Re: Thank you very much Natwest!
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Ducatista, not so sure RBS (Nat West) customers would agree with you on that one.
Well I did say investors not customers (and I meant the ones who have clout) but we'll have to see.
Unfortunately ordinary tax payers have no say in what happens at RBS and I agree the government should have done more in our name.
My guess is that we won't suddenly see loads of jobs coming back to the UK but I'd be absolutely delighted to be wrong about that.
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Not after any compensation per say Duc
Obviously it's not cheaper when it all goes wrong big time.
The fall out from this is massive for RBS.
However I still think investors (with clout), board members, CFO's will still chose to offshore as it's 1/5th of the price, but will now put more safeguards in place.
No-one would be more delighted than me to be proved wrong about that as I spend my days sorting out the issues with less experienced s/w professionals in India.
Just because it's gone wrong once albeit big time doesn't mean the whole idea is a write off.
If that were true none of us would ever get in a car, plane, bike, boat etc.
I really don't think the clock is going to be turned back, but as I say I'd be delighted to be wrong in this case.
Re: Thank you very much Natwest!
Ducatista, apologies for harping-on a bit on this topic, I know you are right, but that is the very reason I feel so angry – we are the main investors of the RBS and yet we don’t have a say. Our elected representatives who forked out our hard-earned can't even influence top brass pay awards at the bank.
That has to change IMHO. >:( >:( >:(
Re: Thank you very much Natwest!
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we are the main investors of the RBS and yet we don’t have a say
I totally agree with you.
The first example of this was bonuses, where we bailed out the banks but the top staff got huge bonuses. When the government did the deal they should have put agreements in place on lending, bonuses, jobs etc.
We did have someone capable i.e. Vince Cable, but unfortunately just before he was going to confront the banks he was put out of action. Now I'm not a conpsiracy theorist, but that's one I'd go for. I'm a NatWest customer and a taxpayer and I spend my time polishing t***ds from India, so you have no need to apologise.
I just don't think the clock will get turned back. We're more likely to get assurance of more safeguards put in place so it can't happen again.
If something went wrong with your bike would you scrap it and buy one 5 times as expensive, or would you look to fix the problem?
Re: Thank you very much Natwest!
With respect Ducatista, your question is a bit too simplistic as I put up the cash for my bike; I am only accountable to myself.
That is not the case with RBS – there would be no such choice to be made at the bank if it were not for the generosity of the UK taxpayer.
The taxpayer cannot be expected to fork out £billions without expecting some kind of democratic accountability in return.
Re: Thank you very much Natwest!
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The taxpayer cannot be expected to fork out £billions without expecting some kind of democratic accountability in return.
I agree completely with that statement.
I don't however think that everyone would vote for paying 5 times the price for wages.
We may have to agree to disagree on that one, but my experience is that people generally don't chose to pay 5 times the price for something.
Re: Thank you very much Natwest!
I am happy to agree to disagree on this one – if a poll was conducted asking the British taxpayer (main investor) whether or not he/she thinks the RBS subsidised jobs should stay in the UK, I know where I’d place my money.
Re: Thank you very much Natwest!
The consequence of that decision would be a bank with costs that are 5 times the costs of other banks, probably higher if you add in all the bits that don't happen in India like pension benefits, sick pay etc.
That means simply subsidizing that bank forever out of the taxpayer pocket.
Whilst I agree with you about "some kind" of democratic accountability I don't think you will ever get the scenario of millions of investors getting to vote on issues about how to run the business.
It's simply not going to happen.
Ordinary investors do not get that kind of power and thank goodness as they don't understand the issues.
Re: Thank you very much Natwest!
I was in Mumbai on Sunday.
Utter f**king chaos doesn't even come close to describing the way things work out there.
We are regressing. Everything is now 'short term' and 'let the next generation/government/contractor deal with it'
The only consistency is that we the end user always loses out.
On my flight back from India I happened to watch Capitalism by Michael Moore. I know he's a sanctimonious prick but he had some very valid points about bowing to the needs of share holders and corporations.
Re: Thank you very much Natwest!
Unfortunately the alternatives to Capitalism are much worse, so whilst it's not perfect we have a lot of freedom, choice and democracy to be thankful for.
Re: Thank you very much Natwest!
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Originally Posted by Ducatista
Unfortunately the alternatives to Capitalism are much worse, so whilst it's not perfect we have a lot of freedom, choice and democracy to be thankful for.
You should watch the film. Capitalism and democracy are 2 completely different things and rarely go together.
