Friday, 7 August 2009

Putting Profit To Good Use

I make no apology for harping on about bank bonus culture. Every single one of us has paid a dear price to subsidise the banks who are once again declaring big profits and we should scream at the top of our voices that these gamblers, without a hint of contrition, who seem to think the world owes them millions for the work they think they do, should not get paid such large sums until we have been paid back.

Here's a thought. It was announced today that personal insolvencies rose to over 33,000 in the last quarter only - the highest quarterly amount since records began and an alarming 9% up on last quarter and a positively frightening 27% on the same period last year. As insolvencies tend to lag the curve of the recession, it is thought that we are now only seeing the tip of the iceberg.

Meanwhile, Barclays Investment Bank's 23,000 employees could earn around £100,000 to £200,000 per person thanks to the inevitable market recovery. Try denying them that bonus and firstly they would scream blue murder and secondly their managers fear they will leave the company and so lose top talent.
This is the top talent who managed to clock up £584bn of toxic debt and still expect bonuses.

Just imagine if Barclays were to pay back some of the debt they have clocked up and imagine if we used that to help out the people who have sunk below the line in terms of actual worth thanks to the actions of a greedy few who believe we should kneel at their feet.

It really sticks in my throat that banks, their executives, employees and shareholders can even consider paying such obscene sums when some have had to sell everything and then bankrupt themselves in a bid to survive.

But that's modern society. Can't live with the banks, can't live without them. Pint of beer for anyone with a good suggestion on how to beat the bonuses out of the system and still make these people turn up for work, if indeed we need them at all.

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