Reports that the Royal Bank of Scotland, who have just received £20bn in government payouts, or to put it another way, have just received £20b in payouts from you and me, are about to pay £1billion of this out in bonuses to failures....has caused uproar in chattering class circles. Yes these bonuses are for people who failed us and failed the system. It has become commonplace for these bonuses to be paid come what may. In the old days you got a bonus in many jobs if you did well, but not anymore and certainly not in banking. You get a bones now in banking even if you are the Eddie the Eagle of banking circles. Enough is enough. Stop this lunacy!
"Party over for Banks" said Osborne. Yes George Osborne made an appearance on the Andrew Marr show and was aghast, as is everybody, at this latest suggested RBS payout. The Conservatives are calling for a more moral approach to high finance. Nice idea. But will it work. Where are the moralists?
Alistair Darling was also on the show expressing horror at RBS but can anyone stop them doing just what they like. The government now own 70% of RBS as I understand it, but still appear to have little say in the boardroom.