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Sunday, 8 February 2009

Banking bonuses

City bankers seem to be oblivious to public opinion and oblivious to accepting the blame for the current financial crisis. To think that RBS are even prepared to consider paying £1bn in bonuses when we taxpayers have bailed them out is a real slap in the face and if the bank had been allowed to crash, there would be no funds available for such payments. There should be no bonuses.
What will be interesting is the meeting on Tuesday/Wednesday this week of leading bankers and MP's on the Treasury Select Committee and the Government has already announced an independent review of the bonus culture. Of critical imporance is the outcome - I don't see bonuses being outlawed but they should only be used in good times not bad. Bonuses should only be paid if the bank is in profit, bonuses should not be larger than the bank's profit, profit should be used to pay off debt before being used for bonus payments, bonuses should be spread equally among all employees not confined to the priviliged few, bonuses should not be attached to selling criteria only profitability criteria. All this assumes that we find bonuses acceptable, in the current financial climate I do not, and neither does public opinion.

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