The Nazis tried to destroy the City once before you know

 

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They didn\’t succeed, as we know. But they\’re having another go.

Austrian centre-right MEP Othmar Karas has called for an end to massive bankers\’ bonuses, which in some cases amount to 10 times the basic salary.

\”We are looking at a set limit,\” Karas told the parliament\’s economic affairs committee in Brussels on Thursday (12 April). He explained that under his model, bonuses should not surpass a ratio of one-to-one on fixed salaries.

How did we get into this situation? Where the son in law of some fucking Nazi gets to decide how English companies, in England, are allowed to contract with their staff?

What the hell\’s it got to do with him?

Can we leave yet?

15 comments on “The Nazis tried to destroy the City once before you know

  1. Hardly.

    As even that bastion of wrong right-on-ness, Wikipedia, says: “It states: “As an online discussion grows longer, the probability of a comparison involving Nazis or Hitler approaches 1.”[2][3] In other words, Godwin observed that, given enough time, in any online discussion—regardless of topic or scope—someone inevitably criticizes some point made in the discussion by comparing it to beliefs held by Hitler and the Nazis.”

    Stating the fact that someone is related to a Nazi doesn’t fall within that definition.

    Wikipedia even goes on to say: “It is considered poor form to raise such a comparison arbitrarily with the motive of ending the thread. There is a widely recognized corollary that any such ulterior-motive invocation of Godwin’s law will be unsuccessful.[9]”

  2. Tim, you overlook the key point with the EU proposals is the massive unintended consequences they will have. Essentially they seek to limit bonus to no more than the total fixed salary of the employee.

    So what is likely to be the result of that action. Well the starting point will be a massive rise in salaries. What will that do for incentives. Well if you have no skin in the game you are unlikely to care about results are you.

    I personally agree that the incentive structures are flawed as many who got massive bonusses during the good times selling CDOs which turned out to be worthless got to keep the money despite those trades turning out to be pretty crappy.

    There does need to be some way of aligning pay with performance but I agree this is just moronic nonsenses from idiots.

  3. Courtesy of being bosses of the EU, there is something of a resurgence from the Germanics in trying again by a different route.

    When Angela Merkel last visited Greece she rolled up at Immigration, who checked her passport. “Thank you” said the Greek official. “Occupation?”

    “No”, said Merkel. “Just visiting for a day or two”.

    Not the funniest joke ever, but illustrates a point, I feel.

  4. As OO says, restricting bonuses is absurd: banks would certainly respond by increasing salaries. I’ve yet to hear an argument as to why it would be a good thing to reduce flexibility in bank operating costs.

    However, it does seem unfair to blame a man for something his wife’s father did before she was born.

  5. PaulB – “However, it does seem unfair to blame a man for something his wife’s father did before she was born.”

    True but there is also decades of unrepentant lying to consider. Much of which took place while this man was alive. Some of which he may have been involved in.

  6. Our least favourite Frenchman is definitely on the low end of his cycle today (or he’s just forgotten the correct lithium / Prozac ratio.) Perhaps a weekend’s busking will help centre him enough to help him make sense come Monday.

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