Thursday, 28 February 2013

Government Fight To Protect Bankers

The Conservatives are the party of the bankers as more than half the funding they receive comes from that particular sector so it is no surprise that David Cameron and his cohorts are falling over themselves to splutter their disgust at the EU who are angling to slash bankers bonuses at a meeting of European finance ministers next week.
In a lovely bit of synchronicity, this came on the same day that the Royal Bank of Scotland posted losses of £5.2bn but still paid out more than £600m in bonuses.
Ever keen to defend the indefensible, the Prime Minister's spokesman was wheeled out to explain that: 'Bonuses are very significantly down on where they were in 2010. So you are seeing real responsibility and restraint'.
I'm not sure how responsible it is to pay out £600m as a bonus to the people who have just lost you £5.2bn, sounds like rank madness to me but it goes a long way to explain why the banks are bringing down economies all over the globe like nine pins.
Seems to my non-financial mind that the EU is simply doing what this and the last government failed to do, which is get a grip on the disastrous financial sector.
It might be upsetting the Government but this is an area of regulation that the man in the street will gladly get behind as everyone apart from bankers and the Government feel a brake on the runaway financial sector is long overdue.
The argument is that if we reduce the size of the trough that they have their noses in, they will forced to up sticks for foreign climes. Just how much we will miss them, these people who were so awful at their job that they have not only cost the country tens of billions with no discernible results after 5 years of throwing money at them, i think the answer will be a big cheer and a lot of offers to carry their bags to the airport. 
I'm all for giving it a go and calling their bluff about leaving the country, there are plenty of people who can take their place for much cheaper rates and if they turn out to be rubbish at their jobs and make massive losses, we are no worse off and are actually better off because we haven't just paid them £600m in bonuses for being no good at their job.
The Government have had no problem wheeling out the 'all in this together' mantra when it is the poor they are taking money away from, they don't much care that nurses and policemen have had a pay freeze for the past 3 years but then they don't seem so bothered about them leaving the country to go work in foreign hospitals but we need to throw out six figure bonuses on top of tax cuts to keep the bankers here, the people whose fault it is that we are in a depression.  
The Government are bringing austerity to the poor but fighting tooth and nail against the EU to protect the bankers earning more in a year than many people earn in a lifetime.
The hypocrisy is unbelievable that our Government is openly hostile to putting any control on one of the most blatantly corrupt and damaging areas of society but the biggest shame is that the general election, and the chance to turf out the party of the bankers, is still two years away.

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