by bill cobbett » Fri Dec 04, 2009 12:51 am
The GB tax-payer bailed out this bank a year ago and owns 70% of this bank which will increase to some 85% early next year as more tax-payers' money is pumped in.
There were conditions attached to this money one, an end to dodgy lending and an end to excessive bonuses. The RBS is trying it on with a return to the bonus culture based on the easily available billions and billions of money eased in to the money markets by all the world's governments. Any money peddlar could have made money under these conditions.
It could do what Barclays, which has not had a penny of tax-payers' money, has done, which is to move more towards salary based rewards.
The encouragement of unsustainable, short-term profits and excesive risk-taking, brought about, partly, by these excessive bonuses, is what got us in to this mess.