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Is Gordon Brown losing control of the banking sector?

Only hours after the Royal Bank of Scotland board of directors threatened to quit with regards to a £1.5 billion bonus pot row, it has now emerged that Lloyds bank would be paying out generous perks and bonuses to staff involved in the disastrous takeover of HBOS. HBOS was an acquisition which literally brought Lloyds bank to its knees at which time the UK government was forced to jump in with a multibillion pound bailout and a significant investment in the company's shares.

It has been revealed that hundreds of executives working at the enlarged group are set to receive up to 80% of their annual salaries in a deal which was agreed at the time of the acquisition. Coming only days after further job losses were announced, bringing the total job losses at Lloyds Bank to 11,000 this year, it seems as though the banking sector and the UK government has lost all grasp of decency. More and more UK tax payers are looking towards Christmas this year with trepidation and fear while those at the top of the banking tree appear to be "rolling in the money again".

When will we see the UK banking sector, Lloyds bank and Royal Bank of Scotland in particular, accountable to UK taxpayers who literally saved the two companies from collapse?

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