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Northern Rock

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No, of course it isn't in the grand scheme of things - however, the poor old bog standard worker that's been with them throughout this crisis is probably deserving of it, so I feel a tinge of sympathy there. Don't agree with any big bonuses being paid out in any of the banks or major institutions that have had to have bail outs courtesy of the tax payer.
 
OldBlueLady said:
No, of course it isn't in the grand scheme of things - however, the poor old bog standard worker that's been with them throughout this crisis is probably deserving of it, so I feel a tinge of sympathy there. Don't agree with any big bonuses being paid out in any of the banks or major institutions that have had to have bail outs courtesy of the tax payer.
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Have to agree on that, at least it states the Executives and Senior Management are not receiving them, though 10% sounds a little excessive.
 
Why not?

Its not going to execs or senior management. Its going to the poor sods who are left to pick up the pieces and are expected to continue doing their job in very difficult conditions.

Granted you could say they are lucky to have a job but it seems the bonus is for those at the bottom of the pile rather than those at the top. Some may argue thats a refreshing change because those on peanuts are being rewarded rather than those who earn plenty and get bonuses on top.

The unfortunate thing is that alot of people in many areas are being made redundant and people in an industry who are at fault for alot of the problems (although the spend what we dont have culture is also to blame) are very much seen as the enemy. What is often lost is that there are very few who had any say in banks policies and its those policy makers who should suffer.....not every man and his dog.

Or perhaps this ideal is better....

A former chief was knighted for services to banking
The same chief exec will be getting a nice pension of nearly £580,000 per year.

Unyet the same person has cost the tax payer the most money in recent months.

So while that person can enjoy his retirement and sleep well at night, many will be left without anything. Its that which is wrong!
 
Mad Cyril said:
Hardly big money in the scheme of things and I doubt many of those on £20k a year were involved in making the decisions that led to the companies problems.
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Agreed. These people are the clerks and cashiers and i think that they deserve to be given something. Afterall, I'm sure they didn't approve the lending that the company offered, nor did their actions result in the company being nationalised.

We're in a similar situation. My business had another record year, customer base is expanding rapidly and we are a well run, conservative unit that's never suffered any losses. However, it's unlikely I'll see anything resembling a bonus this year, despite being responsible for generating significant income for the business unit.

Oh well, fingers crossed for next year.
 
The Flying Scotsman said:
I think they've done a tremendous job in helping to turn around Northern Rock which was pretty much on the brink, so yes they deserve it.
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With tax payers money! It's a needless giveaway on behalf of the tax payer just at the time we can ill afford it! My company for instance have had to cut back because of the current economic situation, that includes no pay rises, no bonuses, Xmas Party canned, and temporary staff let go. The govenment is showing an utter contempt by allowing NR to get away with this.
 
ldnfatso said:
With tax payers money! It's a needless giveaway on behalf of the tax payer just at the time we can ill afford it! My company for instance have had to cut back because of the current economic situation, that includes no pay rises, no bonuses, Xmas Party canned, and temporary staff let go. The govenment is showing an utter contempt by allowing NR to get away with this.
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So have many banks tho....:unsure:
 
ldnfatso said:
With tax payers money! It's a needless giveaway on behalf of the tax payer just at the time we can ill afford it! My company for instance have had to cut back because of the current economic situation, that includes no pay rises, no bonuses, Xmas Party canned, and temporary staff let go. The govenment is showing an utter contempt by allowing NR to get away with this.
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But if you want to have the right people in the company to turn it around and make sure the governement and therefore us the taxpayer actually get that money back, then you have to offer them the right incentives so they don't **** off to a competitor.
 
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The Flying Scotsman said:
But if you want to have the right people in the company to turn it around and sure the governement and therefore us the taxpayer actually get that money back, then you have to offer them the right incentives so they don't **** off to a competitor.
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And isnt the reason they are getting the bonus because the "company" is paying back that part of the government loan early?
 
The Flying Scotsman said:
But if you want to have the right people in the company to turn it around and sure the governement and therefore us the taxpayer actually get that money back, then you have to offer them the right incentives so they don't **** off to a competitor.
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I think there is little chance of that at the moment.

I work for a bank, and 'redundancy' is the latest buzz-word rather than headhunting. We're bracing ourselvses for no rises, and bonuses have been a media myth for a few years now.

We're all under immense pressure, work loads have gone through the roof from those colleagues who've lost their jobs, and the level of sicknotes resulting from stress is increasing.

Good luck to the staff at Northern Rock. They deserve it. If we've had it bad, they've had it worse. Small recompense for the idiots at executive and board level who have got everyone in this mess in the first place.
 
I was initially a bit annoyed at this but after seeing that it wasn't the fat cats who were benefitting, I saw no problem.

Also glad to hear that they have paid back a lot of the money. Seems like there has been a good turnaround. Really hope the market picks up soon, far too much doom and gloom. Come on Barack - sort it.
 
the fact that the fat cats arent getting the handout makes no difference. This is a payment that the taxpayer is not obliged to make! Who do the government think they are giving our money away like this? Times are tough, sure but these NR employees are lucky to have jobs and the fact that they are doing a good job turning it around should be neither here nor there. That should go without saying.
 
ldnfatso said:
the fact that the fat cats arent getting the handout makes no difference. This is a payment that the taxpayer is not obliged to make! Who do the government think they are giving our money away like this? Times are tough, sure but these NR employees are lucky to have jobs and the fact that they are doing a good job turning it around should be neither here nor there. That should go without saying.
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Where is the love Steve? :nope:
 
As i say (to quote tilly) ordinary Joe Bloggs gets no handouts for doing their job from the Government so why should they???
 
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