BANKERS at four City firms have collected bonuses of more than £6.4billion this year, despite the worst financial crisis since 1929, it emerged yesterday.
While the rest of the country struggles under the ravages of the recession, London-based traders at Goldman Sachs, Morgan Stanley, Merrill Lynch and Dresdner Kleinwort have been notified of their bumper payouts.
They come despite the banks having reported a dramatic fall in profits and the Government bail-out of the banking sector.
Goldman Sachs has taken billions of taxpayer funds, as has Morgan Stanley.
And the huge payouts will hand further ammunition to those critics who blame the greed of bankers for the global economic crisis.
They believe such large bonuses have created a culture of short-termism and recklessness which fuelled the excesses in the run-up to the credit crunch and led to millions of jobs being lost. What Recession? £6.4bn Bonuses for City Bankers >>> By Mark Reynolds and Michael Pickard | Monday, December 22, 2008
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