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BANKERS' BONUSES AND GOLDMAN SACHS

EDM number 1910 in 2008-09, proposed by Dai Davies on 16/07/2009.
Categorised under the topics of Financial institutions and Pay.

That this House notes with dismay that the Goldman Sachs bank, having reported on 14 July record earnings of $3.44 billion, or £2.1 billion, for the second quarter, up 65 per cent. from the three months to 30 May last year, on revenues of $13.76 billion, has decided to set aside $6.6 billion for compensation bonuses for its senior bankers; further notes that the bank has indicated that if such growth is maintained, its staff could share total pay and bonuses of more than $22 billion, equating to a pay out of an average of $770,000 to each of its 29,400 employees; believes such obscene profits are made by encouraging the very reckless risk-taking that brought down or severely damaged several major banks, including Lehman Brothers, HBOS, RBS and Northern Rock in the credit crunch crisis; further believes that such massive bonuses run counter to the restraint urged by the Chancellor of the Exchequer and other Ministers on banks and other businesses in respect of bonuses; and therefore calls on the Government to halt any future contracts with Goldman Sachs until a more responsible approach to executive pay and perks is demonstrated by the bank.

This motion has been signed by a total of 30 MPs.

MPDateConstituencyPartyType
Dai Davies16/07/2009Blaenau GwentIndependentProposed
Bob Russell16/07/2009ColchesterLiberal DemocratSeconded
Lynne Jones20/07/2009Birmingham, Selly OakLabourSeconded
Gregory Campbell20/07/2009East LondonderryDUPSeconded
Brian Iddon20/07/2009Bolton South EastLabourSeconded
Mark Durkan20/07/2009FoyleSocial Democratic and Labour PartySeconded
Iris Robinson20/07/2009StrangfordDUPSigned
Jeremy Corbyn20/07/2009Islington NorthLabourSigned
David Taylor20/07/2009North West LeicestershireLabourSigned
Mike Hancock21/07/2009Portsmouth SouthLiberal DemocratSigned
John Mason21/07/2009Glasgow EastScottish National PartySigned
Paul Rowen21/07/2009RochdaleLiberal DemocratSigned
David Drew21/07/2009StroudLabourSigned
Frank Cook21/07/2009Stockton NorthLabourSigned
Martin Caton21/07/2009GowerLabourSigned
John McDonnell21/07/2009Hayes and HarlingtonLabourSigned
Alan Simpson21/07/2009Nottingham SouthLabourSigned
Andrew Dismore21/07/2009HendonLabourSigned
George Galloway13/10/2009Bethnal Green and BowRespectSigned
Robert Wareing13/10/2009Liverpool, West DerbyIndependentSigned
Alasdair McDonnell13/10/2009Belfast SouthSocial Democratic and Labour PartySigned
Martin Linton13/10/2009BatterseaLabourSigned
Kelvin Hopkins13/10/2009Luton NorthLabourSigned
Rudi Vis14/10/2009Finchley and Golders GreenLabourSigned
Ann Cryer19/10/2009KeighleyLabourSigned
Andrew Stunell19/10/2009Hazel GroveLiberal DemocratSigned
Katy Clark21/10/2009North Ayrshire and ArranLabourSigned
Bill Etherington22/10/2009Sunderland NorthLabourSigned
Mark Williams26/10/2009CeredigionLiberal DemocratSigned
Harry Cohen11/11/2009Leyton and WansteadLabourSigned

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