Monday, October 26, 2009

One small step on the road to recovery.

City fury at George Osborne’s bonus war on bankers

George Osborne faced howls of anguish from the City today after calling for a clampdown on big bonuses. The shadow chancellor wants the regulators to take action now to ban high street banks from giving big cash payments as rewards. Mr Osborne said he was talking about "emergency measures this Christmas", adding: "Let's end the big cash bonuses. If there's spare cash at the bank it should be lent out to small businesses, medium businesses, to help people keep their jobs.

Posted by devo @ 09:25 AM (926 views)
Please complete the required fields.

6 thoughts on “One small step on the road to recovery.

  • Alt: Lying politician attempts to win votes by proposing unworkable idea.
    Whatever next?

    Please complete the required fields.

  • Enough Already says:

    I’m with Osborne on this one. They don’t deserve their obscene bonus payment – in any other industry they’d be out of a job for such incompetence. If they threaten to ‘leave London’ let them p1ss off – see how many other countries want these overpaid narcissistic incompetents.

    Please complete the required fields.

  • “it infuriated bankers who warned that successful financiers would move abroad if they felt they were being unfairly targeted”

    How many times have we heard the threat that city boys will move abroad?

    Call their bluff and let the parasites b*gger off.

    Please complete the required fields.

  • I wonder what proportion of their assets are already abroad…

    I guess the unworkability of it would be like what happened with that guy a few months ago who was legally able to keep his big pension golden goodbye package thing: the law of Contract.

    Please complete the required fields.

  • I also think that the credit ratings system deserves a lot of the attention.
    It is hard to give an accurate credit rating to a complex financial instrument.
    So maybe the focus should be on preventing great big complex leveraged financial instruments from being packaged in safely rated products.
    It would to some extent tie the hands of the people who are putting investors’ money into high risk products.
    And it seems to me that the cleverness to organise these highly complex financial instruments or the cleverness to copy the behaviour of those clever people … is the justification for paying out the large bonuses.
    So, solving one issue to some extent lessens the other issue.

    Please complete the required fields.

  • So…..Boy George has had another good idea.
    Is he really saying that bonuses should be in the form of shares? Surely a bonus paid in cash attracts tax at the point of payment at the tax rate applicable to the recipient (must be the higher rate? ). Now then, what tax at what rate is applicable to the selling of shares……..let me think.
    I seem to recall that the payment in shares option was used by some ‘flighty’ bankers as a means of tax avoidance, so is ‘Boy’ proposing that we pay the same bonuses but in a form that attracts less tax?
    Shoorly not, how very dare you.

    Please complete the required fields.

Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>