Comments on: The City Blames Everyone But Itself http://touchstoneblog.org.uk/2010/02/the-city-blames-everyone-but-itself/ Policy news and comment from the Trades Union Congress (TUC) Sat, 11 Feb 2012 20:54:53 +0000 hourly 1 By: Tim Worstall http://touchstoneblog.org.uk/2010/02/the-city-blames-everyone-but-itself/comment-page-1/#comment-6094 Tim Worstall Sat, 27 Feb 2010 13:47:43 +0000 http://www.touchstoneblog.org.uk/?p=6137#comment-6094 "More than 100 RBS bankers are going to get bonuses of over a million pounds. They lost £3.6 billion last year," No, they didn't. The investment bankers who are getting the bonuses made £5.8 billion in profit. It was the commercial bankers who made an even larger loss who are not getting bonuses. What's really amusing about it though, over and above the inability to read a profit announcement, is that if we had that Glass Steagall Act division between commercial and investment banking then the investment bankers bonuses would be even higher.... “More than 100 RBS bankers are going to get bonuses of over a million pounds. They lost £3.6 billion last year,”

No, they didn’t. The investment bankers who are getting the bonuses made £5.8 billion in profit. It was the commercial bankers who made an even larger loss who are not getting bonuses.

What’s really amusing about it though, over and above the inability to read a profit announcement, is that if we had that Glass Steagall Act division between commercial and investment banking then the investment bankers bonuses would be even higher….

]]>