In the U.K., the Royal Bank of Scotland has become the leading symbol of the country’s banking crisis.
RBS announced more big losses this week yet still found room to award its employees almost $2.5 billion in bonuses. That has sparked a good deal of outrage.
The bank’s rationale for the bonuses is similar to what many U.S. banks have said to justify big payouts.
Are the bailed-out U.S. and U.K. banks irresponsible for paying such big bonuses while still holding such a tight squeeze on credit?
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