The fact that the Royal Bank of Scotland is struggling to find its grounds once again is known to all, especially in the light of the heavy Government bail-outs awarded to it, and the bank racking up another loss of a whopping 3.6 Billion Pounds during last year. This has, however, not discouraged the financial institution from paying hefty bonuses, a development which has once again put it under bitter criticism.
General taxpayers are now very confused. What is the truth? The financial crisis which has hurt the whole world is definitely not a fabrication, and neither is the bloodied financial state of RBS. But then why is it not stopping the bank from handing out huge amounts in bonuses?
Is this the apt thing to do at a time when the common man is squeezing his expenses every single day just to live during the financially difficult time?
A huge "NO" seems to be the best answer to this question, but RBS has another story to tell, and a convincing one at that. It says that it needs to retain its top management, and the bosses might move over to greener pastures if they are not given the appropriate rewards. But where does this leave us? The taxpayer feels cheated, especially since official announcements are hinting that the bonuses of the bank would add up to a total of some 1.3 Billion Pounds.
Chief Executive Stephen Hester, however, does seem to be the noble soul here, but even he will end up pocketing quite a huge earnings figure, even minus the bonus.
It seems that it is high time that the RBS, and other similar bailout institutions, explain why they are carrying on a party like it is still 2007, with the Main Street and general population still struggling.
Also, with experts now trying to find out why the financial crisis started in the first place, and how we can ensure that it does not happen again, maybe an assessment of the Wall Street's bonus culture is a good enough place to begin.
- Samsung signs deal with Amazon.in to sell Galaxy K Zoom handset in India
- GE unveils smart LED light bulb – ‘Link’
- Report: iPhone 6 likely to be launched one month earlier than expected
- Huawei officially unveils its new high-end Ascend P7 smartphone
- Samsung launches its ‘Galaxy K zoom’ camera specialized-smartphone