01 March 2013

It's a funny old world

I suppose that it would be naive of me to wonder why a bank which makes an annual loss of more than £5 billion should pay out any bonuses at all, let alone £607 million.  The fact that the bank is 83% owned by the taxpayer merely compounds my irritation.  What special magic is this that insists that top bankers (and their ilk) require massive bonuses in order to do a decent job?

Meanwhile our Prime Minister seeks to resist EU proposals to limit bankers' bonuses to 100% of their salaries, apparently on the grounds that these might encourage foreign banks located in London to decamp to Zurich, Singapore or New York.  My own (naive) opinion would be to let them go; we have more than enough parasites feeding on the system.  It is not as though they do anything useful, after all.

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