RBS losses hit £7bn but bonuses are still paid

[rebbonk]

ROYAL BANK OF SCOTLAND is about to announce losses of more than £7 billion for 2009 but will still hand out enormous bonuses to its investment bankers.

State-controlled RBS is in the final throes of negotiations with the Treasury over its bonus scheme. The talks are expected to conclude within 10 days, ahead of the publication of the bank’s full-year results.

The Treasury is expected to approve a total bonus pool of about £1.3 billion despite the expected losses. The move will spark a fresh furore over payments at banks that were bailed out by the taxpayer.

Story http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7017815.ece

[dutchman]

The same bank also funded the takeover of Cadbury's by Kraft:
http://news.bbc.co.uk/1/hi/8470776.stm

Meanwhile, taxpayer funded Northern Rock continues to subsidise Coventry City rivals Newcastle United:
http://news.bbc.co.uk/1/hi/business/8465058.stm