Banks, bonuses and hypocrisy

82% of the Royal Bank of Scotland is owned by the state, following the £45.5 billion bailout in 2008. For the fourth year running, the bank has reported financial losses. For 2011, the loss totalled £2 billion, up from a loss of £1.1bn in 2010.

Part of the reason for the loss was that RBS had to set aside £850m to compensate people who were mis-sold payment protection insurance.

And the bank has also announced that its investment bankers will share a bonus pool of £390m, which they are attempting to justify by stating it is “less than half the amount awarded last year.”

It seems to me that senior and investment bankers are still living in an unsustainable bubble, and are continuing to profit while the majority of people are suffering swingeing cuts.