any of you that is criticising Sanusi for taking tough action against bankers must be on something strong. This is the result of the UK government being soft on people like Fred Goodwyn. The recession is not over and they have already started awarding themselves huge bonuses.

The age of the City mega-bonus really is back, according to a survey of bankers which found almost two thirds expect their payout to match or beat last year's package, with one in ten predicting a record windfall.

Having survived the biggest economic downturn since the 1930s, a third of all traders, analysts and fund managers in the City and elsewhere in Europe said they expect a fatter bonus this year, according to a quarterly poll by Bloomberg.

By comparison 40% of Asia's moneymen expect a bigger pay out, while only 30% of American bankers believe their 2009 bonus would be higher than last year.

That suggests President Obama's pay czar Ken Feinberg — who has the job of approving pay rates for executives at bailed out firms — is having some success in his remit of slashing massive pay-outs.

Feinberg claims he had cut overall pay by half and slashed bonuses by 90% for the top 25 executives at state-aided firms including AIG, Citigroup, Bank of America, GM and Chrysler.

The survey of banker attitudes also found that almost half of European financiers believe government attempts to limit compensation will help control financial risk-taking.

By contrast, only 27% of US respondants said that pay cuts would have the desired effect.

http://www.thisislondon.co.uk/standard-business/article-23762632-our-bonuses-are-on-the-up-say-bankers.do

[size=14pt]Obama Says GDP Growth `Affirmation’ Recession Ending[/size]




Oct. 29 (Bloomberg) -- President Barack Obama said U.S. economic growth in the third quarter affirms that the recession is abating, adding that the nation has “a long way to go” to fully recover and bring down the unemployment rate.

Obama said a Commerce Department report that the economy grew at a 3.5 percent pace in the third quarter after shrinking during the previous four quarters is “welcome news and an affirmation that this recession is abating and the steps we’ve taken have made a difference.” It isn’t enough, he added.

“The benchmark I use to measure the strength of our economy is not just whether our GDP is growing, but whether we’re creating jobs, whether families are having an easier time paying their bills, whether our businesses are hiring and doing well,” he said to business leaders on the White House grounds.

Obama and his advisers are seeking to sustain the recovery from the worst recession since the 1930s and boost job growth. The unemployment rate reached a 26-year high on 9.8 percent in September. A continuation of high unemployment would have an effect on midterm congressional elections a little more than a year from now.

Christina Romer, chairwoman of Obama’s Council of Economic Advisers, said earlier that “sustained, robust” growth will be needed to bring the jobless rate down.

Aiding Small Business

To spur hiring by small businesses, the administration last week proposes making community banks with less than $1 billion in assets eligible for lower-cost capital. Obama also is asking Congress to pass legislation raising Small Business Administration loan limits to $5 million from $2 million, and to as much as $5.5 million for manufacturing businesses.

The president also is using the event to promote his drive to overhaul the U.S. health-care system, saying small businesses have been hard hit by the rising cost of insurance premiums.

“The bottom line is that too many Americans like you can’t afford to build the kinds of businesses you’d been hoping to build,” Obama said.

The health-care measures being worked on in Congress will address many of the hurdles faced by small businesses that can’t afford to offer insurance to employers, Obama said.

Democratic leaders in the House earlier today unveiled their version of the health-care legislation, a $894 billion plan to create a government-run health-insurance program, require most employers to cover their workers and impose a new tax on the wealthiest Americans.

The proposals in the House and Senate are facing strong opposition by most Republicans in Congress, who argue they would boost the deficit.

Obama addressed an audience on the White House grounds that included the National Federation of Independent Business, small business owners, and members of the U.S. Chamber of Commerce.

http://www.bloomberg.com/apps/news?pid=20601103&sid=azBlzIz2DG_Q

so recession is ending they can continue stealing money as before ehn?

Stealing whose money? Do you have any proof that the money is being stolen from you?

yes you dummy. i am a shareholder in hsbc.

You are a shareholder in HSBC and you do not know that you ought to be talking to other shareholders to vote against this with you if they want to? You are kidding me here, are you? You do know that shareholders make the decision in most all non-governmental organizations and if the MAJORITY of shareholders say NO to this, it will not happen? Shareholders make the decision in most all these companies, HSBC included as I used to bank with 'em. Calling 'em thieves ain't gonna cut it.


By the way, if labelling me the dummy in this case makes you get off your A** to vote against it rather than come on here to WHINE about the situation, then I say go ahead.