Jump to content

The sick culture of bank bonuses.


Parky
 Share

Recommended Posts

"At a time when the City's former high-fliers are patching up their wings and even nostalgic talk of bonuses can curdle a friendly conversation, there is still one master of the universe prepared to fight for what he is owed. Or at least what he believes he is owed.

 

Alexandre Mouradian, a 38-year-old trader with the Paris-based Tradition Securities and Futures, is suing his employers, claiming they shortchanged him over £92,571 of the £1.32m bonus he awarded himself from a bonus pool two years ago.

 

Mouradian, who earns £1.6m as head of the company's exchange-traded options desk, has brought his case to the court of appeal under the Employment Rights Act, which prohibits the unlawful deduction of an employee's wages.

 

Although Mouradian is paid a basic salary of £300,000 to manage a team of seven employees and one consultant in London, his contract stipulates that his desk is allowed to split a bonus pool amounting to 60% of its net billed income twice a year.

 

Mouradian claims he was in charge of deciding how the pooled money was to be shared. For the second half of 2006, the bonus purse contained £1.43m. Two members of his team received payments of £60,000 and £47,000, while another was given £2,000. The remaining desk employees were awarded nothing. However, documents submitted to the court show that Mouradian awarded £1.32m - or 92% of the total bonus pool - to himself."

 

 

 

Greedy fucks or talented money makers?

Link to post
Share on other sites

If he's owed it, he's owed it.  His practice might be slimy but if the terms of his contract permit it, I have to side with him. 

 

 

 

He wasn't owed it. He paid himself over the members of his team.

 

"Mouradian awarded £1.32m - or 92% of the total bonus pool - to himself."

 

In my book that is pure greed.

Link to post
Share on other sites

If he's owed it, he's owed it.  His practice might be slimy but if the terms of his contract permit it, I have to side with him. 

He wasn't owed it. He paid himself over the members of his team.

 

"Mouradian awarded £1.32m - or 92% of the total bonus pool - to himself."

 

In my book that is pure greed.

  Still, if it's allowed by the terms of his employment and employer(and it seems it was) and he awarded himself that bonus, are his employers not obligated to give him the full sum regardless of whether or not someone else feels he deserves it? 

 

Don't get me wrong, I think it's a ridiculous sum and probably not conducive to a positive working environment, but contracts is contracts.  We don't really get to choose which ones we do and don't honor based on the turdiness of parties involved.  That's the only reason I'm deciding the way I am -- otherwise if it was at upper managements discretion to adjust bonuses, I would tell him to go fuck himself.

Link to post
Share on other sites

If he's owed it, he's owed it.  His practice might be slimy but if the terms of his contract permit it, I have to side with him. 

 

 

 

He wasn't owed it. He paid himself over the members of his team.

 

"Mouradian awarded £1.32m - or 92% of the total bonus pool - to himself."

 

In my book that is pure greed.

 

Its also totally counter productive to the morale of his team going forward.

 

My MD's bonus is dependent on a different criteria to the remaining senior management team, in some ways the aims are conflicting in the current climate.

 

He is completely focussed on protecting his bonus, which has led to me and my boss (as the senior accountants) to start hiding 'pots' of money which will benefit the business in future years but put pressure on his (and ours to be fair) bonuses. Its not the ideal attitude to have, but its right for us and the business

Link to post
Share on other sites

If he's owed it, he's owed it.  His practice might be slimy but if the terms of his contract permit it, I have to side with him. 

 

 

 

He wasn't owed it. He paid himself over the members of his team.

 

"Mouradian awarded £1.32m - or 92% of the total bonus pool - to himself."

 

In my book that is pure greed.

 

Its also totally counter productive to the morale of his team going forward.

 

My MD's bonus is dependent on a different criteria to the remaining senior management team, in some ways the aims are conflicting in the current climate.

 

He is completely focussed on protecting his bonus, which has led to me and my boss (as the senior accountants) to start hiding 'pots' of money which will benefit the business in future years but put pressure on his (and ours to be fair) bonuses. Its not the ideal attitude to have, but its right for us and the business

 

Some very good points. What I'm trying to get at in this thread is that greed is good as a motivator, but only upto a point - after which it harms the business on the rebound.

Link to post
Share on other sites

If he's owed it, he's owed it.  His practice might be slimy but if the terms of his contract permit it, I have to side with him. 

 

 

 

He wasn't owed it. He paid himself over the members of his team.

 

"Mouradian awarded £1.32m - or 92% of the total bonus pool - to himself."

 

In my book that is pure greed.

 

Its also totally counter productive to the morale of his team going forward.

 

My MD's bonus is dependent on a different criteria to the remaining senior management team, in some ways the aims are conflicting in the current climate.

 

He is completely focussed on protecting his bonus, which has led to me and my boss (as the senior accountants) to start hiding 'pots' of money which will benefit the business in future years but put pressure on his (and ours to be fair) bonuses. Its not the ideal attitude to have, but its right for us and the business

 

Some very good points. What I'm trying to get at in this thread is that greed is good as a motivator, but only upto a point - after which it harms the business on the rebound.

 

Agreed, there is no harm in being motivated by money, in many ways it is a good thing when increased performance = more money.

 

And completely agree that greed is a counter productive element across a business

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...