Barclays bank fat cats’ fat bonuses


This is a British satirical video about Barclays bank.

This British video is called Matti Kohonen speaks on Barclays Wealth in the Walking Tour of Jersey’s financial district.

From British daily The Morning Star:

Bankers set to make £380m from sale

Friday 12 June 2009

by Louise Nousratpour

Finance union GMB has hit out at news that Barclays elite stand to make £380 million from the bank’s sale of its fund management arm, calling it “a sign of greed shoots of recovery” in the economy.

More than 400 Barclays staff are to share £380m after the bank agreed to sell Barclays Global Investors to US suitor BlackRock for £8.2 billion.

Barclays president and investment banking boss Bob Diamond will pick up a £22m profit before tax on his stake, having forked out £6m on shares over the past six years.

The deal will also significantly bolster Barclays‘s financial strength, making it “one of the most capitalised banks in the world,” according to the group’s chief executive John Varley.

But news of the banker windfall from the sale drew condemnation from GMB, which is angry that the money, rather than being paid into the pension fund to benefit all staff, is being used to make a few people rich.

“This is the first sign of the ‘greed shoots’ of recovery in the economy,” stormed GMB general secretary Paul Kenny.

“It is worrying evidence that the multimillionaire elite are taking the financial gravy train back on the tracks after the sector had to be bailed out by the taxpayers’ billions,” he added.

Mr Kenny recalled that Mr Diamond was instrumental in bankrolling the private equity elite as they took £300m out of AA/SAGA and left it saddled with £4.8bn of debts just before the crash in 2007.

He called for “an independent royal commission” on the financial sector and the economy, adding: “GMB members are very concerned that lessons have not been learned from the systemic failures that has given rise to this bankers’ recession.”

See also here.

Dutch bankers’ bonuses: here.

Joseph Stiglitz: The US has a huge corporate safety net, allowing the banks to gamble with impunity, but offers little to struggling individuals: here.

Bank accused of undermining stability as staff receive biggest bonus payouts in firm’s 140-year history: here.

5 thoughts on “Barclays bank fat cats’ fat bonuses

  1. CIA seeks laid-off bankers in N.Y. recruitment drive

    Thu Jun 18, 2009 6:50pm EDT

    By Frederick H. Katayama

    NEW YORK (Reuters) – Laid off from Wall Street? The CIA wants you — as long as you can pass a lie detector test and show that you are motivated by service to your country rather than your wallet.

    The Central Intelligence Agency has been advertising for recruits and will be holding interviews on June 22 at a secret location in New York.

    “Economics, finance and business professionals, if the quest for the bottom line is just not enough for you, the Central Intelligence Agency has a mission like no other,” one radio advertisement for the agency says.

    “Join CIA’s directorate of intelligence and be a part of our global mission as an economic or financial analyst. Make a difference in your career and for your nation,” it says.

    Ron Patrick, a spokesman for recruitment and retention at the CIA, told Reuters Television the agency had received several hundred resumes so far from applicants ranging from people just out of graduate school to laid-off bankers.

    “It’s going to be a very different use of their skill set than perhaps they’ve used on Wall Street,” Patrick said.

    Recruits will have to pass rigorous background and medical checks, as well as a polygraph, or lie-detector test.

    Starting salaries range from around $60,000 for a new graduate to $100,000 for somebody with more experience, and top out at $160,000. Generous benefits are included.

    Patrick said the agency would welcome worthy applicants from Wall Street, whose reputation has been tarnished by the financial crisis and revelations of lavish lifestyles and multi-million dollar bonuses at banks blamed for the meltdown.

    “Typically the people that come to the CIA want to serve the government, they want to serve their countries. It’s a different mindset perhaps than serving a company or serving profit as a bottom line,” he said.

    “As long as they can make that attitude switch from profit being the motivator to serving their country, I think they’ll fit in very well with us.”

    (Writing by Claudia Parsons; editing by Paul Simao)

    Like

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