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Monday, March 09, 2009

Lloyds Bonuses

Lloyds, the bank rescued by the government after taking on the poison chalice of HBOS, has announced that it will be paying around £80M in bonuses.

Needless to say there has been a knee jerk reaction orchestrated by the government manipulated media. The government are keen to whip up a frenzy of anti bank feeling, lest its own role in the financial crisis be subject to excessive scrutiny.

However, before effigies of bankers be burnt in the streets, it is worth noting that the majority of the bonuses are being paid to ordinary members of staff, and that those senior members of staff eligible for bonuses may have to wait up to three years for them.

It should also be remembered that Gordon Brown "brokered" the HBOS deal, ie he twisted arms to save his political skin.

The government are as culpable as the bankers for this mess.

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