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.
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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.