Despite valiant attempts by the government, banks will pay big bonuses to the morons who run the industry in the UK. The banks argue that reducing or failing to pay out bonuses will result in key staff jumping ship to go abroad and ruin foreign banks.
The government owns 84% of the Royal Bank Of Scotland Group but the bank will still be paying £1 billion in bonuses as the people who own the other 16% are far more important than the taxpayers and don’t give a shit. The state owned bank has a proud tradition of not giving a shit as it recently proved when it backed a hostile takeover of Cadbury’s by Kraft, another company with a proud history of not giving a shit. Again, its owner the British government was unable to prevent the bank doing what it felt like as it only held 84% of the shares.
With the exceptions of bombing and occupying Iraq and Afghanistan, shifting entire communities to make way for airports and sports stadiums, raising unpopular taxes, deploying police to manhandle up a variety of protestors, dismantling a welfare state that still is the envy of the world, force councils to sack staff, the government is powerless to do anything at all. However Vince Cable, Business Secretary of the Condems government, tried extremely hard to persuade the bank, which it owns, not to give the bonuses. Details have emerged of at least one ‘phone call Mr. Cable made to reception at the bank’s Edinburgh headquarters in which he asked if “[he] could be put through to the person in charge of the payroll.”
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