Most depressing news of the weekend:
Barclays has pledged to pay $2.5 billion in bonuses and salaries to Lehman staff in New York, whose collapse brought the world's financial system to the brink of failure.
Looks like someone will have to knock some sense into Bob Diamond. He clearly lacks it.
Bankers can pretend the world is the same, but as The Times notes:
Taxpayers in Britain face up to 5p in the pound in extra taxes because of the credit crunch created by the banks, leading economists have warned.
And I'll tell you: the electorate are not going to be happy at paying these bonuses. It's time the bankers realised their self interested game is over.
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Richard,
Barclays and others can do whatever they like in terms of bonus’ and compensation. However, and let’s be clear, if any of these banks are involved in any of the governmental schemes funded by the taxpayers and designed to “fix” this financial crunch, you are indeed spot on.
It’s widely believed Barclays were one of the first into the lifeboat
Richard,
These firms have clamored aboard the lifeboat of governmentalism. That statist mindset does indeed play by a different set of rules. Those believing in free people and free markets have cause to rue the day.
You want government “help”, you play by government “rules”.
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