RBS Directors Threaten to Resign If U.K. Government Blocks B

by Derek Loosvelt | December 03, 2009

Okay, the U.K. government owns 84 percent of Royal Bank of Scotland (commonly known as RBS when it’s not commonly known as a bank on its last legs and only in business because of billions upon billions of pounds in bailouts) but that doesn’t give it the right, say RBS directors, to meddle with the millions of pounds of bonuses that will go out to RBS bankers for their hard work this year. The directors believe that any mitigating of said bonuses would most certainly have a drastic affect on the bank’s ability to retain their bankers and thus compete in the marketplace and thus repay taxpayers, and have reportedly threatened to resign en masse if the government gets involved.

Meanwhile, over on American soil, Lloyd and his armed deputies are in talks with their shareholders regarding the highly-publicized grand slams they hit this year and out-of-the-park pay packages that Goldman traders and bankers stand to make as a result. The Goldman chief and his top dogs are in discussions with their investors just to make sure everyone’s on the same page when the bonus pool number goes public and every online news site in the free and un-free world get a hold of it.


AP Photo/Matt Dunham

Filed Under: Finance


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