Saturday, 8 January 2011


We are living through what is probably the worst financial crisis of all time. Much of the problem was caused by greedy banks and entailed an unprecedented bailout of billions of pounds to save them from inevitable bankruptcy. Now we learn that billions of pounds are to be paid as bonuses to bankers. The mind boggles! The threat that they will go elsewhere should the government come down on them too hard is just that – a threat. Whilst we, as a nation have to endure severe cut backs in “services”, a VAT Rate of 20%, petrol and energy prices soaring, severe unemployment etc. the bankers, who have quite a responsibility for the present financial crisis, are to be allowed to reap a bonus harvest. The Government own, on our behalf, substantial shares in several banks and they should use their holdings to prevent this. In my opinion, only when the banks have paid back every last penny of the amount of money used to bail them out, should they be permitted to pay any bonuses at all. The billions they have set aside for bonuses can be used to amortize their debt to this country. And if they don’t like it – tough.


  1. This corporate greed is not the sole prerogative of bankers. It is manifest too, on a smaller scale, in the greed of those members of parliament involved in the expenses scandal. One has just been sentenced to 18 months imprisonment. Far too many, from all parties, have been let "off the hook".

    And it extends to local level too, with far too many councillors raking it in from both their borough councils and county councils (or, in London, the Assembly). Some are also handsomely remunerated, in addition, for membership of "fringe" bodies such as the London Fire and Emergency Planning Authority. Some of them aggregate in excess of £100k.

    It has to beat working for a living!

  2. I ought to add, for the record, that I was Deputy Leader of Redbridge Council in 2002/3, and from 2004 to 2006 when I retired as a councillor. The allowances paid to me in Redbridge (I was only ever a member of ONE authority!) were some 50% above what I was paid at the time I retired from full-time employment in May 1994.