Paul
Platinum Member
TBH I am quite tired of this discussion, I am as annoyed as most at the bonuses SOME in the banking sector get and I work in it myself. Just because some tool higher up the ladder gets millions for doing little, doesn't mean we all do. I have got 3.5% as a bonus this year and that above average for my dept. as recognition of extra efforts, it is very disproportionate. As a comparison Waitrose is handing out 15% to every one of their employees.
The reasons why it all went 'tits up' are many; the american market was over staurated and the bubble burst - this caused everyone to probe into other countries, the media jumped on board and sensationalised a handful of stories into more than they were. One or two British banks were lending out of their depth and as a result were gaining massive market share, forcing others to follow suit. Some of these (Northern Rock et al.) then suffered, badly. This led to investors withdrawing billions of £££ of shares from banking in general thus meaning they were no longer in a position to cover the lending they had given out previously. Hence the government bailing out.
Couple that with people that lied about what they could afford to borrow, taking out credit to pay their mortgage repayments etc etc etc etc...... You end up in the position we are currently in.
Apologies for the rant but don't believe everything in the media.
The reasons why it all went 'tits up' are many; the american market was over staurated and the bubble burst - this caused everyone to probe into other countries, the media jumped on board and sensationalised a handful of stories into more than they were. One or two British banks were lending out of their depth and as a result were gaining massive market share, forcing others to follow suit. Some of these (Northern Rock et al.) then suffered, badly. This led to investors withdrawing billions of £££ of shares from banking in general thus meaning they were no longer in a position to cover the lending they had given out previously. Hence the government bailing out.
Couple that with people that lied about what they could afford to borrow, taking out credit to pay their mortgage repayments etc etc etc etc...... You end up in the position we are currently in.
Apologies for the rant but don't believe everything in the media.