Defaulting banks - where will it stop?

[Jan Klimkowski]

Northern Rock staff will this week receive 10 per cent of their salary as a reward for their “dedication” to the nationalised bank.

The majority of the bank’s 4,500 staff are in line for the bonus, which was approved by the Treasury last year.

Liberal Democrat Treasury spokesman Vince Cable said the payout to staff at the rescued bank was indefensible. He said: “This is bringing the worst of the City bonus culture into a public body. This is an extraordinary action from a state-owned bank which still owes billions to taxpayers.When millions of people are facing pay cuts or even unemployment, this is indefensible. The Government should step in to stop this now.”

However Gordon Brown defended the agreement.

http://business.timesonline.co.uk/tol/bu...561473.ece



I love the smell of bullshit in the morning.

Bring it on!