City bankers must join the real world – RBS and the bonus bonanza

Reports on BBC News and The Guardian that City bankers are to get huge bonuses are causing a storm in Westminster with Government ministers telling them to join the real world.

I must admit that I’m beginning to get riled by the greed of bankers in the City. I don’t mind rewarding people according to their performance but when top bankers at RBS bring the long-established bank to its knees, that its only chance of survival is through a Government bail-out. Is it fair that they be rewarded with bonus payments of £1.5bn?

Would you be rewarded for failure in your job?

The Government’s budget deficit, largely caused by the massive sums of money handed to the banks, is expected to result in cuts in vital public services and huge job cuts in the public sector. 

It looks like lolly-pop ladies, care workers and bin-men are going to pay the price for the incompetence of grossly paid City bankers.

Business Secretary Lord Mandelson said: “I understand the point that RBS directors are expressing – they say they have to remain competitive in the market in recruiting senior executives, and this is why it’s important that all the banks are equally restrained, and RBS is not singled out.”

I‘m sorry Peter, but we the public own 75% of RBS, they should be singled out. Why can’t the £1.5bn be paid to the Government as a dividend? A bonus payment for the taxpayers’ brilliant performance in propping up the banks.

Shadow financial secretary Mark Hoban said: “The government’s policy on bonuses is a muddle. The city minister claims he will veto big bonuses only to be superseded by the business secretary calling for banks merely to show restraint.

“We have been clear – no significant cash bonuses should be paid out this year and that money should go towards increasing lending to the families and businesses who propped up the banks in the first place.”

It’s really something when a Tory is getting tougher on banks than Labour. Gordon wake-up! The Tories are stealing your clothes. Their reflecting the views of the average joe in the street who are, quite frankly, sick of footing the bill for corporate greed.

If we are to live in a fair society then the Government should call the bluff of the RBS chiefs and deny them their bonus bonanza or they will never get real.

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