Totally Lacking Compassion

Fat Cats - Laughing all the way to the bankFollowing the taxpayer bailout of HBOS and Lloyds TSB, you might expect the other banks to see the error of their ways and show a little compassion, or at least common sense, when it comes to paying out bankers bonuses. But not a bit of it, they have shown neither in the current round of astronomical pay settlements to their executives and top analysts.

Bob Diamond, the head of Barclays, is in line to receive around £27m in perks and other pay outs, with Lloyds and RBS chiefs Antonio Horta-Osorio and Stephen Hester in line for awards worth up to £8.2million and £7.9million respectively, despite presiding over combined losses of £5.5 billion last year.

Not only are such salaries and bonuses immoral, they show a complete lack of compassion for those people who are being destroyed by the current bank-lead recession, both here and on the continent. How can anyone, with an ounce of respect, justify such obscene amounts?

Whilst it is clear that the UK banking industry contributes hugely to the economy through employment and taxes, it has also left us all with a legacy of debt and negative equity on such a scale that it will take several generations to work off the outstanding amounts.

Such situations fly in the face of both common sense and common decency. Surely, given the scale of these offensive payments, and the fact that the taxpayers effectively ‘own’ HBOS and Lloyds TSB, it is beholding to the Government to put a stop to them once and for all.

Whilst it may be too late to avert these remunerative packages, I call upon those on the receiving end of the huge amounts to look at themselves in the mirror and to donate the majority, if not all of it, to worthy causes. At least that would go some way to restoring any respect we may have for these grossly overpaid fat cats.

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