{"id":193980,"date":"2008-11-03T06:05:00","date_gmt":"2008-11-03T11:05:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/03\/not-enough-bullets-scotland-edition\/"},"modified":"2008-11-03T06:05:00","modified_gmt":"2008-11-03T11:05:00","slug":"not-enough-bullets-scotland-edition","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/03\/not-enough-bullets-scotland-edition\/","title":{"rendered":"Not Enough Bullets: Scotland Edition"},"content":{"rendered":"<p>Specifically, the <a href=\"http:\/\/www.guardian.co.uk\/business\/2008\/nov\/01\/royal-bank-scotland-vincent-cable\">Royal Bank of Scotland<\/a>, which just received a \u00a320 billion bailout from the British government, but still intends to pay bonuses to the people who screwed up the bank in the first place:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>The bank has set aside \u00a31.79bn to cover &#8220;staff costs&#8221; &#8211; including discretionary bonuses &#8211; at its investment banking division for the first six months of the year alone. The same division caused a \u00a35.9bn writedown that wiped out the bank&#8217;s profits for the same period.<\/p><\/blockquote>\n<p>The last &#8216;graph in the article says it all:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Banking sources privately acknowledge that the sight of these bonus accruals may provoke anger. They concede the industry&#8217;s pay and bonus regime is under unprecedented strain as it fails to reflect profitability, asset writedowns or share price declines.<\/p><\/blockquote>\n<p>The idea that you give people bonuses who lose you money is not, &#8220;Unprecedented Strain&#8221;, it is insanity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Specifically, the Royal Bank of Scotland, which just received a \u00a320 billion bailout from the British government, but still intends to pay bonuses to the people who screwed up the bank in the first place: The bank has set aside \u00a31.79bn to cover &#8220;staff costs&#8221; &#8211; including discretionary bonuses &#8211; at its investment banking division &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,984,1004,1051],"tags":[],"class_list":["post-193980","post","type-post","status-publish","format-standard","hentry","category-corruption","category-europe","category-finance","category-hypocrisy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193980"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=193980"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193980\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=193980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=193980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=193980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}