Taxpayer-aided banks pay huge bonuses

Submitted by AWL on 21 December, 2008 - 10:12 Author: Chris Reynolds

Solidarity and Workers' Liberty have argued for sacking all the top bank bosses, nationalizing the finance sector without compensation for the big shareholders, and reorganizing it as a public banking, mortgage, and pension service.

The case for this has been made again by a report in The Observer (21 December): "City bankers at four major firms shared in an estimated £6.4bn of bonuses last week".

The Observer further reports that Goldman Sachs, which is paying out a bonus pot of $2.6bn (£1.73bn), has taken $10bn of taxpayer funds to help it in the crisis.

Morgan Stanley's bonus pool of around $3bn (£2bn), and it has had taxpayer money too,

At Dresdner Kleinwort, the investment banking arm of German insurance giant Allianz, around 400m euros (£371m) will be paid out to top managers. Meanwhile the firm is making over 1,000 staff redundant.

The pool at Merrill Lynch is reported by The Observer at around $3.5bn (£2.33bn).

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