Bosses of failed banks line up to apologize

[WillYourVoteBCounted]

*In England* :(

You didn't think that would happen in the United States of America did you?

Shouldn't Bankers in the US be apologizing (on CSpan) to the world? Then they should pay back their bonuses, or the govt should take them from them as partial payment for bailing out their bad decisions.

Penitent bankers back calls for review of bonus culture

Former bosses of RBS and HBOS apologise to the Treasury select committee for the events that led up to their banks being taken largely into public ownership
Andrew Sparrow and agencies guardian.co.uk, Tuesday 10 February 2009 15.26 GMT

Senior bankers today backed calls for a review of the City bonus culture as they apologised to MPs for their role in events leading up to RBS and HBOS having to be rescued from the verge of collapse.

...Hornby said he thought bonuses should be tied to long-term performance, and that instead of being paid annually, they should be paid over three to five years.

"There is no doubt that the bonus system in many banks around the world has proven to be wrong in the last 24 months," Hornby told MPs, "in that, if people are rewarded purely short-term cash form and are paid very substantial short-term cash bonuses without it being clear whether these decisions over the next three to five years have proven to be correct, that is not rewarding the right type of behaviour."

Goodwin and McKillop were also asked about RBS's decision to buy the Dutch bank ABN Amro, which led to RBS having to write off £20bn. Fallon told McKillop: "You have destroyed a great British bank. You have cost the taxpayer £20bn."

more at the link
http://www.guardian.co.uk/business/2009/feb/10/bankers-apologise-rbs-hbos-treasury-committee

Sadly, the bankers in the US are treated as Gods, and can do no wrong.
This goes to the lack of integrity in our government.
Let them eat their bonuses.

[robinlynne]

1. At least some people somewhere in the world can see....