me angry that i pay tax and NI on my paltry 15,000 a year and they just get millions in gifts. Then cameron and his millionarie buddies try to tell me that we are all in it together!
ppppfffffttttttt.
x Sunloving
Bonuses paid in cash are taxed as normal income (although sometimes the employer in effect pays the tax by increasing the bonus) but bonuses paid in shares are more complex. They are subject to tax but only when you sell them. Income from the shares is taxed and capital gains applies when you sell shares but the tax burden can be minimised by holding them for a long period of time. The idea being that you encourage workers to keep shares and keep an interest in the company.
having worked in stock options I can tell you that when shares are sold they are taxed, whilst you hold shares you are taxed on the dividends earned.
of course shares are given to you but of course when they are sold they may well be worth less than they were worth when you were given them. Some shares are given as a short term incentive plan and have to be sold at the 3 year date others are more long term. Any shares given as an incentive plan either need to be sold at thier term date or sold and reinvested in shares