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Title: Big City Banks "they are gambling with other people's money." Post by: WhiskeyGirl on July 13, 2009, 01:55:25 PM "Big City bonuses are back! Less than a year after banks took billions in taxpayer-funded bailouts..."
Quote John Mann, a Labour MP on the Treasury Select Committee, said: 'This is money for nothing. 'They are gambling with other people's money. They cannot lose from it. The idea that we should be allowing this culture to continue is quite mind-blowing.' Goldman's bankers pocketed rewards running into millions of pounds throughout the credit boom for brokering a wave of major takeover deals. These deals disappeared in the wake of the credit crunch in 2007. But now that so many of its rivals have failed or been taken over, Goldman can charge more for advising clients and helping them raise money. Many companies are having to re-finance their debts, which means fat commissions. Quote The return of the mammoth bonuses will enrage millions of credit-starved businesses and families, who will be paying for the paying for clean-up of the banking system for years to come. Taxes are expected to soar and spending on key public services will be slashed as successive governments grapple with the ballooning national debt. Read more: http://www.dailymail.co.uk/news/article-1198904/City-banks-reward-staff-mind-blowing-bonuses-months-bringing-world-economy-brink-meltdown.html#ixzz0LABGgjWG&C (http://www.dailymail.co.uk/news/article-1198904/City-banks-reward-staff-mind-blowing-bonuses-months-bringing-world-economy-brink-meltdown.html#ixzz0LABGgjWG&C) Eliminate competition, privatize profits, socialize losses...it continues. jmho |