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CBA throws 1920s gangster theme party

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Solly

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21 December 2008
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"Commonwealth Bank celebrates lifting mortgage rates with lavish party"

"It seems increasing interest rates and freezing staff pay is worth celebrating - with champagne and caviar.

Three days after lifting interest rates to combat spiralling costs, the Commonwealth Bank is throwing a lavish party at Sydney's premier hotel for 800 head office staff, set to be awash with fine champagne and a vast array of five-star hors d'oeuvres"

Maybe someone has jumped the shark....???
What do you think ??


More by Andrew Carswell in the SMH...

http://www.news.com.au/heraldsun/story/0,21985,25641873-661,00.html
 
Re: CBA throws 1920s gangster theme party.

Solly said:
More by Andrew Carswell in the SMH...
Click to expand...
Surely he could find something worthwhile to write about? A private company holds a function for staff with food AND drink. Hold the front page...
 
Re: CBA throws 1920s gangster theme party.

Cripes, it was $100K.

$100 per head.

But I read that there was 800 people so that isn't quite right..



Bad timing nonetheless.

We paid for all our dinners in the Army my last 10 years.
 
Re: CBA throws 1920s gangster theme party.

doctorj said:
Surely he could find something worthwhile to write about? A private company holds a function for staff with food AND drink. Hold the front page...
Click to expand...
I agree with Doctor J. There are more pressing things worth writing about. The attack on Anzac for example. Agenda 21 etc...
 
Re: CBA throws 1920s gangster theme party.

obviously a quiet day at the office.
 
Re: CBA throws 1920s gangster theme party.

Actually, NAB & Westpac have just invited CBA to a hootin' shebang of a Birthday Suit theme office party tonight.

LOL
 
Re: CBA throws 1920s gangster theme party.

A Gangsta theme huh?

How appropriate for a bank shindig...robbery without violence...but thieves nonetheless!

Cheers Ya'll
 
Re: CBA throws 1920s gangster theme party.


Staff parties are allowed. I see nothing wrong with this.

It IS much cheaper to keep staff happy with parties than pay rises.

So why can't people look past their internal greed, and at the big picture that this party has cost them less money than pay rises.
 
Re: CBA throws 1920s gangster theme party.

Quincy said:
http://money.ninemsn.com.au/article.aspx?id=826208
Click to expand...

Lol, they'll probably just wait till all this outcry goes away.

What the media fails to reveal is that during the last rate decrease, the CBA decreased its variable rate by 10 basis points when none of the other banks followed suit. Now its taking back those 10 points and the media is all over them like a pack of wolves
 
Re: CBA throws 1920s gangster theme party.

Agreed. And the same principle applies whether it's a big bank or your local council. And yet for no rational reason the latter would almost certainly cop a lot more criticism for spending a similar amount of money per head in the same fashion.
 
Re: CBA throws 1920s gangster theme party.

Smurf1976 said:
Agreed. And the same principle applies whether it's a big bank or your local council. And yet for no rational reason the latter would almost certainly cop a lot more criticism for spending a similar amount of money per head in the same fashion.
Click to expand...
I think there is some difference - councils are a combination of elected officials and government employees, where as a bank is a institution run for-profit and without the same public-interest limitations of a council. That said, it is a lot cheaper than pay rises, so on a cost/benefit basis are probably warranted.

The sooner people realise that interest rates reflect a bank's cost of funding plus a margin (and that margin should be commensurate to the risk of the loan portfolio), rather than the reserve bank rate, the better. Periods of financial distress require widening margins to reflect the greater risk to capital. Any bank that materially cuts margins in a crisis is taking the fast track to oblivian.
 
Quite right, jono. And not just the media, but the government who, in their populist bleatings, conveniently ignored the reality of the above point.

At the same time, points for pure missed opportunities should be awarded to the CBA for failing to jump straight into the media in response to the government and media bashing, to point out this reality. Wherever are their marketing advisers??
 
Re: CBA throws 1920s gangster theme party.


Exactly, people whinge about our banks but the strength of Aussie banks has saved us alot of heartache in regards to the GFC imo.
 
Re: CBA throws 1920s gangster theme party.

nomore4s said:
Exactly, people whinge about our banks but the strength of Aussie banks has saved us alot of heartache in regards to the GFC imo.
Click to expand...

And as I have said a million times, it is ok for people to make higher margins on the money that the "greedy" banks so generously lend them, but it is not ok for the banks to make a profit too?????

Hypocrisy at its finest.

and hence, as we know this, it is so blatantly obvious that politics has become too involved in the rates which the banks charge, and it is NOT government's role to scrutinise non-government business practice. In FACT they should start to figure out how to run their own businesses as all states and federal governments are ridiculously incompetent imo ( not many politicians become successful business owners after leaving politics as they have not got a clue how to handle money )
 
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