Friday, March 20, 2009

Taking their money back

In the UK, the government flails helplessly over the issue of bailed-out banks paying huge bonuses and pensions to the executives and managers who bankrupted them. In the US, they take action. Not only have they capped executive salaries at bailed out banks; now their House of Representatives has passed a "bailout bonus tax" bill, imposing a 90% tax on bonuses paid by companies which have received federal bailout money. The bill still needs to pass in the Senate, but given the levels of public outrage - bonus recipients have reportedly been receiving death threats for their looting of public money - that's fairly certain. The US is taking its money back, and the creeps who stole it are lucky not to be going to jail.

Meanwhile, back in the UK, the government has announced it couldn't possibly do anything similar. There's no question of who their Labour party works for - and its sure as hell not the people.