Friday, May 30, 2008
Credit crunch? Not when it comes to City bonuses
MoneyWeek: Credit crunch? Not when it comes to City bonuses
While the rest of us suffer, it's bonus time for the bankers whose dodgy dealing and wreckless risk-taking led to public bail-outs and worldwide financial anxiety.
Posted by damien @ 12:32 PM (131 views) Add Comment
3 Comments
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1. bystander said...
Doesn't matter how many times I read about these overpayed stuffed shirts it still makes my blood boil. They gamble, and make nothing of any 'real' intrinsic value to our society and yet get huge financial rewards. I understand that it is the 'going rate' if you want to keep and entice the 'talent', and that there are some extremely intelligent and even ethically minded bankers and hedge fund managers out there, but greed is king in this world and these excessive bonuses breed a total lack of concern for anyone but "I/Me/Mine" and that is no good for any society, not even a capitalist one like the UK. I disagree with the constantly used idea that the markets will regulate themselves,they haven't and they won't, which has caused this mess and will likely as not repeat the same thing again in 15 or so years time. There needs to be more regulation, not less.
2. Cstanhope707 said...
Often wondered when these jobs are going to be outsourced to India, that day must be coming. Can not wait! In fact there is NO good reason why a traders job can not go offshore. They can gamble money over the internet just as easy in Bangalore as they can in London.
Bystander don't want to make your blood boil more but these clowns are in effect being subsidised by the Taxpayer throug the various BOE bail outs this is why I get very worried when I hear Politicians and the media go on about how the Government must do more!
i.e. more of your money
3. James said...
This article is just plain wrong. The figure is for 2007 bonuses, which get paid in the first months of this year. Last year had a stonking first half. Next year will be a lot lower.