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Saturday, October 18, 2008

Banksters' Bonuses


The Banksters (thanks to Radio Ecoshock's Alex Smith for the term) took home £16 billion in bonuses in the year to April, official figures reveal.

"City bankers have not lost a penny of their multimillion-pound bonus packages so far, despite the credit crunch which has caused the worst financial crisis in 80 years, new figures show. Official statistics reveal that, in the financial year to April, City workers took home £16bn, almost exactly the same as in 2007. The period covers the Northern Rock nationalisation and the UK employees hit by the Bear Stearns implosion. During the period, banks across the world were forced to make huge writedowns on investments linked to US subprime mortgages. Bonus payments in the UK financial sector have more than trebled in just over five years, from £5bn in 2003, according to the Office for National Statistics (ONS). This is shared among just over one million employees in the sector, but that is heavily skewed towards the high-powered executives, who are routinely handed seven-figure packages."
The Independent

Posted by Phil at 12:57 PM
Edited on: Saturday, October 18, 2008 1:01 PM
Categories: Comment