I seem to recall that only a little while ago, we, the taxpayers, had to provide the banks with untold sums of money or the global economy would collapse. Well, our governments gave the bankers all the money they wanted, and promises of more. It cost trillions of dollars.
In return for all this money we were promised change. We were told there would be effective regulation. We were told there would be an end to the greed-driven, reckless risk-taking. We were told there were be an end to the bonus culture and a cap on salaries.
Well, change has not happened. The fat-cat financial capitalists took the money and carried on in precisely the ways that cause the problem in the first place. Why wouldn't they? It pays well, very well, indeed. The U.S. banks and securities firms are on track to pay a record $140 billion in compensation to staff. Here in England, the Royal Bank of Scotland, which went under due to its reckless business strategy and is now in virtual public ownership, is set to provide its staff with bonuses in excess of £2 billion.
This is like playing at a casino and when you lose all your money, instead of you paying up, you keep what you have and the casino makes up your losses, so you can continue to wager recklessly.
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