TOLD YOU SO! Crossrail-peddling City of London BANKERS and the place men and women in sleazy Parliament were pushing society down a hole....

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5581568.ece

From The Sunday Times
January 25, 2009
£5m bonuses at rescued banks
Jon Ungoed-Thomas and Robert Watts
THE BOSSES of banks bailed out with taxpayers’ cash are to receive bonuses and shares worth up to £5m each.

Gordon Brown pledged last year that the “days of the big bonuses” were over as the government bailed out the crippled banking industry. Yet it has now emerged that many executives are getting the same bonus deals and free shares that were on offer before the credit crisis.

This weekend Lord Myners, the City minister, said some financiers had been “grossly overrewarded”. Opposition MPs, however, pointed out that Myners himself had been paid handsomely for his boardroom roles, including a directorship with a hedge fund that made money – legally – by short-selling Bradford & Bingley shares, now a nationalised bank.

Among the directors who have agreed new contracts to run companies propped up with public funds is Eric Daniels, who heads the new Lloyds Banking Group. The group is a merger of Lloyds TSB and HBOS, which is 43% owned by the government.

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Daniels has agreed a new contract this month with almost the same terms he previously enjoyed as head of Lloyds TSB: a bonus worth up to 225% of his £1.03m salary and an annual allocation of free shares worth up to three times his salary.

Daniels will now have his bonus payable in shares rather than cash, to comply with the demands of ministers that no cash bonus be paid in the wake of the £5.5 billion state bailout. Lloyds says some other directors may be in line for bonuses this year, also in shares.

Defending the perks, the bank said: “Bonuses are only paid when [targets] are met. We are very confident that our executive remuneration scheme is very much in line with guidelines.”

At Bradford & Bingley, Richard Pym, the chief executive, is in line for a £187,000 bonus this year. About 1,100 staff will also receive a cash bonus of 9% of their salary in March, at a total cost of about £3.5m.

Additional reporting: Georgia Warren and Brendan Montague

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AADHIKAROnline analysis of the Ed balls/Tribune assault on the truth about Tower Hamlets Council’s violations against the community and its failures of education duties will be appearing here at the weekend...