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Chancellor Alistair Darling pledged today that no bonuses will be paid this year at two banks bailed out on an unprecedented scale by the Government. To clear the way for the bail-out, RBS chief Sir Fred Goodwin was ousted and forced to forego a £1.2 million pay-off. HBOS Andy Horny will also make way and forego his £1m severance package. None of the remaining directors in the three banks will now get cash bonuses. Leading City shareholders said bonuses paid to the banks' bosses should be refunded. Pay 'handcuffs: Alistair Darling today as he made the announcement that bonus payments to bankers would be curbed One said: "It has to be wrong in principle that they got bonuses for sowing the seeds of their banks' destruction." In return for bailing them out, the Prime Minister and Chancellor Alistair Darling said cash bonuses... [read full story]
