We are told today by Government Minister, Lord Myners that at least 5,000 bankers in the UK will earn more than £1m this year whilst the median wage in the UK is just over £20,000 a year, and yet some bankers expected, as a matter of course, to receive bonuses, in addition to their salaries, of millions of pounds.
The Directors of Royal Bank of Scotland have threatened to resign if they are not allowed to pay these bonuses. I say let them resign – the whole lot of them - call their bluff. Let these children throw their toys out of the pram. The morally obscene bonus payment culture has to stop.
Let me just remind myself of the story so far …
The Royal Bank of Scotland, along with other banks, screw things up so badly that in Autumn 2008 they go ‘cap in hand’ to the Government (that's you and me) to bail them out with massive amounts of tax payers money. ‘We’ tax payers ‘give’ them that money to keep them afloat and EVERYONE agrees the scandalous immoral bonus payments to bankers must never be allowed to happen unchecked again.
Here we are, just 12 months later and they want to pay themselves enormous bonuses again .... and the implicit message is .... to hell with the rest of the population on a median of £20,000 per year and struggling to meet their mortgage payments.
This is of course the TRUE face of capitalism.
Those capitalist myths about ‘trickle down of money’ are just that … MYTHS pedalled by the very people who line their own pockets and see absolutely nothing morally wrong in what they do.
As Lord Myners said today… Bankers need to join the real world.
I can’t make up my mind if it is ignorance, arrogance, ineptness, no morality, no principles of integrity, no conscience or simply lack of personal insight.