Thursday, December 03, 2009

RBS: Regal Bull Shit

On the news this morning, it was suggested by RBS directors that they'd be forced to resign en masse should government - the 80+% owner of the bank - tells it not to pay out the £1.5bn in bonuses that the bank is planning. Vince Cable said that if he were chancellor, he'd be accepting those resignations as they arrived, politician speak for "well fuck right off then". And rightly so. Profits are only being maintained thanks to the recapitalisation process, a process which has cost the nation's purse tens of billions of pounds. If you can reward folk for driving their bank into the biggest pile of financial horse shit in living memory, the I don't fully understand the concept.

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