Thursday 27 February 2014

Royal Bank of Scotland: still rewarding incompetence

2008 RBS implodes. RBS gets rescued with my money and that of every other taxpayer payer in the counntry. RBS promises to change its ways and embarks on a recovery programme. 2014 RBS posts its biggest loss ever. 2014 RBS continues to pay its senior bosses huge bonuses. (Slightly less than last year - big deal.) Big senior boss says, "People - including the executives of the bank - didn't realise how big a change process we had to go through to get this bank back into shape."

Anybody who "did not realise how big a change process" was needed after that catastrophe does not deserve a bonus, they deserve to be sacked, and to get a job that their skills fit them for - road sweeping maybe. When is the government going to do something about the absolute waste of my money and the sheer arrogance of the incompetents still at the helm of RBS?

Baroness Wheatcroft, ex editor in chief of the Wall Street Journal, no less, says RBS would be a better bank without its bonus culture. George Osborne, please, please, please, please, please, for once listen to people who know what they're talking about.

(And if Scotland becomes independent, can they please keep RBS?)

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