UK Business Secretary: "no-one needs to earn £1m a year" - Polidicks

[QUOTE]Business Secretary Vince Cable has said he does not understand why people need to earn £1m per year.[/QUOTE] [QUOTE]On millionaire bankers, he said: "I don't understand why people need a million quid a year. "I've asked one or two of the more sympathetic bankers to explain it to me. [B]"The response has been: 'It's not that I need the money, it is because others get it so I should, too'."[/B] [/QUOTE] [URL="http://www.bbc.co.uk/news/uk-26595093"]Source[/URL] It's good that atleast someone influential in the Cabinet thinks this way, not surprising that it's a Liberal Democrat.

Vince Cable has always seemed pretty decent to me, good man. And I guess it is true, if someone is earning more than you for doing the same job, you want the same thing, if not more.

[quote]Business Secretary Vince Cable has said he does not understand why people need to earn £1m per year.[/quote] For the same reason we get luxury items. We don't. We just want to.

So it's monetary penis envy. Good to know.

[QUOTE=Sir Whoopsalot;44248820]For the same reason we get luxury items. We don't. We just want to.[/QUOTE] We get luxury items to enjoy them (unless in a collection, and even then...). Someone buys a Ferrari, they're going to use it. Someone buys the Adobe Complete Master Ultra Pack With Bells Included, and they use it. Someone buys a Razor Keyboard with green LEDS, to use it. Money, though? How do you use a number on a screen? What enjoyment does that quantity itself bring?

[QUOTE=Coment;44248906]We get luxury items to enjoy them (unless in a collection, and even then...). Someone buys a Ferrari, they're going to use it. Someone buys the Adobe Complete Master Ultra Pack With Bells Included, and they use it. Someone buys a Razor Keyboard with green LEDS, to use it. Money, though? How do you use a number on a screen? What enjoyment does that quantity itself bring?[/QUOTE] They use it to buy more things that they want.

[QUOTE=Coment;44248906]Money, though? How do you use a number on a screen? What enjoyment does that quantity itself bring?[/QUOTE] Knowing that you can buy any luxury item you want. You could buy the latest thing, and others will know you are hot shit. dammit, ninja'd.

[QUOTE=Coment;44248906]We get luxury items to enjoy them (unless in a collection, and even then...). Someone buys a Ferrari, they're going to use it. Someone buys the Adobe Complete Master Ultra Pack With Bells Included, and they use it. Someone buys a Razor Keyboard with green LEDS, to use it. Money, though? How do you use a number on a screen? What enjoyment does that quantity itself bring?[/QUOTE] Bragging rights. The feeling that you're somehow better than everyone who has less.

[QUOTE=Coment;44248906]We get luxury items to enjoy them (unless in a collection, and even then...). Someone buys a Ferrari, they're going to use it. Someone buys the Adobe Complete Master Ultra Pack With Bells Included, and they use it. Someone buys a Razor Keyboard with green LEDS, to use it. Money, though? How do you use a number on a screen? What enjoyment does that quantity itself bring?[/QUOTE] Are you seriously asking what joy one gets from having lots of money?

[QUOTE=Coment;44248906]We get luxury items to enjoy them (unless in a collection, and even then...). Someone buys a Ferrari, they're going to use it. Someone buys the Adobe Complete Master Ultra Pack With Bells Included, and they use it. Someone buys a Razor Keyboard with green LEDS, to use it. Money, though? How do you use a number on a screen? What enjoyment does that quantity itself bring?[/QUOTE] "He who dies with the most dosh wins."

[QUOTE=Thomo_UK;44248929]Knowing that you can buy any luxury item you want. You could buy the latest thing, and others will know you are hot shit. dammit, ninja'd.[/QUOTE] [QUOTE=Sgt-NiallR;44248924]They use it to buy more things that they want.[/QUOTE] Exactly, you use it to buy the luxury items that you're going to enjoy. Money, itself, does nothing.

I'd happily get by on a 20-24k a year job....you can have a very good life for yourself on that amount if you know what your doing, my current job pays 18,500 and although having for forgo some luxuries now and again i consider myself lucky since there are people far worse off than i.

[quote]"The response has been: 'It's not that I need the money, it is because others get it so I should, too'."[/quote] Well to be honest, why not. If I was applying for a $100k salary job, I might agree on only a $90k salary contract just so I'm a more competitive choice as an applicant, but I wouldn't set myself down to the level of a $50k salary. Why? Because that's less money for me and more money for the company. It's not like that money, if in the hands of the company, is going to go to charity or something.

[QUOTE=Coment;44248971]Exactly, you use it to buy the luxury items that you're going to enjoy. Money, itself, does nothing.[/QUOTE] Why did kings go after Empires and stick their flag in any land they wanted? It's all just a show of "I have more then you have."

[QUOTE=Moustacheman;44248990]Why did kings go after Empires and stick their flag in any land they wanted? It's all just a show of "I have more then you have."[/QUOTE] To be honest, that was probably more to do with the ability to expand cities and increase revenue via taxes; bringing it right back to money. [editline]16th March 2014[/editline] [QUOTE=Coment;44248971]Exactly, you use it to buy the luxury items that you're going to enjoy. Money, itself, does nothing.[/QUOTE] What does a fast car do? A shiny watch? A computer? By themselves, they don't do anything.

[QUOTE=Moustacheman;44248990]Why did kings go after Empires and stick their flag in any land they wanted? It's all just a show of "I have more then you have."[/QUOTE] and thus confirming human history is nothing but an endless dickwaving contest, george carlin had the right idea. [video=youtube;CghWWWXSUUU]http://www.youtube.com/watch?v=CghWWWXSUUU[/video]

[QUOTE=Wizards Court;44249028]and thus confirming human history is nothing but an endless dickwaving contest, george carlin had the right idea. [video=youtube;CghWWWXSUUU]http://www.youtube.com/watch?v=CghWWWXSUUU[/video][/QUOTE] [url]http://en.wikipedia.org/wiki/Hobbesian_trap[/url]

I do not strongly disapprove of such affluence.

Just fyi you can still be a millionaire or a billionaire with such a measure because that is based off your wealth and not your salary/income. The value of your assets is not related to how much you take in a year. A million a year is a lot of money. Rarely do business expenses come out of the pockets of their owners except in the cases of start ups. But you wouldn't be making near a million a year anyway at a start up. You'd still be able to sell off assets for over a million (businesses and such).

[QUOTE=Source;44248979]I'd happily get by on a 20-24k a year job....you can have a very good life for yourself on that amount if you know what your doing, my current job pays 18,500 and although having for forgo some luxuries now and again i consider myself lucky since there are people far worse off than i.[/QUOTE] I'm doing alright on £13,600, though I'm pretty limited on what I can do to improve my lot. I'm hoping that the improvement to minimum wage in September is matched by an increase on my current wage. I'd like to finish my degree off, but through the open university that's still a 1/4 to a 1/5 of my wages, for four years...

Why shouldn't someone make a million pounds* a year, though? I mean, if stocks are paying out, and the company's got revenue to spare, and the board of directors thinks that they should pay their employee absurd sums of money for the work he does, is it not justified? Does he somehow not deserve that much money? Is it just because he's making more money than the person making the claim? Where does the million pounds figure come from, anyway? Is that just arbitrary, because you feel like saying that? What if someone's managing a corporation raking in multiple billions of pounds a year in profit? Are they not entitled to a cut representative of the work they do? This all sounds pretentious, snobbish, and really more jealous than beneficial. Sort of a "Well, if I'm not making that much, then nobody should be able to!" It borders on the delusional. *I don't have a squiggly L key. Sorry.

Even if I didn't need to get paid £1million a year I wouldn't try and stop them from paying me that

The money you don't give to your exec's will just go back to the company anyway, and can either be used to improve the company or give the regular employees better wages. If it goes to the company the shareholders net worth will still increase because their net worth is based off the value of what they own. You increase the value of the company by putting the money back into it, then you're also going to benefit from that latter on down the road. If you're giving up $576 million dollars in bonuses for the higher up's, that's a lot of money that can go back into the business and make it run more efficently. I don't necessarily agree with a forced salary cap, but from a business standpoint it sort of makes sense. You'll make more money down the road if you invest heavily in the business instead of your pockets.

[QUOTE=OvB;44249325]The money you don't give to your exec's will just go back to the company anyway, and can either be used to improve the company or give the regular employees better wages. If it goes to the company the shareholders net worth will still increase because their net worth is based off the value of what they own. You increase the value of the company by putting the money back into it, then you're also going to benefit from that latter on down the road. If you're giving up $576 million dollars in bonuses for the higher up's, that's a lot of money that can go back into the business and make it run more efficently. I don't necessarily agree with a forced salary cap, but from a business standpoint it sort of makes sense. You'll make more money down the road if you invest heavily in the business instead of your pockets.[/QUOTE] Salaries are only a small expense on the company. And chances are if you have a $576 million salary, that $576 million is a relatively insignificant expense in the broader picture of the company. Not to mention that it is someone higher up or the board of directors that sets your salary, and given that they are the decision makers of where money goes, that they know what they are doing and will set salaries accordingly.

[QUOTE=woolio1;44249247]Why shouldn't someone make a million pounds* a year, though? I mean, if stocks are paying out, and the company's got revenue to spare, and the board of directors thinks that they should pay their employee absurd sums of money for the work he does, is it not justified? Does he somehow not deserve that much money? Is it just because he's making more money than the person making the claim? Where does the million pounds figure come from, anyway? Is that just arbitrary, because you feel like saying that? What if someone's managing a corporation raking in multiple billions of pounds a year in profit? Are they not entitled to a cut representative of the work they do? This all sounds pretentious, snobbish, and really more jealous than beneficial. Sort of a "Well, if I'm not making that much, then nobody should be able to!" It borders on the delusional. [B]*I don't have a squiggly L key. Sorry.[/B][/QUOTE] You can have mine, £. Take care of it.

[QUOTE=Antdawg;44249427]Salaries are only a small expense on the company. And chances are if you have a $576 million salary, that $576 million is a relatively insignificant expense in the broader picture of the company. Not to mention that it is someone higher up or the board of directors that sets your salary, and given that they are the decision makers of where money goes, that they know what they are doing and will set salaries accordingly.[/QUOTE] Those are just bonuses on top of their salaries. And the company had an 8.2 billion dollar pre-tax loss for 2013. Not doing so great.

[QUOTE=Sgt-NiallR;44249447]You can have mine, £. Take care of it.[/QUOTE] Thanks, I shall cherish it always.

We most certainly do need that much a year! Do you have any idea what the yearly payments for my 6 Lamborghinis are?

[QUOTE=OvB;44249492]Those are just bonuses on top of their salaries. And the company had an 8.2 billion dollar pre-tax loss for 2013. Not doing so great.[/QUOTE] Well gee, cutting bonuses wouldn't have taken that company out of the red now, would it.

Maybe the ones who make that much like giving it to charities.