The banks are making monkeys out of the Government

December 11th, 2010

The arrogance of the banks knows no bounds.   Faced with new European guidelines putting some restrictions on bonuses, Barclays Capital and HSBC have as good as put up two fingers to the regulatory authorities by hiking up salaries to compensate for the bonus loss.   Why do we put up with this?   bout When the Irish banks, whose recklessness was proverbial, nevertheless issued large bonuses as a snub to the IMF-EU Irish rescue package, the Irish Government announced a new 90% tax on all future bankers’ bonuses.   Why doesn’t the UK do the same?   Are we serious about bringing the banks to heel or just playing footsie?   The banks have already cost this country £68bn in bail-outs plus another £350bn in loan guarantees and asset protection, set against the average £20bn a year in tax they pay to the Exchequer, so they are a huge net deficit to this country.   Why do we treat them with such velvet gloves? (more…)