This is what happens when you bail out the bankers. Give the guy a break though, doing God’s work ain’t easy. From the Herald Scotland:
BANKERS’ bonuses can be a powerful source of good, according to Douglas Flint, the Glaswegian who chairs banking giant HSBC.
Giving evidence to the Parliamentary Commission on Banking Standards, Mr. Flint defended banks’ practices of paying top employees a bonus that can be many multiples of their basic salary.
He said: “I think used properly it is very powerful for the good.”
Since the financial crisis, the banking industry has faced accusations that the lure of high bonuses encourages staff to take large risks.
Such as money laundering for Mexican drug cartels perhaps?
However Pat McFadden, the Scots-born MP for Wolverhampton South West, told Mr Flint the banking industry’s approach to pay and widespread of use of bonuses is “completely weird”.
He noted that footballers such as Barcelona player Lionel Messi also receive large pay packages.
Mr McFadden said: “They are exceptional awards but I also know they are exceptional sportsmen who would be difficult to replace, and in the case of Messi impossible to replace.”
But, he said, as for bankers, “they are more replaceable than they think”.
Indeed, if only we had replaced them by allowing failure in 2008, we wouldn’t be in the mess we are in.
Full article here.
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