UPDATE: I’ve just seen the losses from HBOS – almost £11bn! Who knows how much more is lurking in other banks we’re currently propping up. If this carries on then we as a nation will have insufficient resources to support them. The UK’s CDS rates have been on the rise for some time now. We should stop now while we still have a chance to avoid national bankruptcy.
I heard on the news last night that Lloyds were to pay a bonus package of £120m. They said the average bonus is just £1,000. Averages are a nice way of hiding big numbers. If there were 10,000 staff and the bonus pot was £10,000,000 then the average bonus would be £1,000 even if it all went to the one man at the top if the tree. Do they think we are stupid?
Hold on… a bit more detail from the Guardian here.
Apparently the boss of Lloyds feels that if staff have met targets then they should get their bonus. Sorry, just run that past me again. Your bank is effectively saved from failure by massive injection of public money yet staff get a bonus. Is he trying to come across as some sort of hero of the people? Other industries are shedding jobs, in fact other banks are shedding jobs, and you want to pay bonuses? I have nothing against the junior workers but at least they still have jobs because of taxpayer cash. Surely that’s enough.