Thursday, 3 December 2009

Spare some change sir?

So Royal Bank of Scotland says it needs to grant massive bonuses to its staff in order to attract the best and remain competetive? With the additional twist of the RBS board threatening to resign (or throw all their toys on the floor) if Gordon Brown doesn't give them what they want!

Now correct me if I'm wrong, but aren't these the same bankers who were previously being paid top dollar, along with additional bonuses comparable with other banks? Therefore, the current board cannot deny that pre-crash RBS was certainly competitive relative to other banks. But even with all this they still couldn't keep the bloody bank in the black, let alone give decent returns to shareholders in the longer term. With UK taxpayers as the premier shareholder, Gordon Brown should call the bank's bluff and let them resign and highlight the bankers' attitude for the barefaced cheek that it is.

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