Big Bonuses For Bank Bosses

24th of March, 2011 Bookmark and Share
As the banks’ bonus season comes to an end, until this time next year there are still a select few who receive staggering bonuses pay outs, the so called “Masters of the Universe”. In the midst of the deepest recession in living memory, amongst record numbers of employees being laid off, forced to work part-time on job shares and all the while bankers pay themselves billions and banks lend us less and less.

We are chronicling just what has been happening over the last few months and wondering who is still on the side of the ordinary worker just about keeping their heads above water. At this point in the economic cycle there are few lenders left who are still very much open for business and keen to lend to the put upon average UK consumer.

Whilst the banks invent ever more ingenious ways to avoid dealing with borrowers it is left to independent specialist lenders to take up the slack. UK consumers are finding they are treated better by unsecured lenders such as same day loans and instant payday loan companies.

One payday advance user was quoted “I went to my local bank branch for a £1,500 loan but found the amount of hoops I had to jump through despite being a long-term customer of the bank, with a clean record, was just not worth it … and they couldn’t even get me the loan the same day”.

It was never meant to be like this. despite the mindboggling figure of £1trillion being pumped into the financial system by the British taxpayer to prop up our ailing banks The Coalition Government’s stance on bonuses seem to be in stark contrast to statements made by ministers over the past year.

On the subject of bumper payday for bankers in a speech at the Tory conference in Birmingham last year, the Chancellor, George Osborne, warned: "We will not allow money to flow unimpeded out of those banks into huge bonuses, if that means money is not flowing out in credit to the small businesses who did nothing to cause this crash and suffered most in it."

In the last couple of months, both the Deputy Prime Minister, Nick Clegg, and the Business Secretary, Vince Cable, have demanded action to rein in bonuses. The issue was recently raised again when Bob Diamond, the chief executive of Barclays, appeared unrepentant, before the Treasury Select Committee.

While our politicians dither one section of the business world is not standing still; payday advance, companies are stepping into the breach left by self-serving banks. These independent payday loan specialists are providing an increasing amount of money to overstretched UK households; extending millions of pounds in instant loans every week to people let down by the traditional high street banking model.
Stan Brown
Get a payday advance today and feel the payday effect.