Royal Bank of Scotland was today hit with fines of almost £400million for its part in fixing inter-bank lending rates.
Business Secretary Vince Cable warned the government-owned bank should pay the fines to UK and US regulators from bankers' bonuses and not leave the taxpayer to pick up the bill.
But he seems to have forgotten that the bankers bonuses only exist because of profits resulting from the taxpayers bail out.
No bail out. No profits. No bonuses. Simples.
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