Royal Bank of Scotland (RBS)

Feb. 25 (Bloomberg) -- Royal Bank of Scotland Group Plc, Britain’s biggest government-controlled lender, reported a narrower-than-estimated full-year net loss, and increased its pay and bonuses for investment bankers by 44 percent.....RBS, which needed 45.5 billion pounds in taxpayer-funded support, is undergoing the most complicated restructuring of any company in history, Hester said last month. The bank’s 2009 loss is slightly more than the cost of Britain’s war in Afghanistan, which cost about 3.5 billion pounds in 2009, according to House of Commons Defence Committee figures last year.
Oh boy, I can just see the taxayers of Britain now. Can the strikes and protests in London be far behind? Remember the riot at the Group of 20 summit meeting in London just about a year ago. RBS is one of Britain’s most bailed-out banks. Think of it as their own version of AIG or General Motors, two companies which the gov't control massive stakes. And the bankers are now going to receive a 44% bonus increase?

Feb 25 · 8:45:00 AM
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by Jerry Byrne