Because of the outrage at bank bosses pay and bonuses since the banks were bailed out by taxpayers, the EU has passed laws limiting the scale of bonuses to 100% of annual salary or 200% if shareholders approval is granted. This still means that the EU supports the likes of HSBC chief executive getting annual bonuses of £2.4 million on top of his £1.2 million salary. But this still won’t make any difference.
Now these fat cats are planning to award extra shares to themselves on top of bonuses. After being bailed out to the tune of £1.2trillion of our money, the banks should be fully nationalised and democratically controlled so that the enormous wealth they control can be used to invest in services and the economy overall to create jobs.