Lloyds Chief Tells Staff They'll Still Get Bonuses

Think anything like this is happening here in the US. Frankly, I'm relieved. It pained me to think of millionaires and billionaires going hungry this holiday season -- unable to afford $20,000 bottles of wine, $1000 per ounce caviar. The thought is too terrible to contemplate.

The chief executive of Lloyds TSB, one of the banks participating in the £37bn bank bail-out, has promised staff they will receive bonuses this year despite Gordon Brown's promise of a crackdown on bankers' pay following the investment by taxpayers.

Eric Daniels has told employees that the historic government intervention will not change the behaviour of Lloyds, which is in the throes of the rescue takeover of HBOS brokered by the prime minister.

In a recorded message to employees, Daniels stressed that the bank faced "very, very few restrictions" in its behaviour despite the injection of up to £5.5bn of taxpayers' funds. "If you think about it, the first restriction was not to pay bonuses. Well Lloyds TSB is in fact going to pay bonuses. I think our staff have done a terrific job this year. There is no reason why we shouldn't," said Daniels.