RBS Bonuses paid from our taxes

Paul_Davis_2

http://www.facebook.com/group.php?gid=417490570190

Billy Bragg is withholding his taxes unless Alasdair Darling uses his veto to limit the size of bankers bonuses. I've linked to his facebook group.

More information here.

http://www.guardian.co.uk/commentisfree/2010/jan/18/withholding-tax-rbs-bonuses

I must admit that I had not realised that the government had a say in RBS bonuses but as they do, then I do think that they should act.

Good morning everyone!
Annie

glider3560

Taxes aren't paying for bankers bonuses. The government have bought shares in the bank (as they buy shares in many things). This means that when the bank is profitable, the government will receive a share of these profits. Will you be moaning then? Of course you won't.

prowla

Billy Bragg zzz.

John_Pierpoint

In fairness to Billy Bragg and Paul Davis back in autumn 2008 there were several near bankrupt banks in the UK. The most bankrupt was RBS, like a big version of Northern Wreck, nobody would touch it with a barge pole.

One of the other "almost bust" banks had recently received a big payout from RBS for allowing RBS to buy another dodgy Continental bank.

This second bank was called Barclays. Barclays got a big bail out from the Gulf Arabs in exchange for convertible loans. These loans carried a risk premiun of about 15% and were not offered to Barclays shareholders. (Barclays apparently managed to make a clever investment picking over the bones of Lemans).

Meanwhile the UK government put billions of our money ( and a whole lot more printed/borrowed ) into buying RBS paper and buying back its own.

Meanwhile our currency was devalued by 30% against our largest trading partner.

Both RBS and the government have got in a mess by fractional banking and deficit financing - both had created a bubble of credit/fiat currency.

We the people will now be taxed till the pips squeek or have our wealth destroyed by inflation - we have few natural resources left and need to survive in a global economy by the "value added" of our businesses.

Don't fall for a government spin in the run up to an election.



o