EU right to target bankers' bonuses
After decades of listening to garbage and total nonsense from Brussels, at last a piece of possible EU legislation that deserves a hurrah!
A cap on bankers' bonuses equivalent to one year's salary. It's about time, and I'm sure the majority in the UK would agree.
But there are at least two well known names that seem to be totally against these proposals – our PM David Cameron and Boris Johnson, who has been linked with the Conservative leadership should Mr Cameron falter.
Mr Johnson has been reported as saying these proposals are "deluded", that these "talented bankers" would transfer their expertise to America or the Far East.
Business Cards From Only £10.95 Delivered www.myprint-247.co.uk
View detailsOur heavyweight cards have FREE UV silk coating, FREE next day delivery & VAT included. Choose from 1000's of pre-designed templates or upload your own artwork. Orders dispatched within 24hrs.
Terms: Visit our site for more products: Business Cards, Compliment Slips, Letterheads, Leaflets, Postcards, Posters & much more. All items are free next day delivery. www.myprint-247.co.uk
Contact: 01858 468192
Valid until: Friday, May 31 2013
Why can't these "talented bankers" be offered the same transfer options as they have in football and be offered a free transfer to anywhere in the world?
That is, of course, if any other nation would consider them an asset; their CVs must surely be tainted.
On the other hand, if we are in a global financial crisis then perhaps governments around the world must surely enforce and police a new "code of conduct" for the world's banks?
It is the cavalier and perhaps the criminal actions of the banking system that has created a taxpayers' burden that will last for years.
Was it not these "talented bankers" who mis-sold PPI? Was it not these "talented bankers" who have been exposed regarding the Libor scandal? Was it not these banks who created massive losses and then had billions of pounds of taxpayers' money poured into them to prevent their collapse?
And now they expect billions of pounds in bonuses even though the banks who employ them record massive losses. Perhaps their talent was their avoidance of their misdemeanours being detected for many years? Will we be surprised by any further revelations?
If our Prime Minister and his "suggested" successor consider these proposals as deluded, they have not taken into account the public's concept of how our current financial crisis should be addressed.
The public is fed up with massive bonuses being paid to those who have proved to be a failure, not just bankers but throughout industry.
In the latest figures, the banks have borrowed nearly £14 billion, from the Government to regenerate industry. They have loaned about £3 billion; no wonder their accounts are looking rosy.
The "dash for cash" has shattered the integrity of our banking system and the whole of our financial industry. Personally, I cannot see how it can be repaired.
But it has been suggested that at least one of our major banks could be re-privatised in 2015. No doubt there will be a rush to buy shares in a company whose foundations are, at the least, questionable?
So if the taxpayer is to see any return on the billions of pounds loaned to the banks, perhaps free shares would be a starter.
I'm sure though if any such legislation is introduced to cap bonuses, the financial industry will undoubtedly find a way to compensate any loss by their executives. Will we ever trust our banks again?
P Wright, Wigston.
5 Comments
by bikerdan82
Monday, March 11 2013, 6:09PM
“Never Nick, that would generally mean targeting themselves.”
by NickDiPerna1
Monday, March 11 2013, 5:57PM
“When will they start to target bureaucratic fat cats and the squandering of public funds?”
by bikerdan82
Friday, March 08 2013, 11:30AM
“This legislation from Brussels won't work, cap a bankers bonus at equal to his salary and he will just have his salary increased to account for any potential lose in bonus, its a rather simple get around!
This industry is broken, but it will take more than just European legislation to fix it. We need to remember that bankers are incredibly mobile people and already, very easily, move around the globe chasing the money.
They don't have any moral values, their only aim is to make vast amounts of money for their banks only to then take most of the money made, in the form of a salary or bonus.
We complain and they think were delusional, as their industry supposedly props up the UK financially and we should be grateful they choose to operate here. We should all know our place and that's to pump billions into pension pots that they then play with on the market, cream off most of the profit for themselves and give us a pittance of our money back to struggle with in retirement, whilst they live a life of wealth! and we should all make do with that, silly plebs.”
by Eastonian
Thursday, March 07 2013, 3:30PM
“Why has it taken until now to sort bankers out? Whilst they have always appeared to be different from the "ordinary" workers of the country we have had a new breed of banking whizz-kids coming through over the passed 20 years who seem to think they can get away with anything. Remember what happened at Barings!!”
by Rod52
Thursday, March 07 2013, 8:58AM
“But it has been suggested that at least one of our major banks could be re-privatised in 2015. No doubt there will be a rush to buy shares in a company whose foundations are, at the least, questionable?
So if the taxpayer is to see any return on the billions of pounds loaned to the banks, perhaps free shares would be a starter."
If Mervyn King (BOE) has his way, taxpayers will not see any return of their billions of bailout money, quite the contrary! His latest statement suggests selling off the 'non-toxic' (profit making) business of RBS whilst the 'toxic' (loss making) business remains in the ownership of taxpayers. Northern Rock was sold at a 'fire sale' price to the Branson empire losing taxpayers untold millions. As always taxpayers are picking up the bills for our elected representatives continual failures!”