Wednesday, 3 November 2010

Banks to be let off

I've just read an article at Left Foot Forward that has me outraged. Again.

Despite the fact that the banks greed and irresponsible lending is what cause the recession and left us with such a huge deficit, it seems they are not to be held accountable.

It’s hardly a surprise, but the coalition has decided that it has done as much as it intends to tackle excessive bankers’ bonuses, even at a time when small businesses continue to suffer as banks refuse to lend. Most banks will not pay out their bonuses for 2010 until February 2011 but the Treasury minister Lord Sassoon’s declaration in the House of Lords this week indicates the government is satisfied that its ‘work’ on City bonuses is complete.

Lest we forget, back in May a key Coalition promise was to “bring forward detailed proposals for robust action to tackle unacceptable bonuses in the financial services financial sector”.

Such lofty language will not be matched by actions. The Centre for Economics and Business Research think-tank has estimated that 2010 bonus payouts will amount to around £7 billion.

This is sickening. They cause a global recession and yet carry on as usual. It's not just unfair, it's unjust. The bankers must be laughing into their champagne glasses right now.

We get stuck with austerity cuts, which means the rest of us have to suffer, the poor are set to lose their benefits and possibly their homes, uni students are facing tuition fees of £9k and VAT is rising, hurting small businesses.

But the bankers are ok, they don't have to suffer. They don't get punished for their crimes. Yes, crimes. Because that is what it equates to. Their recklessness, their greed and their irresponsibility is what cause this.

If a speeding driver accidentally causes an accident they are held accountable.
If a teenager throws a stone over a bridge causing an accident they are held accountable.
But if a bank behaves recklessly and cause a global crisis they are let off scot free.

Can I have a new world please, I don't much like this one.

Read the rest here

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