Monday, December 20, 2010

Bailed-out Royal Bank of Scotland Defies Calls for Restraint and Lines Up £1 Billion for Bonuses

Investment bankers at the bailed-out Royal Bank of Scotland are in line to land £1billion in bonuses in defiance of increasingly frantic Government demands for restraint.

Business Secretary Vince Cable yesterday issued the first explicit threat from the Coalition of a new supertax on ‘scandalous’ City handouts.

It came amid mounting concern in Whitehall at plans by the leading banks to pay out a total of up to £7billion in the next few weeks.

Mr Cable threatened new transparency rules if the banks refused to put their own house in order – describing the bonus culture as a ‘poisonous fungus’ that has been allowed to flourish ‘in the dark’. He also said he wanted the biggest financial institutions broken up.'


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