Rich person on the BBC saying the rich shouldn't pay high taxes because then they will resent the poor

Rich people seldom recognise the role of luck in their personal wealth. Many other people work just as hard as they do for failure.

@gimpyblog I think there's already resentment. Especially amongst the HENRY (High Earner, Not Rich Yet) crowd vs non-HENRY non-rich.

@gimpyblog When I used to work M&A it was always annoying to hear data entry/clerks bitch about "cushy jobs" when we were doing 60+hr/week.

@vonOberst somebody who works 60 hours a week on minimum wage is not working less hard than somebody who works 60 hours a week for £100k

@gimpyblog Not that your point isn't valid, but there's an enormous amount of work involved in climbing to a top spot that ppl disregard.

@vonOberst our PM got a £100k job because a mate in Buckingham Palace phones Carlton and suggested they employ him. That's not hard work.

@vonOberst but the point is that hard work does not justify high wages, unless you are proposing that everybody who works hard earns a lot?

@gimpyblog I'm proposing that a lot of the people in HENRY spots have cut their teeth to earn their wages.

@vonOberst so what? They are in the minority of hard workers. Most people work hard without their financial reward.

@gimpyblog But most people who work hard don't do work that is just as valuable. There's a world of diff between a clerk and SrVP.

@gimpyblog Anyone can do a clerks job. But that SrVP most likely continues to bring in big money, so gets compensated accordingly.

@vonOberst @vonOberst Bankers. Got paid millions in bonuses despite making a loss. Justify that.

@vonOberst and not many people can do my job, it took 8yrs of degree study, then further training. I don't get anywhere near £100k.

@gimpyblog Bonuses in finance aren't tied to bottom line. Your contract affects bonus based on project and project outcomes.

@gimpyblog Best example is TARP money in US. When Goldman Sachs, etc. paid bonuses after getting bailout. Bailout didn't pay bonuses.

@gimpyblog Bonuses came from contracts in effect. there's no "out" on a bonus payout unless it's stated. Institution has to pay out or sued.

@gimpyblog If I was still M&A guy at XYZ Bank, brokered $5B buyout, and later bottom line of co was down because of actions by others (1/2)

@gimpyblog I'd still be due my bonus on that $5B contract. If Institution tried to withhold because bottom line was net loss, lawsuit filed.

@gimpyblog And you're right. Not many people could do most physician/scientists jobs, but from what I've seen in my jump in fields...

@gimpyblog The physicians & scientists I've interacted with are really shitty at negotiating contracts. Brilliant people, lousy negotiators.

@vonOberst oh, so your argument is now that high earners are better at negotiating contracts than lower earners, not better at their jobs?

@gimpyblog They're better at jobs AND better at negotiations.

@vonOberst At this point I must ask for some evidence that being able to negotiate an individual contract is a marker for aptitude elsewhere

@gimpyblog They're also in a position to negotiate better. To be in that position requires a lot of work.