The FTSE is up 25 at the moment, but basically it is waiting to see what Ben Bernanke says after the UK
stock markets close and how the DOW will react. There are still plenty of people expecting a third leg down, so maybe we'll get it, I've got to admit that's what I'm expecting, not that there is any particular reason why the markets should go down, just that if enough people expect it or are more afraid of buying than of not buying then down it will go.
The DOW has had its best 2-day rise since February, moving up 177 points so far this week. The Nasdaq rising 14 points to 2,408. The FTSE has been following up behind.
Budget day in the UK with the 'Stalinist' Gordon Brown raising taxes no doubt. Expect more taxes on petrol as he jumps on the green bandwagon to remove more money from your pocket so he can waste it giving it away to somebody else!
Greed is Good ! But it does give off an awful stink.HSBC made record profits of £11.5bn last year, yet staff were forced to accept below-inflation pay rises averaging just 3%. The bank also has the lowest starting salaries, £10,000.
In contrast
HSBC CEO Michael Geoghegan decided to help himself to £7.8million (£150,000 a week or £30,000 a day, in case you were wondering) - only a 72% increase on the previous year. He also stuffed more than £12.5m into his pension pot. So next time you are wondering why bank charges are so high, now you know, Mr Geoghegan has decided he wants more of
your money in his bank account. It may be only £25 here and there, but it all adds up ! He has also decided that his employees can live for year on less than he makes in one day ! What was that song by Fagin ? "You've got to pick a pocket or two!"
HSBC has, however, closed its final salary pension fund to new members, to save money, so that's alright then.
And what about the rest of the bunch down at the farm ?
Lloyds TSB
Profits: £3.7 billion +8%
Staff pay rise: +3.8%
Starting salary: from £11,389 Final salary pension fund closed to new staff
Highest paid director: Chief Executive
Eric Daniels £1.9million - pension: £1.5million
RBSProfits: £9.4billion +16%
Staff pay deal: 4.1%
Staff starting salary: £11,000 Final salary pension fund closed to new staff
Highest paid director: Chief Exec
Sir Fred Goodwin £4million - pension: £5million
HBOS plcProfits: £5.7 billion + 14%
Staff pay deal 4.4%
Starting salary: £11,000 Final salary pension scheme closed to new staff
Highest paid director: Chief Executive
Andy Hornby £1.3million - pension: £1.2m
BARCLAYS
Profits: £7.1billion +35%
Staff starting salary: £12,000
Staff pay rise: +4.75% Final salary pension fund closed to new staff
Highest paid director: Chief Executive
John Varley £2.3million - pension:£6.4m
Snouts in the trough ? Personally I find it disgusting. I really don't understand the mentality which seems to force people to stuff their pockets at other people's expense. It's basically just more legalized theft. A more intelligent form of mugging.
