Sunday, 8 February 2009

Taxpayer pays in, bankers take out

We have to put a stop to this madness. While the taxpayer are injecting money into failing banks, the bankers are simultaneously extracting this cash in bonus payments.

THE board of Lloyds Banking Group, which is 43%-owned by the government, is prepared to inflame the growing row over City bonuses. It is ready to accept share-based rewards for the last financial year, a period which has seen its share price fall by 75% and just weeks after the bank received a £5.5 billion cash injection.

The size of the Lloyds bonuses will be determined by Wolfgang Berndt, chairman of the bank’s remuneration committee. Daniels is entitled to a maximum bonus of 225% of his basic salary of £960,000. His other 11 directors are entitled to 200% of their salaries.


Although we rarely acknowledge it, our political system is based on some implicit understandings about fairness and equity. We look after each other when we get sick through the NHS. When times are tough, we make sure no one actually starves because we have a comprehensive system of welfare payments. Everyone gets educated, inoculated, and pensioned off when they reach 65.

This system does not guarantee a fair and equal society, but it does ensure a reasonably civilized way of life. While many people take advantage of society's generosity, those abuses have always been limited and tolerable.

Certainly, we deeply dislike paying for this system through taxes. Nevertheless, virtually all of us agree that we prefer what we have to a less compassionate system, where everyone fends for themselves. To put it more bluntly, we Brits don't do "dog eat dog". We do "dog reluctantly helps dog".

However, this system can not survive when ordinary people watch helplessly as rich greedy bankers ransack our government's treasury. We will ask the entirely reasonable question, why should we pay for these bonuses to the same people who wrecked our economy?

These government financed bonuses undermine the legitimacy of our tax and benefits system. Why should we continue to pay taxes when these resources are so wantonly misused. Why should we support our political system when it has been so comprehensively captured by a narrow clique of financiers. Why should we bail out Lloyds, preventing it from going bankrupt, only to see our money disappear into the pockets of wealthy bankers.

New Labour should not misjudge the mood of the British people on this issue. If it fails to act, and prevent these abuses, it will face a furious wrath at the next election.

20 comments:

Boy on a bike said...

Pay them bonuses by all means, but perhaps pay them in bonds linked to their activities. Give them a bonus paid out say in a parcel of CDO's - which they can't sell for a few years. If the value of them falls in the meantime, that's just tough.

In fact, why not pay them their entire salary in something like CDO's. Let them eat what they pushed.

Anonymous said...

I say no payie

Anonymous said...

If you plan to express your displeasure at the ballot box you're wasting your time.

What is required is tens of thousands of people in the street (not violent but peaceful) physically demonstrating their manifest power before those who actually work for them.

It needs the metaphoric equivalent of the Chinese student standing before the tanks in Tianamen Square.

Cheers, Haggis

Alex H Lewis said...

I think we all know that the Labour Party have had it at the next election. Add to this fact the Tory plans to remove 60 constituencies and quite frankly it is hard to imagine the Labour Party returning to power for a generation (15-20 years?). So - Labour might as well do whatever they want. Make lots of rich friends in the City, they're going to need them in the wilderness years ahead.

AntiCitizenOne said...

> why should we pay for these bonuses to the same people who wrecked our economy?

Because they didn't! The people who wrecked the economy were the people who regulated the credit bubble into existence. Not the banks who allocated the credit. The banks managed to keep the economy "going" years longer than it would have without them (may not be good).

Theses bankers still shouldn't get a bonus, as they have not out-performed their competition.

Anonymous said...

Let's have more confidence in capitalism.

A few get rich and the rest of us gets screwed.

For uncensored news please bookmark:

www.wsws.org

Rambo

VP said...

Don't pay, let them wallow in their greed. It will work itself out

K T Cat said...

You're wrong about this one. Taxpayers are not paying in. If they were, governments wouldn't be having to print money and take out massive loans. The truth of the matter is that no one is paying these bills, we're all just relying on the money fairies to show up and wave their magic wands.

The Economic Voice said...

Puts a whole new meaning on paying your bills at your local cashpoint.

Man in a Shed said...

I have an increasing amnount of synmpathy with the idea of not bailing the banks out, but having adminsitrators run them down.

Its an option we hear too little about.

JPT said...

It WILL face a furious reaction at the next general election and then be replaced by the Tories who will carry on just the same.

Armageddon Thru To You said...

Armageddon Thru To You

If you've been wondering why it seems like the world around us is unraveling, it's because the last days as foretold in the bible are now upon us. Just as it was 2000 years ago, many were unable to discern the signs of Jesus Christ's first coming (Mat 16:3), as will many concerning his second coming, which will occur very soon. Yes many have proclaimed a similar sentiment many times in the past, but their errors have no bearing on today other than to lull you into spiritual apathy, and that too was prophesied to occur in the last days.


If you're not a believer in Jesus Christ because you're an atheist, consider that the underlying impetus for your disbelief is most likely borne of pride and here's why:

When we die, if you as an atheist were right, then there is no upside or downside for anyone regarding the afterlife. We will all simply cease to exist

However if we Christians were right about our belief in the afterlife, then we will be given eternal life and you as an atheist will receive eternal damnation

Given the choices, the position held by an atheist is a fools bet any way you look at it because the atheist has everything to lose and nothing to gain. It is tantamount to accepting a “heads I win, tails you lose” coin toss proposition from someone. And that someone by the way is Satan (see Ephesians 6:12).

The only way to explain the attitude held by an atheist is pride, pure and simple. The intellectually dishonest and/or tortured reasoning used by atheists to try and disprove the existence of God is nothing more than attempts to posture themselves as superior (a symptom of pride). And as anyone who has read their bible knows, this is precisely the character flaw that befell Lucifer, God's formerly most high angel. (Isaiah 14:12-15). Is it any wonder then why the bible is so replete with references to pride as the cause of mankind's downfall?

Pride permeates our lives and burdens us in ways that most of us seldom recognize. Ironically, pride is the one thing that can blind someone to things even the unsighted can see. And sadly pride will blind many with an otherwise good heart, to accepting the offer of eternal salvation that Christ bought and paid for with his life.


In any event, if you're an atheist, I wish you only the best for every day of the rest of your life because for you, this life is as close to heaven as you'll ever get, but for believers in Christ, this life is as close to hell as we'll ever get.





If you're not a believer and follower of Jesus Christ because you are of another faith, please take the time to very carefully compare your faith to Christianity and ask yourself, why is the bible the only religious book with both hundreds of proven prophecies already fulfilled as well as those being fulfilled today? No other religion can claim anything remotely close to this fact. Many Christians who are serious students of bible prophecy are already aware of the role and significance of bible prophecy in foretelling end time events. God gave us prophecy as evidence of his divine holiness to know the begining from the end (Isa 46:10). God also believed prophecy to be so important that to those willing to read the most prophetic book in the bible, the Book of Revelation, he promised a special blessing (see Rev 1:3), and this is the only book in the bible that God gives its reader a special blessing for reading. Something to think about.


Don't risk losing Christ's offer of eternal life by not accepting him as your savior and by thinking that the bible is nothing more than a compilation of unrelated and scattered stories about people who lived 2,000 plus years ago. If you take the time to study (not just read) the bible, you will literally be shocked to learn things you would have never imagined would be revealed in it. Did you know that like parables, God also uses particular months and days in the Jewish calendar, Jewish Feasts and customs, solar and lunar phases, celestial alignments, gematria (Hebrew numerology) early bible events and more as patterns and models to foretell future events?


Consider the following interesting facts about the bible that testify to its God-inspired authorship:

Did you know that in Gen 12:2, God said he would bless Israel?. How else can you explain the grossly disproportionate level of success achieved by Jewish people as a tiny minority in the world, especially after all they have gone through? And how can you explain the success achieved by the tiny nation of Israel, surrounded by enemies outnumbering them 100 to 1 and yet still they remain victorious in all their wars?


Did you know that as evidence to indicate that Israel is the epicenter of the world from God's point of view is the fact that languages to the west of Israel are written and read from left to right as if pointing to Israel, and languages from countries to the east of Israel are written and read from right to left, again as though pointing to Israel. Just a coincidence, you say? I think not.


Did you know that the six days of creation and seventh day of rest in Genesis is a model for the six thousand years of this age (ending very soon), that is to be followed by a 1,000 year millennial reign by Christ (see 2 Peter 3:8)? Adam was born sometime prior to 4000 B.C., therefore our 6000 years are almost up.


Did you kow that the Gospel of Jesus Christ is hidden in the meaning of the Hebrew names listed in the genealogy of the book of Genesis (Research it online)? To deny this was God-inspired, one has to instead believe that a group of Jewish rabbis conspired to hide the Christian Gospel right inside a genealogy of their venerated Torah, which is not a very plausible explanation.


Did you know that solar eclipses, which the bible describes as the sun being black as sackcloth, and lunar eclipses, which the bible refers to as blood red moons, have prophetic meaning? Research it online. God showed Adam (and us) his plan for man's redemption through the use of celestial alignments. (research Mazzaroth online)

Did you know that much of the symbolism in the book of revelation refers to planetary alignments that will occur when certain events occur as prophesied? These planetary alignments also explained the birth of Christ, just search out The Bethlehem Star movie on the Internet.

Did you know that the references in Eze 39:4-17 and Rev 19:17-21 in the battle of Gog/Magog and Armageddon respectively, in which birds of prey will eat the flesh of the dead in battle from two enormous wars is based on fact? The largest bird migration in the world consisting of bilions of birds (34 species of raptors and various carrion birds) from several continents converge and fly over Israel every spring and fall. Coincidence? I think not.

Did you know that Hebrew numerology, also known as Gematria, and the numbers with biblical and prophetic significance are hidden in the Star of David? Google the video called "Seal of Jesus Christ"

Did you know that the seven Churches mentioned at the beginning of the Book of Revelation describe the seven stages the Church will go through?

There are literally hundreds of hidden messages in the bible like these that testify to the fact that the bible was God inspired, and statistically speaking, are all exponentially beyond the likelihood of any coincidence. You can find them yourselves if you only take the time to look into it. Remember Proverbs 25:2 "It is the glory of God to conceal a matter; to search out a matter is the glory of kings".


And finally, if you are Catholic, or one who subscribes to the emergent Church or seeker-friendly Church movement, please compare the doctrine taught, advocated or accepted by your Church, with the actual bible, notwithstanding some new-age version of the bible. And remember that although the bible is often referred to as the living bible, the word "living" was never intended to imply in any way that the bible "evolves" over time to meet, or be consistent with, the standards of man. It's just the opposite.


Well, am I getting through to you? If not, the answer might be explained in the response given by Jesus Christ in his Olivet discourse when he was asked by his disciples why he spoke the way he did (in parables, etc.) in the book of Matthew 13:10-16. What Jesus said could have easily been paraphrased more clearly as "so that the damned won't get it". Why did Christ respond the way he did when asked why he spoke this way? Is there something about pride (the bible says there is) that closes one's heart to seeing or hearing the messages supernaturally hidden in bible parables, models, typologies, and similes, etc.? That should give you something to think about, but don't take too long. Time is now very short.


If it sometimes seems like there are powers at work behind the powers we know, remember what it says in Ephesians 6:12 "For our struggle is not against flesh and blood, but against the rulers, against the authorities, against the powers of this dark world and against the spiritual forces of evil in the heavenly realms." If you study the bible, it will become clearer.


And by the way, if you are a scoffer, this too was prophesied to occur in the last days. See 2 Peter 3:3.


Thank you and God Bless you!
Armageddon.thru.to.you (at) gmail.com

Anonymous said...

Thanks [Armageddon Thru To You] for reminding us why so many are turned off by religion..

Anonymous said...

Thanks [Armageddon Thru To You] for reminding us why so many are turned off by religion..

EdieS said...

Armageddon to you, thanks, buddy for making all Christians look like complete nutters. Thanks!

Now, to the point at hand- the same bs is going on here. A Congressperson and the treasury secretary had to propose a law to stop bonuses to greedy fools who could not figure it was they who ruined things.

And in the States, our social network is much weaker and not as comprehensive as yours, so we realy don't have a sense of shared sacrifice. I hope that shared of sense sacrifice for a civil society really leads changes in the banking system.

Here, in the States, it only took about 230 years for us to realise we MUST help each other, and the gluttonous greed must stop. Not ambition nor hard work nor sucess- but just gluttonous greed.

sobers said...

I grew up in a Christian household, and even I scrolled through all that! Way to put your point across - not!

Anonymous said...

New Labour should not misjudge the mood of the British people on this issue. If it fails to act, and prevent these abuses, it will face a furious wrath at the next election.

The British People can vote all it likes - The problem is that all that voting will just replace one bunch of inbred tossers with yet another that will carry on exactly where the last lot left off!

Next we will be off to demonstrate in the designated free speech area ...

Real change for people on the ground will not be allowed in NeuRopa!!

K T Cat said...

Anon, The British People can vote all it likes - The problem is that all that voting will just replace one bunch of inbred tossers with yet another that will carry on exactly where the last lot left off!

I think you miss the point. The politicians are drawn from the same culture the rest of us inhabit. We are all marinated in the concept of getting what you want without earning it. Whether that's children growing up without fathers because we want sex without the commitment of marriage or lots of money from the government without paying taxes, it's all the same.

To quote the old Pogo line, we have met the enemy and he is us.

Nick von Mises said...

"virtually all of us agree that we prefer what we have to a less compassionate system, where everyone fends for themselves"

Put me down as the one who makes the word "virtually" necessary. This type of socialisation is what ruins countries and makes them so unjust by stealing from the productive to give to the incompetent and lazy. "From each according to ability to each according to need" is the most evil and destructive creed ever practiced in the economy due to it's inevitable consequence of totalitarianism, theft, and squalor.

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