European Tribune - Comments - Wednesday Open Thread

Wednesday Open Thread | 74 comments (74 topical, 0 editorial, 0 hidden)

Re: Wednesday Open Thread (none / 1)

The directors of Royal Bank of Scotland have been given legal advice that they would have to resign if the chancellor of the exchequer were to block them from paying the bonuses they regard as essential to maintain the competitiveness of the group.

Any idiot can face a crisis - it's day to day living that wears you out.

by ceebs (ceebs (at) eurotrib (dot) com) on Wed Dec 2nd, 2009 at 11:38:58 AM EST

Re: Wednesday Open Thread (none / 1)

ceebs:

The directors of Royal Bank of Scotland have been ~~given~~ sold legal advice

That's better.

by afew (afew(a in a circle)eurotrib_dot_com) on Wed Dec 2nd, 2009 at 11:40:55 AM EST
[ Parent ]

Re: Wednesday Open Thread (4.00 / 2)

The directors of Royal Bank of Scotland have ~~been given~~ purchased legal advice...

More likely the case.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Dec 2nd, 2009 at 12:45:01 PM EST
[ Parent ]

Re: Wednesday Open Thread (4.00 / 3)

The directors of Royal Bank of Scotland have ~~been given~~ purchased legal advice using bank profits...

...surely?

by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed Dec 2nd, 2009 at 02:24:36 PM EST
[ Parent ]

Re: Wednesday Open Thread (none / 1)

Certainly not out of their own pockets! That would be profoundly "un-capitalist" by prevailing standards.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Dec 2nd, 2009 at 03:57:33 PM EST
[ Parent ]

Re: Wednesday Open Thread (none / 1)

The directors of Royal Bank of Scotland have been given legal advice that they would have to resign if ....

And the problem with that is ... ?

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Wed Dec 2nd, 2009 at 11:45:12 AM EST
[ Parent ]

Re: Wednesday Open Thread (none / 1)

Problem? I thought it was a bonus. After all, it is not the director's bonuses we are discussing, is it? A true win-win: lose the directors along with the folks that implemented the policies that led to disaster. An elegant way to clean house. {Unintended consequence alert!}

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Dec 2nd, 2009 at 01:04:34 PM EST
[ Parent ]

Re: Wednesday Open Thread (4.00 / 3)

Sounds about right: if they feel they're being prevented from doing their duty for the shareholders they should resign. If only this had occurred to them when they were busy digging the hole for the bank ...

by Colman (colman at eurotrib.com) on Wed Dec 2nd, 2009 at 11:46:29 AM EST
[ Parent ]

Re: Wednesday Open Thread (none / 1)

the Bank dug the hole, not the directors. Haven't you learned anything about global finance? i'm going to join Amnesty for RBS Directors on facebook.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

by Crazy Horse on Wed Dec 2nd, 2009 at 12:17:17 PM EST
[ Parent ]

Re: Wednesday Open Thread (none / 0)

but providing the bonuses isn't really about doing their duty for the shareholders. the bonus system is an internal stitch up for the plutocrat club members.

the people at pension funds(a) and other investment groups who vote for bonuses at banks(b) are people who get bonuses themselves, probably voted upon by the very people who they voted for. Scratch my back and I'll scratch yours. It's got nothing to do with shareholder value.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Wed Dec 2nd, 2009 at 01:48:20 PM EST
[ Parent ]

Re: Wednesday Open Thread (none / 0)

No, they believe that bonuses are necessary motivators and just rewards. It's just easy to believe that when you and your friends are the ones getting them.

by Colman (colman at eurotrib.com) on Wed Dec 2nd, 2009 at 02:43:05 PM EST
[ Parent ]

Re: Wednesday Open Thread (none / 0)

Maybe they do, but you can still believe in bonuses as motivators and not have the situation where non-trivial percentages of bank profit are delivered as bonuses to the few instead of to shareholders. My description explains how that current runaway situation evolved.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Wed Dec 2nd, 2009 at 02:56:07 PM EST
[ Parent ]

Wednesday Open Thread | 74 comments (74 topical, 0 editorial, 0 hidden)

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