Last week’s announcement that the boss of state-owned Bank of Scotland is to receive a bonus of nearly £1 million has once again put the Banks under the spotlight.
Apparently there was concern that if he did not receive his bonus he would resign. Considering that on his watch the share price of the Bank has slumped by 40% and the turn-around strategy seems very much based on laying off Staff (currently in the region of 3500) it would appear that this wasn’t the most alarming threat. By any measure the performance of Bank of Scotland since the UK tax payer bailed it out has been sub-standard.
It is incomprehensible that despite all the evidence to the contrary the Banks still behave with a staggering arrogance towards their Shareholders (in the case of some UK institutions the Tax Payer) and their Customers alike.
The level of managerial incompetence demonstrated by these self styled “Masters of the Universe” is almost unbelievable.
It is small wonder that we find ourselves again staring into the abyss.
To an outsider it appears that despite all the rhetoric, nothing has been learnt and little has changed and the only calculations which are being rigorously scrutinised by the Bank’s management are the size of their forthcoming bonus payments.
It is one of the great ironies that is that despite all the evidence of their incompetence and sheer recklessness we once again find ourselves in thrall to the very architects of the global financial disaster – the Bankers.
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