Chillin' out till it needs to be funded
This is an undesigned prequel to the Bonus debate, as I was about to priorities the next paper between the TBTF Umbrella from Basel to Volcker and the post bailout bonus saga. Look what the Londoners found before i could cross the pond:
Environmental and human rights campaigners have launched a fresh legal attack on the Government’s multibillion-pound bailout of Royal Bank of Scotland.
The World Development Movement (WDM), together with PLATFORM and People and Planet, yesterday served the Treasury with an application to the High Court, challenging last November’s decision to provide a further £25bn of public money to the company.
The campaigners have based their legal attack on Treasury guidance that (asks to evaluate) the likely impact that proposed spending will have on human rights and the environment has to be performed before committing funds. This, they say, was not done in the case of RBS, which they have sharply criticised for its record in providing money for “harmful projects” conducted by players in the natural resources sector.
Rather reads like one of the ‘newer’ Police Detectives like Bosch at work in the Queens Isles. Thankfully, otherwise we could have discussed still older reasons. At this stage it looks unlikely that RBS can be distracted from its charter in the UK with HBOS or the Six nations Rugby that it proudly sponsors.
Maybe torts can be modified in a couple of years and made uniform across the G8, the G20 and even the rest at Davos!
I may not have many surveys to back it up but in another 6 months except for the Financial Crisis Inquiry Commission no one would remember an adverse reputation for these banks. Unfortunately you still find the bankers leaning towards the nonchalant unaware dibs with suits, Sitting out, it looks as if it could easily happen again just to prove a point.
Here’s the payroll tax to be applied:
Specifically, a Taxable Company will be charged to the bank payroll tax on the aggregate of the amounts of “Chargeable Relevant Remuneration” awarded to or in respect of its “Relevant Banking Employees” in the chargeable period at the rate of 50%. Chargeable Relevant Remuneration is the amount by which “Relevant Remuneration” awarded to or in respect of a Relevant Banking Employee exceeds £25,000.
Source: HM Revenue and Customs
Thus Deutsche Bank for example is paying GBP 450m in bonuses over and above all bonuses less than or equal to GBP25K rounding it to a likely GBP 750 m in bonuses Even at current lows for the Euro, it is in $ billions..and Deutsche Bank and payout recipient PNC / Morgan Stanley are paying a high 90-95% in stock