Facebook R&B crooner Mario has been relatively quiet on the music front for…
- Posted on Jan 19th 2010 4:53AM by Julian Marszalek
The bank, which is 84% owned by the British taxpayer after it was bailed out by the Treasury, is likely to pay its investment bankers up to £1.5bn ($2.4m) in bonuses.
Writing on Facebook, Bragg said, "I understand that the Treasury had little choice but to use taxpayers' money to safeguard savings and stabilise and restore confidence in the financial system.
"What I don't understand is why, now that we taxpayers are the majority shareholders of these banks, we seem totally powerless to curb their excessive bonus culture?"
He continued, "I have written to the chancellor of the exchequer, Alistair Darling, to inform him that I am no longer prepared to fund the excessive bonuses of RBS investment bankers. Unless he acts to limit them to £25,000, I shall be withholding my tax payment on Jan. 31"
A spokesperson for The Treasury responded, "There will not be big bonuses paid with taxpayers' money at RBS. Taxpayers' capital will be completely protected."