More Bonus News

I saw where lloyds is going to ‘claw back’ bonuses from several of their executives, this following a multi-million pound insurance mis-selling scandal.

I mean, it never ends with these banks.

First they charge outrageous fees and win when they are challenged by the OFT on it.  Then they get bailed out by us taxpayers.  Then they still give out huge bonuses to executives there.  Then there is this insurance mis-selling scandal and the taking back of bonuses.

When will it end??

Lloyds Banking Group are to take back bonuses of £2 million from ten current and former executives.  

It was also reported the Lloyds would look to taking back £1 million from five senior ex-directors.

Lloyds is now around 40% state owned after the bailout.

Between this and the £3.2 billion they are forced to compensate people who were mis-sold PPI, payment protection insurance, the pot is getting bigger.  Of course 40% of it now is our pot.

It is amazing to not just read about this, but to live in this time and watch it all happen.   For years and years banks were considered safe and our friends. Not so anymore.

I remember the Savings and Loan scandal/closures in America in the 80’s.  It was huge, and also the first time many people had ever seen a bank/savings and loan, get closed down.  Also, many people lost money.

A few years ago in town I saw a line outside the RBS branch there on a Saturday and thought, wow, they sure are busy; they must be giving money away.  So I asked someone why they were in the queue and they informed me they all were there to try and get their money out!  A run on a bank.  I thought I’d live my whole life and never see something like that.  It was only something I had read about in the depression in America.

But yet, there it was.

So I am curious as to what is next with banks and banking??