ROSM
Well-known member
The bank bonuses fiasco was and is an obscenity. Some reason that if the banks don't give the bonuses, then the greedy staff will go elsewhere to get such remuneration, but I'm not sure that holds water. Mr Brown made a grave error when he loosened the banks from the shackles of the Bank of England which allowed individual banks to do their own thing, rather than be constrained by the Bank of England. Although the banks got themselves (and us) into hot water, they had to be rescued, because too many ordinary people had savings, mortgages, loans and other business with the banks and that business has to carry on. If the banks hadn't been rescued, then we would have found ourselves in the same situation as that which precipitated the crash of the 1920s-30s, when people rushed to the banks to remove their money. For those who get there quick enough, that's fine, but it would mean millions more would loose their savings and assets, and never see them again.
Actually labour increased regulation on banks albeit at the micro level rather than the macro level. The lowering of macro regulation actually started in the early 90's. As for the comment on greedy staff - that's very Daily Mail. It is wrong to judge all banks and bank staff as some morally corrup enterprise or set of individuals.