Staring into the abyss (continued)...

Lloyds Banking Group has defended plans to reward staff with bonuses even through its subsidiary HBOS is expected to record a loss of nearly £11bn. The banking group says its employees deserve "financial recognition" for hitting targets.

In most cases staff bonuses would amount to £1,000 or less for employees earning about £17,000 per year.

There has been speculation that the government, which has already poured £17bn into the group, may be forced to take a majority stake in Lloyds, or even nationalise it. Lloyds is currently 43% taxpayer-owned.
Lloyds defends staff bonus plan

I must admit to being annoyed about the recent clamour to punish all "fat cat" bankers - first of all: not everyone who works in the City of London or Canary Wharf is a "fat cat".

Yes, our economy is in serious trouble thanks to the irresponsibility of our financial institutions. However LloydsTSB was doing fine, prior to its shotgun marriage with HBOS (arranged by Prime Minister Gordon Brown & Chancellor Alistair Darling). Overall the Lloyds side of the business is expected to make a profit of £1.3bn for 2008. Therefore I have no objections if Lloyds are paying bonuses to staff based on their own performance as Lloyds employees before the merger.
One the other hand, those executives and high level management responsible for the HBOS horror show that is their expected £10 billion loss shouldn't receive, or accept, any bonus. Simple as that.

And if we're talking about not rewarding failure, why should those executives and high level management of the Financial Services Authority (FSA), who failed to recognise the increased risks in the banking system get their bonus? The FSA are supposed to be supervising our banks, yet thus far, five out of the big 10 banks have crashed.

Some people in the FSA, as well as the Bank of England and the Treasury - our so-called Tripartite - should be hanging their collective heads in shame over this shambles.
As for Gordon Brown & Alistair Darling? The nation will deliver its verdict at the next election...