Banks Taking Advantage Of Gordon Brown's Incompetence
Gordon Brown can't stop bailed-out banks from giving staff millions in bonuses, Chancellor Alistair Darling admitted after it was revealed that the Royal Bank of Scotland gave away £1 billion doing so.
Darling has promised to crack down on such practices and appointed Sir David Walker, a former financial service regulator and Bank of England executive director, to review the pay and perks of senior bank executives, with the first report coming in the fall.
Until then, Darling and Brown are powerless to stop these bonuses from being handed out, which has angered many people.
Tory Shadow Chancellor George Osborne called the review "totally inadequate" and said it would come "far too late to cap this year’s bonuses." He also said that the Chancellor needs to stop "dithering" and take a page out of President Barack Obama by putting a cap on bank pay.
However, Brown and Darling are doing something they deem adequate: They're begging bosses to display a "degree of restraint" when handing out bonuses.
Good luck with that plan, Mr. Brown. We're certain bank executives will listen to your pathetic pleas instead of taking advantage of your VAT cut and buying brand-new Aston Martins with their hefty bonuses.
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