Bonus Street: The life of the banker

http://www.independent.co.uk/voices/comment/weve-had-benefits-street-so-how-about-bonus-street-a-gritty-look-at-the-grim-reality-of-life-with-an-unearned-2m-windfall-9065238.html

 

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We’ve had Benefits Street now I will introduce to the media sensation which everyone is talking about; this is of course Bonus Street.  Media outlets have coined the term “Bonus Street” to parody the lives of millionaires that sponge from the State mainly through tax evasion. Especially with the bankers who have received at least 6 figure bonuses on top of their salaries have managed to create a recession which has been so devastating to people since the Great Depression.  Some of these banks have been nationalized and the public have received the burden for the bankers greed and ignorance though high risk, low return investments. But through all the damage this group has caused the economy and the affect this has had on ordinary people so they can still keep their bonuses.

There are of course plenty of Neo-Liberal ideas that these people are an asset to the economy and if they left we would be penniless without them. This is what the Coalition Government has done, by pleasing their sponsors; they have been able to persuade the public that benefit claimants are responsible for the economic crash. People are now more concerned with welfare budgets, who should claim benefits and how much benefit people should receive. Programmes such as Benefits Street have been shoved in the public face which many spectators have called “poverty porn”. By creating a smokescreen where benefit claimants are demonized by the government and the media, many of the Banker’s mistakes have gone unrecognized and unaccounted for.

Banker’s bonuses are still as strong as what they were before the recession. The Royal Bank of Scotland according to the Independent’s article are having “a multimillion pound, 200 percent bonuses” increase. The bank has been nationalized and now is not lending to its customers but will still give themselves million pound bonuses. It must be really rewarding for the bank to give themselves bonuses at the expense of their customer’s interests.

As for political parties, the Conservatives seem pretty open to bankers’ bonuses which in itself isn’t a great surprise because they are basically funded by the city; Labour’s Ed Miliband thinks that a “million is enough” which is disappointing especially with the party’s realignment with leftist politics. With these parties taking such as relaxed approach to the Bankers it is inevitable that the public will lose out again and again.

With the sheer lack of accountability, responsibility and modesty by Bankers, people will continue to suffer as policies, initiatives and tax regimes will continue to benefit these people. The taxpayer will continue to lose out with nationalized banks such as RBS when their bosses give themselves huge bonuses each year. Whilst the bankers keep winning rather obscene and frankly unacceptable bonuses; the taxpayer will continue to foot their bill. It looks like Bonus Street is here to stay at the expense of the taxpayer.

Amy Milliken

   

 

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One thought on “Bonus Street: The life of the banker

  1. Very interesting post! Considering the fact that it has been estimated (for 2011-12) that just 0.8% of total benefit expenditure was overpaid as a result of fraud, I agree that Benefits Street was nothing more than poverty porn and fear-mongering.

    With far too much focus on benefit fraud, and not enough focus on tax evasion, the general public are not being given the full picture. Public anger should be directed towards the filthy rich tax-avoiders receiving bonuses, NOT the single mother struggling to single-handedly raise a family. Thats why I think something such as ‘Bonus Street’ is a great idea!

    Deena Abdo

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