01 August 2009

Quote of the day

Even Peston is prepared to put the boot in:
... if you're in a mood to fume once more at the way that individual bankers enriched themselves at taxpayers' expense, I commend to you a report published yesterday by the New York State attorney general on fat bonuses paid last year by US banks that were kept alive by public money.
The once-mighty Citigroup, for example, received hundreds of billions of dollars in investment and guarantees from American taxpayers, but still paid out $609.1m in bonuses to its top 124 bonus recipients: three individuals received bonuses of $10m or more; 13 pocketed bonuses of $8m or more; 44 individuals trousered bonuses of $5m or more.
Merrill Lynch, which was rescued by Bank of America and generated losses last year of $27.6bn, paid its top four bonus recipients in 2008 a combined $121m and the next four received $62m. The top 149 bonus recipients at Merrill received a combined $858m.
This spectacle of bankers' snouts in the trough feasting thanks to the emergency succour provided by taxpayers was also to be seen at Goldman Sachs, Morgan Stanley and JP Morgan.
And all the while a painful global recession - partly caused by bankers' excess - was depriving less fortunate citizens of their livelihoods.
We don't have an equivalent report into the bonuses paid last year by British banks.

Angry, nearest lamp-post, rope ...

No comments: