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What do big company losses mean?

February 25, 2010

Why, big bonuses for the bosses, of course!

“Royal Bank of Scotland (RBS) has announced losses for 2009 of £3.6bn ($5.5bn), after struggling with billions of pounds of bad loans.

Despite the losses, the bank is set to announce it will pay bonuses totalling £1.3bn to its staff.

…. the level of bad debts rose sharply to just short of £13.9bn, up from £7.4bn in 2008, ..”

So, on top of what for most people is an enormous salary, despite all the bad publicity last year, despite the billions of public money sunk into these badly run banks, they still think it’s OK to pay themselves obscene bonuses for not doing their job well. Are they living on a different planet? Or, like MPs’ expenses (but on a much bigger scale) are they just taking as much as they think they can get away with until somebody stops them? The government, having used public (i.e. our) money, has that power. Why won’t they use it? Would the Conservatives do so if they were in power?

Read the full story: here


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