Out of credit
HAVING been bailed out by the taxpayer, it now appears that Britain's nationalised banks want the taxpayer to subsidise the payment of bonuses to staff – while, at the same time, witnessing a diminution of local services.
This is the only conclusion that can be drawn from yesterday's Parliamentary hearing where obfuscating bank bosses confirmed that they would pay bonuses, but that they would not disclose the precise sums involved.
As well as being the height of arrogance, it, once again, demonstrates that the banking industry per se appears to have learned very little from the credit crunch.
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Hide AdIn case they have forgotten, bonuses – and the risks taken to accrue them – are one reason several banks were brought to their knees. There has to be far more effective regulation. And, for as long as the banks concerned remain in public ownership, taxpayers have a right to know how their money is being spent.