Financial matters

[Fester]

I see that scrotum, Richard Branson, has got his hands on The Northern Rock Bank... on the cheap.

No, actually, thats not quite right is it?  He's got his hands on only the nice, juicy profitable bit.
The bit that was hived off, (The Toxic Bank) is worthless, and still owned by us, the tax payer.

The net loss to us, the tax payer, is will be anywhere between £400m to £600m.

Why now?  Why did the Govt sell now? before the public debt had been repaid?
Is it so we can divert the money raised directly to Italy or Greece, to shore up a currency we never joined?

[Bri Roberts]

Correct and he will also own all the branches presumably with their freeholds.

[TheMedz]

I thought the amusing price of £747 (oh how we laughed!) million from the former Airline owner also stank

[mull]

Branson knows how to work the system. Look how many £millions Virgin Rail has made out of  taxpayers since rail privatisation.

 

[DaveR]

It's not really correct to say the taxpayer has taken a loss on the deal. The price paid was at a higher p/e than the quoted banking sector. In addition, the Govt has made substantial profits from the 'toxic loans' which are still owned by us, greater than the loss incurred on the sale of Northern Rock.

[Merddin Emrys]

I have no problem with Richard Branson, whats wrong with being very successful?  We could do with more like him and less of those 'anti capitalists'!

[mull]

I take it as a taxpayer that you dont mind pouring your money into Bransons pocket because that is what has been happening for the last 15/20 years.

 

[Merddin Emrys]

very little of my money would have gone in that direction!

[Fester]

I have no problem with Richard Branson, whats wrong with being very successful?  We could do with more like him and less of those 'anti capitalists'!

He has been proved to be a most appalling hypocrite, many times over the years.

I have no problem with Capitalism or success, (I admire Alan Sugar a lot), I just find Branson entirely distasteful

[Merddin Emrys]

But he brought us 'Tubular Bells' by Mike Oldfield, which I bought when it came out in 73  D)

[Fester]

It really annoys me that Mr Hester, the CEO of The Royal Bank of Scotland has been FORCED to forego his bonus.

Story here.. http://www.bbc.co.uk/news/uk-16783571

Ye, there are many greedy and untalented traders who have lned thier pockets, but this guy was brought in to rebuild a damaged institution, and did so.
He has fulfilled his brief, achieved rigorous targets and protected many thousands of jobs.

Why should it be that he can be politically bullied by the Govt and the media in this way?
If I were him I would sod off to America and earn FIVE times what RBS pay him.
This is why we cannot attract the best business brains to the UK.

[Ian]

He has fulfilled his brief, achieved rigorous targets and protected many thousands of jobs.

But doesn't he get paid to do that?

[DaveR]

Wasn't the bonus an integral part of his contractual remuneration?

[dingo20]

HMRC have announced that they have extended the 31st January 2012 deadline for receipt of 2011 Tax Returns due to proposed strike action with their call centre workers. A statement on the HMRC press section read as follows:

To make sure our customers are not disadvantaged if they cannot get through to HMRC's call centres on 31 January, we will not impose any late filing penalties for people who file their Self Assessment returns on 1 and 2 February.

The Self Assessment deadline remains midnight on 31 January. But HMRC will treat all returns that come in by midnight on 2 February as though they were submitted by 31 January. No customer will have to pay interest on payments due on 31 January that are paid on 1 or 2 February.

Acting Director General Personal Tax, Stephen Banyard, said: “We’ve always been very clear that we want the returns – not the penalties. For that reason, we don’t want anyone who can’t get through for help and advice on 31 January to be disadvantaged in any way.”

 

[Fester]

Wasn't the bonus an integral part of his contractual remuneration?

YES!
Steven Hester is a Banker, not a charity worker.. and if I were him I would tell the Govt where to stuff their job.
He will have no chance of getting his RIGHTFUL bonus in future years as the left wing 'mob-rule' will simply snuff it out once more.
Analysts and commentators are agreed that he has done a great job, and for that the Govt have treated him appallingly.

Today, the govt has SAVED £1m, (actually its £500k as he would have paid that much in tax straight back to HMRC)
But, I fear it will cost BILLIONS as share prices fall, pension funds suffer, and any high calibre executive will never EVER work to assist Govt institutions ever again.