on the other side of the fence

[borders]

quick reminder as to whats happening on the other side of the fence !! ................................................................................................................................. Fat cats back for wore
Thursday 15 October 2009 Wealthy bankers went cap in hand to the government on Thursday for yet another multibillion-pound bailout - even as fat cat City executives boasted of looking forward to bumper Christmas bonuses.

Bosses at Lloyds Bank, which is 43 per cent owned by the taxpayer, are set to receive a £5 billion state handout after pleading with Chancellor Alistair Darling to help the bank avoid the cost of the government's toxic asset insurance scheme.

The bankers are demanding the huge injection of taxpayer cash despite having already been bailed out to the tune of £17bn last year after their reckless City gambling helped crash capitalism's casino-style financial system.

The demand comes as investment bankers at Goldman Sachs celebrated Christmas early after learning that an incredible £10bn would be paid out in inflated salaries and bonuses this year.

Sachs' figures added to an amazing £17bn haul by executives at JP Morgan that was revealed on Wednesday.

Anticipating criticism of bankers' renewed massive profits, Goldman Sachs chief executive Lloyd Blankfein - who has raked in more than £100 million in pay and perks for himself over the last five years - insisted that his executives were "painfully conscious of the importance in being a force for good."

But TUC general secretary Brendan Barber hit back at the bankers' greed, insisting that the government "should now give up on any belief that there can be a voluntary cap on bonuses and start investigating solutions based on tax and statutory regulation.

"Because even after the biggest financial crash in decades, the City clearly cannot break its addiction to irresponsibly high bonuses," he said.

Left Economics Advisory Panel chairman John McDonnell MP tore into the news that Goldman Sachs bankers had already awarded themselves a huge 46 per cent pay increase this year, demanding "decisive action" from ministers.

"The government must tackle this unacceptable level of self-indulgent greed - and the return of the bonus culture in the City of London," he declared.

Mr McDonnell pointed out that Labour MPs were calling yet again on the Chancellor to end the "obscene level of bonuses."

"After a year when billions in public funds have propped up the entire finance system, more than ever there is a case for the taxpayer to take its share - but instead our vital public services are threatened with cuts and privatisation," he added.

Lloyds executives' demands for a further bailout also came in for criticism from Tax Justice campaigner Richard Murphy, who stated bluntly that "this is lunacy."

"The state is being asked to fund Lloyds' exit from state guarantees so that it can pay unfettered bonuses. There is a one-word answer to that: No," he insisted.

[westlondonpostie]

[DirtyHarry]

The greed and corruption now rife amongst the wealthy in this country, makes me very ashamed to be British. Very ashamed.