First it was Goldman Sachs, Now it's JP Morgan Chase. The banks are making billions of dollars again...and planning bonuses galore!
At one level we should, of course, celebrate the survival of the banking system. Like it or not, we need banks to make the economy function. But it is a bit galling; just months after they had to be bailed out with hundreds of billions of dollars in cash, that they turn round, hand back the money and start raking it in hand over fist.
All at a time when they are still refusing to lend to consumers, and more and more people are losing their jobs. It is inevitable that we should feel perhaps bitter about this when the outlook is so grim. …the collateral damage as the military might say.
So I say to the Banks – remember, you survived because of the taxpayer cash, not in spite of it.
Nothing will enrage us more than having our noses rubbed in an orgy of bonuses and excesses while we dig ourselves out of the crises. It is something that few of us will forgive. Will you ?
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