Lehman Brothers and the numbers that don’t add up.

December 6, 2008

In the last year that figures are available for bonuses and dividends paid out by Lehman Brothers (2006) they paid out $8.7 billion.
When they filed for bankruptcy protection in September 2008 they had losses of $6.6 billion. [Private Eye, 19th September 2008]
Even a kid in second grade maths would be able to work out that paying out bonuses and dividends of that size was not only unsustainable, but also morally corrupt.
Since the UK banking market has been deregulated there has been a ‘snouts in the trough’ mentality. Grab as much as you can and to hell with the consequences.
Well, how about we make them pay it back. They were happy to line their own pockets when the market was buoyant. So they should be forced to return some now that the inevitable has happened.
If they don’t have the foresight to realise that the audience of the Jeremy Kyle show are not going to be the most able of mortgage holders they don’t deserve any sympathy. What about the thousands of lower-level workers who never saw the huge bonuses, but are now seeing redundancy notices?

What do you mean you can't make the repayments?

What do you mean you can't make the repayments?

And the fact that no government anywhere in the world seems able to control effectively how the markets work. So they are all open to being manipulated by anyone with deep enough pockets.
Don’t be under any illusions – it was not bad luck that brought the current credit crunch to our doors. It was sheer, utter, naked greed. And sadly those responsible are not the ones who’ll pay.
So next time you hear a rich banker bemoaning his lot, call him something that rhymes with his job and tell him to think about those less well off than himself. For a change.


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