Bluemerle

I have just watched the programme on ITV Excess in the City: Bonus Bonanza. I was absolutely disgusted.

Young 20 somethings earning huge bonuses for shuffling paper about. £10 billion in bonuses this year. They complained if they only got £1million in bonuses. Some of them were getting £10million. They were yobs with attitude. None of them looked as if they were rich, they were scruffy, unshaven, badly dressed and badly spoken.

The sooner the whole thing collapses the better as they were just greedy, apparently the top 1% of the population own a quarter of all the wealth in the country. It is totally obscene.

Westcountryman

The market at work I'm afraid. Better than Leftist market controls.

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Chris Cassidy

I watched it to, it made me feel sick. The youngest one said he was a typical 25 year old. A typical 25 year old would be repaying his student loans, not earning a six figure salary

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Bluemerle

The same thing is happening in the USA. A few elite getting the largest slice of the cake.

The great Bill Moyers spoke yesterday at the National
Conference for Media Reform, in Memphis. You need to
view this important speech at


Bill does what nearly all economists are afraid to do: he
identifies that the class war (economic conflict) as presently
carried on is based on property rights against human rights.
This closely echoes an observation made by British Prime
Minister Disraeli in the 19th century. Do take a look.

Yes Bill has a copy of The Lost Science of Money book (for
two years) and no - I doubt he has read it yet. Why did we
send him a copy? Because then he could understand how the
private control over society's money system is the root
power source of this "elite" war against humanity. That
would lead to more attention to the necessity of fundamental
monetary reform - placing the money power under public
control.

harryaldridge

I am sorry to wholly disagree with you bluemerle. The reason they earn huge bonuses is because they generate huge amounts of money for the companies. Somebody making a £5m bonus is making many times that for their company.

We must not forget the tax revenue they generate that pays for our public services. Without the city and these hard working people who, as was mentioned, work weekedns and have long working days in high pressure environments, the economy would be much worse with high unemployment.

I do not begrudge the success of these individuals. We should be focusing on making sure everybody, regardless of beckground and wealth, has the oppirtunity to make the most of themselves. We should not be placing a ceiling on success but rather keep raising the floor.

Success should be congratulated not condemned.

(And no i am not in the city!!)

Bluemerle

Harry, it is about a few taking a huge slice of the cake whilst the ordinary people do not get anything. It is about the elite rich, the 1% controlling everything happening in the country.

They are manipulating the market, they may be making money for their companies, but that isn't helping the country. Why do you think we are nearly bankrupt in this country, after paying the huge taxes imposed on us by Brown?

No-one is worth a £5million bonus for shuffling paper about, screwing the shareholders, but making big bucks for the boss. It is about Corporate control, which takes us to One World Government. I thought this is what we are fighting in UKIP.

harryaldridge

I do understand your point. It can seem excessive. However somebody earning £25k in their job is earning that because that is the value the market places on it. Similarly the market is placing a high value on city traders, driven by real demand for their services. If people decide to go into city trading to make money then there will strat to be an oversupply and the competition will drive pay down.

Remember they will be paying 41% tax on their bonuses, unless they can find ways of avoiding it by getting ti as shares for example. This tax revenue pays for an education system, NHS, roads, unemployment benefit etc etc etc. The companies buy stationary wihich keeps people in stationary in emplyment, the buildings need cleaning, need electricity, the people buy cars and holidays etc whcih keeps thousands and millions of people employed throughout the economy.

What is worng with the top 1% of people owning 25% of the wealth so long as they have earned that and not inherited or won that money?

g hall

I'm sorry to sound like a marxist tree-hugging hippy here BUT a couple of things
These people have more control over lives then the government - think about it before you rant about FREE markets because how often do we find that these markets are rigged?

I've no objection to people earning money when they take risks but exactly what personal risks are they taking, its not like the poor squaddies in Iraq getting shot at for what 15K a year.

The companies in charge should be a bit more sensible about how this money is distributed after all these people could not do their jobs without the back up and support they get from many lower paid mortals

Perhaps there should be formula that ratios payment between the top earner ad the bottom earner?

Did they not do some research recently which showed a small investment circle of friends did better percentage wise then many overpaid city types?

Still compared with some overpaid primma donnas on the football pitch

Bluemerle

You are right g hall, these markets are rigged. They are rigged so that the small guy gets stuffed and the traders, making their market, are getting the cream. They are manipulating the market.

Most of these traders neither know nor care about the small companies which they destroy. All they care about is making the big bucks so the boss will give them a big bonus. It stinks.

mkpdavies

That's the problem when you put your company in other peoples hands though, isn't it.

When you float your business on the stock market, you are taking the money, losing control and are then at the mercy of people who only want to make money.

That's the way it works I am afraid.

I don't mind huge salaries, as long as they are for hard/good work and results.

I do mind old boy networks, stitching the whole thing up for their own benefit at the expense of others. It happens, but then investors, businesses etc have to take some responisbility for whose hands they place their money or business in.

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