Bankers are back feasting on bonuses and at levels not seen since their crash in 2007/8
http://www.guardian.co.uk/business/2010/may/13/bankers-pay-bonuses-surge The Guardian analysis of data from the Office for National Statistics shows that bankers were paid £8.5bn in bonuses in the four months to April, compared with £7bn during the same period last year.
There was also a jump in pay across the industry of £1bn to £12bn as bankers shifted some of their earnings away from bonuses to avoid the former Labour government's bonus tax. The result of the pay and bonus increases took the combined earnings for the bonus season to £20.5bn compared with £24bn at the height of the boom in 2007.
Now let us see if Vince Cable will deliver on his promise to control the bankers, he was full of condemnation while in opposition saying the City had shown "a complete lack of awareness of the extent of the financial crisis, their role in creating it and the extent to which they are ultimately answerable to the taxpayer".
Lib Dem peer Lord Oakeshott said of the new data "This is the unacceptable face of capitalism. The coalition agreement promised to bring forward proposals for robust action to tackle these practices."
We won't be surpised when Vince and his Tory mates spend more time trying to cut our living standards and pensions before they ever tackle the bankers. As we have stressed many times before, the only way to control the bankers is to make law that requires that they have £1 in reserve for every £1 they lend, because at the moment they create debt out of thin air.
The con trick is nearing completion all that stands in its way is the public sector workers of Europe, the banking debt transfer took place, the bankers are now back being paid far more that 2 years ago and austerity haunts working people......part of this plan is to break the unions once and for all.
