Tuesday, February 10, 2009

The Lipsy Sorry From The Wise Bankers

Yea, the former financial failures are sorry and why not; if they have made millions from it, then lost a few pennies as they told (not that I argue that) MPs on the Treasury Committee today. But so what? Should we have to refund them their losses too after reimbursing their failed banking institutions?

Although Fred Goodwin did indicate he is not complaining – not that any sensible person would – I still think they should return what they took. This can be justified by the evidential fact that the ‘good’ work they were paid for aren’t any good at all.

It isn’t good because the banks failed under their watch. It isn’t good because they made the decisions that ran the big institutions into mud. It is obviously not any good management because they set about implementing bad business practices and self-reward system that saw them acquire enormous amount of shares for nothing while leaving billions of bad debt.

Yet, just last week, the same RBS was still very proud to want to pay out around £1b in bonuses again. Of course; why wouldn’t they? After all the tax cow is still heavy with milk. Funny enough, today, they want to cut over 2000 jobs. You may ask just like me, why pay bonus if jobs can’t be saved?

I have never seen a more ridiculous management and decision making. But many will argue that they men at the top are bright student of best universities which I am not. Intelligent idiots I say.

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