Taxpayer-aided banks pay huge bonuses
Solidarity and Workers' Liberty have argued for sacking all the top bank bosses, nationalizing the finance sector without compensation for the big shareholders, and reorganizing it as a public banking, mortgage, and pension service.
The case for this has been made again by a report in The Observer (21 December): "City bankers at four major firms shared in an estimated £6.4bn of bonuses last week".
The Observer further reports that Goldman Sachs, which is paying out a bonus pot of $2.6bn (£1.73bn), has taken $10bn of taxpayer funds to help it in the crisis.
Morgan Stanley's bonus pool of around $3bn (£2bn), and it has had taxpayer money too,
At Dresdner Kleinwort, the investment banking arm of German insurance giant Allianz, around 400m euros (£371m) will be paid out to top managers. Meanwhile the firm is making over 1,000 staff redundant.
The pool at Merrill Lynch is reported by The Observer at around $3.5bn (£2.33bn).
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