22 September 2014

"She stood on the bridge at midnight"

So, let me get this straight.

The EU, in the form of the European Banking Authority (EBA) banned the payment of bonuses to banking staff amounting to over 100% of salary (except in special circumstances).  The banks got around this by paying a form of allowance (in addition to the 100% bonus) to keep their bankers happy.  Accordingly, the EBA is now proposing to ban these additional allowances.

A fairly logical consequence, you might have thought.  But the bankers are up in arms.  It is not enough that they receive a bonus of 100% on top of their generous salaries.  And, guess what, the Treasury and George Osborne agree with the bankers.

Crazy old world.


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