Tuesday, 14 April 2009

The return of the City bonus

Looks like City bonuses are going to cause more moral outrage in the court of public opinion...
BANKS are poised to start handing out multi-million-pound bonuses despite claims that excessive pay helped to fuel the global financial crisis.
...
Liberal Democrat Treasury spokesman Vince Cable told the Standard: "I'm deeply concerned that they seem to have learned nothing from experience.

"It was the bonus culture that led these institutions into taking high risks which led to their collapse or near-collapse."

Of course this crisis had absolutely nothing to do with the Government's decade long easy money, low interest rate policies. Or their spendthrift public finance policies. And it certainly wasn't made any worse by their benevolent bailouts.

It was, in fact, all the fault of evil, covetous bankers.

God, I despair sometimes...

4 comments:

Gandhi said...

It takes two to tango, or to create a load of fake money and share it amongst yourselves.

TBR said...

I just hate the way politicians try to pass the buck. The government are just as much to blame if not more so than the banks for the credit crisis.

Roger Thornhill said...

Banks are amoral. We need to remember that.

If you don't want bailed out banks to issue bonuses, make it a pre-condition of the bail out or don't bail out.


Barclays, Nat West (if not linked to RBS), HSBC and Lloyds (if not linked to HBoS) did not or would not have needed bailing out.

WHERE WAS THE PROBLEM?

Oh, forgot, Bank of the Northern Soviet, Royal Bank of Gordonia and Halifax-Bank of Gordonia were failing.

Simples.

Gordon Brown is a Marxist. Marxists want to nationalise banks and thus control the economy via deciding who and what gets loaned money.

He now wants to control who gets volunteer labour.

The man is a tumour. He needs to be cut out.

Gandhi said...

Don't forget his little Darling: also marxist. The BBC: m-- you get the idea...