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TOPIC: Bankers 'Struggling' To Live On £500,000-A-Year

Bankers 'Struggling' To Live On £500,000-A-Year 12 Oct 2013 22:52 #1

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Many bankers have been struggling to keep up their standard of living on salaries as high as £500,000-a-year due to their bonuses not increasing as quickly as they expected.

Richard Kingdon, an addiction counsellor based in the City of London, told the Huffington Post UK that the bankers would be struggling on £500,000-a-year as "they've got no common sense".

"People in the City are spending £50,000 on a weekend with prostitutes, gambling, and cocaine so why wouldn't they get into trouble? A lot of them have taken big hits because they've not got their bonuses. A lot of them are pissed off."

A head of HR at one British bank told efinancialcareers.com, speaking anonymously: “Our mid-ranking people are struggling. If you’re earning less than £500k, it’s very difficult to buy a house in central London and to pay school fees for several children."

Kingdon, who works at City Beacon, told HuffPostUK: "Many of my clients have no qualms about spending twenty to thirty grand on holidays, cars, designer clothes and much more on school fees."

Bankers enjoyed a bonus pool of nearly £4 billion in April, marketing an 82.2% rise (£1.857 billion) over last year, according to official data from the Office for National Statistics. George Osborne has launched a legal challenge against an EU bank bonus cap, with the Bank of England concerned that it could breach some bankers' human rights.

One banker complained: “My guy who borrowed £750k has seen his compensation coming down year-after-year. It’s very hard for him – he’s spending a significant proportion of his income servicing that debt.

Bankers working in the City of London on £500,000 would be earning nearly 20 times the average UK salary of £26,000. The UK has more millionaire bankers than the rest of the EU combined.

The concern about mid-ranking bankers suffering on just £500,000 comes as the chancellor tried to help the Royal Bank of Scotland dodge a £471,000 salary cap. By comparison, new RBS chief executive Ross McEwan gets an annual salary of £1 million-a-year.

www.huffingtonpost.co.uk/2013/10/10/bankers-salary_n_4076310.html

These people are obviously deeply unwell. Anyone struggling to get by on £50k is obviously incapable of looking after themselves, let alone £500,000

I think we desperately need to cull these fuckwits for the good of the species. Or at least sterilise them so they can't breed. Yes I know Hitler did that shit, but in this instance I think it's justified.
No War But The Class War
Last Edit: 12 Oct 2013 22:53 by Chuck Random.
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Bankers 'Struggling' To Live On £500,000-A-Year 13 Oct 2013 00:50 #2

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The have been selected to be that way.
They are selected from an education system that requires training to the exam, not general knowledge but the exam which requires the use of specific statements not understanding of the subject. Those that can ingest material and divulge it quickly without contemplating it are then given status of being told they are the best, this process is repeated infinitum until they are driven. They seek short term rewards for goals set by others, without questioning. Those which are most suited are selected by the banks and trading firms of the city to pursue the objectives of the firms without questioning in return for monetary reward. Even then this reward has to be so shiny that they are not distracted from the task.
This should not be surprising some of the Emperor's slaves were the richest men in Rome.
Last Edit: 13 Oct 2013 00:51 by jonb.
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Bankers 'Struggling' To Live On £500,000-A-Year 13 Oct 2013 05:21 #3

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You know when I was a first year apprentice painter I struggled to get by on $11 an hour despite that being about $4 above minimum wage. I still struggle as a journeyman making double that pay. If you are getting 5000 a week you get more bills to pay. Capitalism just works that way. Mortgage is more, car payments etc all cost more and if you live in a richer area the cost of living in that area is higher.
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Bankers 'Struggling' To Live On £500,000-A-Year 13 Oct 2013 09:08 #4

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i-baster wrote:
You know when I was a first year apprentice painter I struggled to get by on $11 an hour despite that being about $4 above minimum wage. I still struggle as a journeyman making double that pay. If you are getting 5000 a week you get more bills to pay. Capitalism just works that way. Mortgage is more, car payments etc all cost more and if you live in a richer area the cost of living in that area is higher.

I understand what you're saying and your lifestyle does tend to fit around your income.

But ultimately, I'm not interested in making excuses for these scumbags. They're some of the people who have a direct hand in the poverty of others. They actively perpetuate the current system of enriching the wealthy at the expense of the poor and earn a vast amount more than ordinarily people while they're at it.. And then they have the fucking cheek to complain about being hard done to. I'm a hardliner. I think they're scum and if I had a choice of saving one of them or a cockroach from a burning building, I would honour the insect gods.
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Bankers 'Struggling' To Live On £500,000-A-Year 13 Oct 2013 09:21 #5

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Chuck that is the problem, you are associating the action and the man. By saying that person is inextricably intertwined with their action, you are denying the possibility of education, and as such socialism.The tribal view of these people on my side those people bad is in many ways the largest impediment to the ends you seem to wish for.
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Bankers 'Struggling' To Live On £500,000-A-Year 13 Oct 2013 13:24 #6

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jonb wrote:
Chuck that is the problem, you are associating the action and the man. By saying that person is inextricably intertwined with their action, you are denying the possibility of education, and as such socialism.The tribal view of these people on my side those people bad is in many ways the largest impediment to the ends you seem to wish for.

In general terms, your line of thinking is one I would typically agree with.

But on the other hand, the slave pondering if the plantation owner may one day be receptive to re-examining their thoughts about human rights may be rather naive. A class war is already being waged and one side is winning it, making huge advances into enemy territory whilst their opponents are frequently waging civil war upon one another. There is very much an us and them. And we didn't decide it was going to be that way in the first place.
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Bankers 'Struggling' To Live On £500,000-A-Year 13 Oct 2013 15:11 #7

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To use your analogy; we are not talking about the owners, but is it not more like we are in the field and blaming the house slaves.
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Bankers 'Struggling' To Live On £500,000-A-Year 13 Oct 2013 18:23 #8

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jonb wrote:
To use your analogy; we are not talking about the owners, but is it not more like we are in the field and blaming the house slaves.

Well yes perhaps the trustees/kapos. Or, to borrow a phrase from Ward Churchill, "little Eichmanns".
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Bankers 'Struggling' To Live On £500,000-A-Year 13 Oct 2013 18:28 #9

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We are pretty much all playing the game but some of us have better cards. There are rich people who use their money for "good" but it could be argued that since they are still playing that game then to hell with them. But where does that leave us and what is the answer?
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Bankers 'Struggling' To Live On £500,000-A-Year 13 Oct 2013 20:11 #10

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i-baster wrote:
We are pretty much all playing the game but some of us have better cards. There are rich people who use their money for "good" but it could be argued that since they are still playing that game then to hell with them. But where does that leave us and what is the answer?

Depends what you mean by "using their money for good".
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Bankers 'Struggling' To Live On £500,000-A-Year 14 Oct 2013 00:12 #11

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Chuck Random wrote:
jonb wrote:
To use your analogy; we are not talking about the owners, but is it not more like we are in the field and blaming the house slaves.

Well yes perhaps the trustees/kapos. Or, to borrow a phrase from Ward Churchill, "little Eichmanns".

Yes but from the perspective of somebody in the third world, us bright young things with the time to play about on the net with our expensive shiny computers, aren't we all "little Eichmanns"?
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Bankers 'Struggling' To Live On £500,000-A-Year 14 Oct 2013 01:03 #12

I have a few thoughts on this, one if we lobby government to tax high earners more, 60-70% they will be forced to downsize their lifestyles stop spending so frivolously etc.

You see this across the board whereby children are furnished with every emerging commodity upon it's arrival, regardless of their overall interests, artist, animal lover, muscian, businessman, executive, their cultural proclivities and what they create become of secondary importance to what they buy.

Fine learn the saxophone but you will be a better saxophonist if you don't get an I pod to constantly listen to other people playing music, if you want to be an artist great but you wil be an inferior artist if you're furnished with laptops and ipods turning your waking life into a superficial process of representing the image of being artistic instead of actually doing work, if you want to be learned that's great I'll buy you the best education available, but you won't have mind numbing computer games or a television with which to distract your childish instincts.
Kingdon, who works at City Beacon, told HuffPostUK: "Many of my clients have no qualms about spending twenty to thirty grand on holidays, cars, designer clothes and much more on school fees."

People should have more conviction in their choices, especially what they consume and produce, the way things are for people "of money", the whole world it's opportunities and experiences opened completely to the market, the availability of "everything", makes the whole purpose of it all a sort of self indulgent, process of attainment, the commodity isn't enjoyed for a long period before it has to be augmented or replaced, nothing is mastered, who has the time to master things, interests aren't substantial and the process of production has come to reflect this.

Holidays are a scourge :chuckle:
...Molti nemici molto onore...
Last Edit: 14 Oct 2013 01:05 by Ultimate Seeker ™.
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Bankers 'Struggling' To Live On £500,000-A-Year 14 Oct 2013 01:17 #13

I think bankers may need to be brought back in to society, their money is outsourced to multinationals, foreign land owners, car dealers, realters etcetera, Thatcherism encouraged people to turn their back on society, the public good, even their own communities and culture, encouraged them to look to US and Japanese commodities for fulfilment.

Friends came to be the most popular sitcom in Britain for a time.

If the bankers were smart they would reinvest their money innovatively in their local communities and the countries they live, but instead , designer clothing labels, rolex, Mercedes Benz and Ferrari get the benefit of all that wealth, it can't be fulfilling to know your hard earned money is just being frittered away on fickle trends and commodities the use value of will disintegrate in decades your legacy in a rubbish landfill site.

The also tend to buy huge houses in the middle of nowhere, it's seen as a mark of achievement to be able to separate oneself from the mass of people, the further the better, the longer your driveway the bigger your status :D
...Molti nemici molto onore...
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Bankers 'Struggling' To Live On £500,000-A-Year 14 Oct 2013 01:31 #14

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Reducing tax isn't the answer reducing wages is what's needed to bring about a parity both domestically and internationally. The best thing that could happen would be a devaluation in western economies which equals out the price of labour and good. None productive jobs should not yield high salaries which do not reflect the labour required in more manual and socially beneficial jobs. Footballer, Doctors and Solicitors should not have pay scales as excessively unbalanced with the general population as is the case these days.

People using digital technology are just as productive and it's arguable that they can be more productive as undo features etc. increase the ability to experiment and expand on artistic expression. A musician listening to music gets inspiration just as an artist exposed to the stimulation of images becomes creative. So your premise doesn't stand up to scrutiny.

David Revoy is an accomplished French artist in the digital domain who only uses Free (as in freedom) Open Source software. He is just one example there are hundreds more like him.

There are no free markets it's an illusion and people are taught to consume and what they should be consuming. This has been the case since Edward Bernays started the ball rolling. A reform of the State education system would fix that problem in one generation. A true free market system would enhance the interactions with in the area of supply and demand. Which would become more dynamic reaching a greater state of flux responding to organic growth and retraction within markets.

"Whenever you're in conflict with someone, there is one factor that can make the difference between damaging your relationship and deepening it. That factor is attitude." William James
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Bankers 'Struggling' To Live On £500,000-A-Year 14 Oct 2013 01:34 #15

I disagree that the solution to capitalism is more capitalism, purer and more directly to the vein.
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Last Edit: 14 Oct 2013 01:36 by Ultimate Seeker ™.
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Bankers 'Struggling' To Live On £500,000-A-Year 14 Oct 2013 01:58 #16

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Ultimate Seeker ™ wrote:
I disagree that the solution to capitalism is more capitalism, purer and more directly to the vein.

Of course you wouldn't agree because you support the Marxist Federal Europe which sees people as a harmonised mass of meat and bones making up a human resource to exploit and rule over. Capitalism as it has been engineered is not a free market it's a manipulated market which is free to a privilege few to exploit. An organic free market wouldn't be open to exploitation because the manipulative elements would be removed and businesses would be competing on a level field. People should be directly responsible for their own actions and the local community around them, which will ripple out to the wider community. People don't need control systems we simply need a just and fair society to operate in nothing more and nothing less!

"Whenever you're in conflict with someone, there is one factor that can make the difference between damaging your relationship and deepening it. That factor is attitude." William James
Last Edit: 14 Oct 2013 02:00 by Frog.
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Bankers 'Struggling' To Live On £500,000-A-Year 15 Oct 2013 13:44 #17

Frog wrote:
Ultimate Seeker ™ wrote:
I disagree that the solution to capitalism is more capitalism, purer and more directly to the vein.

Of course you wouldn't agree because you support the Marxist Federal Europe which sees people as a harmonised mass of meat and bones making up a human resource to exploit and rule over.
I wish the EU was Marxist I really do unfortunately it's bourgeois and reformist, not Marxist.
As such I don't support it I merely retain balance and see both sides for what they are.
Capitalism as it has been engineered is not a free market it's a manipulated market which is free to a privilege few to exploit. An organic free market wouldn't be open to exploitation because the manipulative elements would be removed and businesses would be competing on a level field.
Who owns the fields, how do you propose manipulative elements "would be removed" if not by government or legislation?

I see a lot of high taxation on the very richest as being a potential weapon to discourage exploitation, if there were people using their wealth to dominate ownership they would be taxed and their wealth distributed to the people they exploit, or they would be forced to consider their position here and fuck off.

I'd prefer immigrants anyday of the week from every country to some of these landed gentry, bourgeoisie, industrialists, blue bloods, lords and financial capitalists, at least immigrants contribute something to society :)
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Bankers 'Struggling' To Live On £500,000-A-Year 16 Oct 2013 07:50 #18

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Frog wrote:
Ultimate Seeker ™ wrote:
I disagree that the solution to capitalism is more capitalism, purer and more directly to the vein.

Of course you wouldn't agree because you support the Marxist Federal Europe which sees people as a harmonised mass of meat and bones making up a human resource to exploit and rule over. Capitalism as it has been engineered is not a free market it's a manipulated market which is free to a privilege few to exploit. An organic free market wouldn't be open to exploitation because the manipulative elements would be removed and businesses would be competing on a level field. People should be directly responsible for their own actions and the local community around them, which will ripple out to the wider community. People don't need control systems we simply need a just and fair society to operate in nothing more and nothing less!

Why do you want to perpetuate the capitalist dogma of competitive markets? Why should we compete when it is far more rational to cooperate? How does this 'level playing field' perpetuate in a society still predicated on competing against one another for profit? What we have now is actually only not far worse because capitalism has been regulated to some degree. Unrestrained capitalism is the Hobbesian war of each against all. At the very core of capitalism is the notion that my profit comes before all else. These cheery unrestrained free markets of happy people can never and will never happen.

Unrestrained capitalism would always totally manipulate any system. It makes sense to do so because it gives you a competitive advantage. Capitalism is inevitably exploitative because it will always want to extract the maximum profit from labour power. Capitalism cannot function without exploitation.
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Last Edit: 16 Oct 2013 07:53 by Chuck Random.
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Bankers 'Struggling' To Live On £500,000-A-Year 16 Oct 2013 12:12 #19

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The problem for me is that we tie the debate to be trapped between two opposing camps forcing a choice, either the individual is subsumed into a community where the importance is seen that the individual must contort themselves to fit to the common good, or no community at all just individuals fighting each other for personal advancement.
To me either of these alternates are a bleak prospects, and in truth neither of these extremes is ever going to be workable, because simply humans don't behave that way.
In a free market individuals will always group together and rig the markets to their own ends, we see in every capitalist society force being used to limit the power of unions, and depending on the level of corruption laws to try to stop cartels and monopolies. In truth what are called capitalist economies are no more than a philosophical justification for those in control of resources retaining that control. And conversely socialism is no more than a banner for many people who do not like how they have lost out to become the new ones in control.
One has only to look at the voices on this forum to see how people purporting to be of the left grouped together to exclude individuals that were seen not be be on their side in S Z to see that ideas of a pure unified community is just so much pie in the sky.
No the arguments of one side or the other do not work they are no more than philosophical amusements that have nothing to do with the real world.
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Bankers 'Struggling' To Live On £500,000-A-Year 16 Oct 2013 12:32 #20

The problem for me is that we tie the debate to be trapped between two opposing camps forcing a choice, either the individual is subsumed into a community where the importance is seen that the individual must contort themselves to fit to the common good, or no community at all just individuals fighting each other for personal advancement.
To me either of these alternates are a bleak prospects, and in truth neither of these extremes is ever going to be workable, because simply humans don't behave that way.
It comes down to a choice between events which have happened; where it is deemed "in the public interest" to "save" the banking industry, we could argue whether or not it actually was, I'd err on the side of agreement with that policy in theory, but in the end we've seen the ultimate benefit goes to the private individuals who were involved in the failures of the banks in the first place.

What the EU is talking about is Taxing bankers:
Member States and their citizens want to ensure that the financial sector makes a fair and substantial contribution to public finances. Moreover, the sector should pay back at least part of what the European tax payers have pre-financed in the context of the bank rescue operations
ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/
and clamping down on "manipulative" negative elements:
The European Union has called on Switzerland to agree to swift and unconditional negotiations on the introduction of an automatic exchange of banking information – doing away with banking secrecy to crack down on tax evasion by foreign asset holders.

“It is widely accepted that the era of banking secrecy is over. Resisting the clear international trends for more transparency and information sharing is pointless,” EU tax commissioner Algirdas Semeta told journalists following talks with Swiss finance minister, Eveline Widmer-Schlumpf, in the Bern on Monday.
www.swissinfo.ch/eng/politics/EU_plays_tough_ahead_of_tax_talks_with_Swiss.html?cid=36174828
...Molti nemici molto onore...
Last Edit: 16 Oct 2013 12:33 by Ultimate Seeker ™.
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