Friday, 31 October 2008

Barclays, and bank nationalisation

Barclays bosses are paying 16% interest to Middle Eastern sovereign wealth funds to hang onto their bonuses - disgraceful high-risk behaviour (high-risk, because it may commit them to unrepayable debt) strengthening the case for nationalising the banks, as this blog has consistently argued for some time now. Why should Barclays customers -- and the banking system that we all depend on, and that could hardly take another bank tottering -- have to put up with this kind of high-risk profiteering?
 

1 comment:

Lynda said...

I really have gone off the idea of our money being involved with overseas banks after the Icelandic failures!

Fortunately, I hopefully do not use a capitalist bank (I use the Co-op Bank which seems a bit safer and more ethical than some of the others). I strongly dislike the idea of fat cats with their massive bonuses on top of huge salaries - espeically when redundancies and remaining overstressed staff occur - to give customers an inferior service.