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sarahbell

Bonuses

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Just now, dgul said:

I'm a big fan of capitalism -- so it's a shame we've got this strange planned economy that seems to delight in handing out cash from the poor to the favoured.

How many help to buy houses have they sold with govt help?

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1 minute ago, sarahbell said:

How many help to buy houses have they sold with govt help?

Well, all of them, duh...  

But the question is 'how many houses has everyone sold with govt help'.  The answer to that is probably also pretty much all of them.  Gravity will catch up, eventually.

Edited by dgul

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4 minutes ago, sarahbell said:

How many help to buy houses have they sold with govt help?

I was intrigued by that too, because the hack who posted the video seems to think a lot of new builds sold are via HTB.

Because Persimmon builds homes for first time buyers who can only afford a house through the government help to buy scheme. So tax payers are indirectly funding his mega bonus. Also if you earn that much - man up and answer the question.

Per my back of fag packet maths it's about 25% use HTB.

The government could have put various clauses on to prevent excessive bonuses based on public money, it isn't really his fault that they didn't. Not that I think anyone needs £75M bonus.

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Good luck to him, not his fault the LIBCON govt have decided to send house prices to utterly insane levels with taxpayers money ... notice the Labour party are saying fuck all on this as theyre in on the rigging.

Hes an idiot going on TV, should be on a beach somewhere enjoying his taxpayer funded lottery win and kept under the radar ... as Fred the Shred has.

Edited by Banned

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8 minutes ago, spunko said:

I was intrigued by that too, because the hack who posted the video seems to think a lot of new builds sold are via HTB.

Because Persimmon builds homes for first time buyers who can only afford a house through the government help to buy scheme. So tax payers are indirectly funding his mega bonus. Also if you earn that much - man up and answer the question.

Per my back of fag packet maths it's about 25% use HTB.

The government could have put various clauses on to prevent excessive bonuses based on public money, it isn't really his fault that they didn't. Not that I think anyone needs £75M bonus.

But those sales have supported the entire housing market.  It is doubtful that the housing economy would be at all healthy without it.

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1 minute ago, dgul said:

But those sales have supported the entire housing market.  It is doubtful that the housing economy would be at all healthy without it.

Indeed, but then he wouldn't be receiving a £75M bonus if the housing market wasn't healthy. The government propped up the housing market with public money, put the UK in billions / trillions of debt and people get angry that a housebuilder is paying its CEO a lot of money for building some houses, rather than being angry at the politicians who agreed to it all.

Of course these housebuilders spend millions lobbying for preferential treatment , the government is stupid enough to listen to them, so whose fault is it.

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It was the board that agreed the bonus structure too, although I understand it was prior to HTB. Even so, you would think he might have thought to of put a cap on the bonus himself as to not become enemy number one and bring all the attention onto themselves. 

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2 minutes ago, spunko said:

Indeed, but then he wouldn't be receiving a £75M bonus if the housing market wasn't healthy. The government propped up the housing market with public money, put the UK in billions / trillions of debt and people get angry that a housebuilder is paying its CEO a lot of money for building some houses, rather than being angry at the politicians who agreed to it all.

Of course these housebuilders spend millions lobbying for preferential treatment , the government is stupid enough to listen to them, so whose fault is it.

Yeah but if anyone ever tries to suggest we should fund politics publicly, ban all other money entering politics and punish cheats with long prison sentences, everyone moans about paying for the wankers.

What people don't seem to grasp is that if we don't pay, someone else can and will buy favours by paying.

 

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20 minutes ago, spunko said:

Of course these housebuilders spend millions lobbying for preferential treatment , the government is stupid enough to listen to them, so whose fault is it.

They don't need to spend millions.

They are invited to Downing Street very frequently - and are often asked to sit on various committee thingys.

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22 minutes ago, spunko said:

Indeed, but then he wouldn't be receiving a £75M bonus if the housing market wasn't healthy. The government propped up the housing market with public money, put the UK in billions / trillions of debt and people get angry that a housebuilder is paying its CEO a lot of money for building some houses, rather than being angry at the politicians who agreed to it all.

Of course these housebuilders spend millions lobbying for preferential treatment , the government is stupid enough to listen to them, so whose fault is it.

Doesnt even cost millions more like tens of thousands to price out a 2nd generation.

His was originally 120Mln, but i believe it was about 1bln the shareholders of this company received from the taxpayer this year.

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I don't have a problem with anyone being paid any amount if they are genuinely worth it to the organisation.

His embaressment and reluctance to answer the question is a bit unfortunate..  he should be proud.  Unless he feels he isn't really worth it..  in which case shareholders and members of the boardroom should be telling him to piss off and sling his hook.  

I suspect there are plenty who could do his job for a fraction of that figure.  He should justify what value he is really adding for the organisation.

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29 minutes ago, Libspero said:

I don't have a problem with anyone being paid any amount if they are genuinely worth it to the organisation.

His embaressment and reluctance to answer the question is a bit unfortunate..  he should be proud.  Unless he feels he isn't really worth it..  in which case shareholders and members of the boardroom should be telling him to piss off and sling his hook.  

I suspect there are plenty who could do his job for a fraction of that figure.  He should justify what value he is really adding for the organisation.

As I have alluded to, I used to be good friends with a big building co FD (now MD).

His workload was mental - I thought I worked hard - but 5am starts and midnight finishes were the norm. If his family went on holiday, he would join them for a weekend but still take work.

He had a driver - so that he didn't wast time driving but could continue to work.

And some of the decisions are serious - he decided not to risk a few hundred million + on the main Battersea project - a good decision but takes some nuts to do that when everyone else is piling in.

We used to attend our son's cricket matches together on occasion. Nine times out of ten he would have to wander off to take some urgent call - missing his son's heroic batting or stunning catch. I used to flll him in later so that he could pretend to have seen it.

Yes, he makes a lot of money - but he has given away his life to do so. Even when I was totally skint, I have never envied his position. Hopefully he will live long enough to enjoy his retirement - but he missed his kids' entire childhood.

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22 minutes ago, Cunning Plan said:

Yes, he makes a lot of money - but he has given away his life to do so. Even when I was totally skint, I have never envied his position. Hopefully he will live long enough to enjoy his retirement - but he missed his kids' entire childhood.

I completely believe it,  I have seen similar in our organisation..  most positions paying over 6 figures require 6-8 commitment,  and above that 6 - midnight is the general rule..  plus stress, pressure,  responsibility and accountability.

Personally I couldn't function like that and agree they deserve the salary.  BUT,  £75m does sound excessive to me.  I would have thought £5m per year should be enough for most..  but perhaps I am massively out of touch?

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10 minutes ago, Libspero said:

I completely believe it,  I have seen similar in our organisation..  most positions paying over 6 figures require 6-8 commitment,  and above that 6 - midnight is the general rule..  plus stress, pressure,  responsibility and accountability.

Personally I couldn't function like that and agree they deserve the salary.  BUT,  £75m does sound excessive to me.  I would have thought £5m per year should be enough for most..  but perhaps I am massively out of touch?

The one I am thinking of is on about £1m - but does rack up an awful lot in performance related pay and bonus shares.

PS People will know who he is - please don't name him or he will come up in their company monitoring and he will know who I am.

Edited by Cunning Plan

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2 hours ago, Admiral Pepe said:

It was the board that agreed the bonus structure too, although I understand it was prior to HTB. Even so, you would think he might have thought to of put a cap on the bonus himself as to not become enemy number one and bring all the attention onto themselves. 

In which case they have put him in this position. He should sue them for constructive dismissal as his position is now untenable. A £200m settlement would probably settle it. 

That would tide him over before getting his CEO position at Taylor Wimpey or Barratts. 

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In any event the amount is grossly offensive and hatefully rubbing it all in (indeed to some it will be a "personal affront") but the bobbies won't be around to hIs house or to the houses of the other board members because of its offensiveness, will they - that's only for the little people scraping around for a crust.

 

 

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On the subject of HTB I think it will turn out to be the biggest miss selling ever. Basically you have a basic human need, housing and the government has run it up and up when it should have let there be a correction, all the while knowing it was not sensible, because they needed the illusion of a sound economic base. 

 

I do not blame people for taking HTB but it is going to be interesting when it starts imploding, I am not sure how the government or anyone can argue they did not miss sell people the loans. 

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6 hours ago, shindigger said:

£75 mill bonus for building houses with a 9 foot wide living room.

 

The real problem is that there are thousands of people willing to sign up to eye-watering mortgages to buy these poor quality, undersized little shacks on overcrowded estates.

PS to add that 45% of his bonus will have gone straight back to the taxpayer in income tax, so a bit of a win for the government.

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7 hours ago, Cunning Plan said:

As I have alluded to, I used to be good friends with a big building co FD (now MD).

His workload was mental - I thought I worked hard - but 5am starts and midnight finishes were the norm. If his family went on holiday, he would join them for a weekend but still take work.

He had a driver - so that he didn't wast time driving but could continue to work.

And some of the decisions are serious - he decided not to risk a few hundred million + on the main Battersea project - a good decision but takes some nuts to do that when everyone else is piling in.

We used to attend our son's cricket matches together on occasion. Nine times out of ten he would have to wander off to take some urgent call - missing his son's heroic batting or stunning catch. I used to flll him in later so that he could pretend to have seen it.

Yes, he makes a lot of money - but he has given away his life to do so. Even when I was totally skint, I have never envied his position. Hopefully he will live long enough to enjoy his retirement - but he missed his kids' entire childhood.

Re “giving away his life”, at this level working in the role for 12 Months would set him and his family up for life even after tax.

 

sounds like your mate needs to get his priorities straight..

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