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becky sharp
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RockitRon
Joined: 07 Dec 2006
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 Posted: Tue Jan 11, 2011 5:33 pm Post subject: |
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A bit of selective reporting, that. The BBC carries a fuller version
http://www.bbc.co.uk/news/business-12159627
Bank bashing has been a favourite sport for as long as I can remember. They're damned if they do (make profits) and damned if they don't (and have to be bailed out, either by government, or, in Barclays' case, Arab sheiks).
Bob Diamond makes a valid point. They have to reward performance, in order to keep the high calibre staff they need to make the real money at the sharp end, be that from Corporate or Investment Banking, and the bank has to make real money in order, firstly, to satisfy the capital-holding requirements of the government and financial markets it trades in, and , secondly, to enable it to lend to all its customers.
Throughout the banking crisis, Barclays and HSBC, the two nominally British banks free of state ownership, have remained highly profitable, and able to lend money... responsibly. Crunch word.
The crisis was caused by financial institutions chasing business and market share and lending way beyond traditional canons. Now they have reverted to some of those traditional canons - principally the ability to service and repay, from income, or from profits, and the ability to live or trade and grow business while doing so. To force banks to do anything other is foolhardy and will only result in more bad debt, which they will get criticised for.
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becky sharp
Joined: 01 Dec 2008
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| Posted: Tue Jan 11, 2011 5:56 pm Post subject: |
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| RockitRon wrote: | | A bit of selective reporting, that. . |
That was my selective bit of reporting... ...how anybody can justify collecting an £8 million bonus in one year is totally beyond me ...and yes we don't know if he'll collect that yet but how many millions has he collected in years gone by....it's obscene...nobody but nobody is worth that!
Sensitive and caring...yeah right...I think he should have picked his words more carefully..it's a bit like "We're all in this together!"
Reward performances by all means but there should be a reasonable limit... |
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