Chpt 7 HSBC, Standard CEOs to donate bonuses -report

HSBC, Standard CEOs to donate bonuses -report
http://ca.news.yahoo.com/s/reuters/100228/business/cbusiness_us_hsbc_bonus

Summary：
The chief executives of HSBC holdings which is the biggest bank are set to give out their bonuses to the charities.Some British newspaper reported that Michael Geoghegan and Peter Sands were willing to donate his bonus to several charities but on the HSBC side they refused to answer. The article also talked about other banks gived up their rights to a 2009 annual bonus. At the same time, People are angry that government are using taxes money to help the almost bankrupt banks government money, and the bank is still lossing money after that. On another news paper stated that HSBC claimed they didn't receive any taxes money from the government and they will decide how to pay their own executives. Geoghegan will be awareded a bonus of four times of $1.68 million. HSBC is planning to increase the base pay for their top executives, and they also planning to not rise Geoghegan's award bonus more than a third.

Connections:
This article links with chapter 7 Money and the Canadian Banking System is because they both related to bank and money. HSBC is a charter bank which operationg under the authority of Parliament that accepts deposits and lends money to business, government, and household. HSBC also allowes different types of deposit such as cheqing account, saving account, term deposits, Guaranteed investment certificate and mutual funds. HSBC also follows the Bank Act that the federal government legislation regulats the banking industry in Canada.

Reflections:
There are a lot of talks between the banks in the canada and the government. This chapter is my favourite chapter because i always interested about banking system, not only banks in the canada. If the government is really using taxpayer's money to help banks from bankrupt but the bank is still giving out so much money to their executive, that is totally not fair. It means that they are putting our money into someone else's own pocket for their personal use. Why would anyone wants to do that?