Quite how largely publicly owned banks such as RBS and Lloyds still have the gall to pay bonuses when they have been bailed out by the taxpayer is galling.
Lloyds today reported an operating loss of £6.3bn for 2009, after it continued to struggle with billions of pounds of bad loans. They lost a staggering £24bn on bad loans.
But it seems that the bonus culture goes on whatever the overall performance of these largely state-owned operations.
How can anyone justify vast bonuses when companies make losses? It makes no difference as far as I can see that they work in a different arm of the bank.
And what sort of these is this sending out to people struggling to make ends meet, having to take pay freezes or cuts?
I keep hearing the argument that these so-called high flyers will go elsewhere - well let them, and other good people will replace them on a package that pays rewards for success not massive failure.
Overall, the bonuses paid by banks are completely out of scale with the current economic situation and what other workers have to face. They really need to take a rain check.
* On Thursday, Royal Bank of Scotland (RBS), which is 84% government-owned, reported a pre-tax loss for 2009 of £3.6bn.
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