HSBC Chairman: Banker Bonuses “Very Powerful for the Good”

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.

In Liberty,
Mike

Follow me on Twitter!

4 thoughts on “HSBC Chairman: Banker Bonuses “Very Powerful for the Good”

  1. Messi praised And worshiped like the great gladiators were as the serfs wallow in a banker controlled matrix toiled and taxed so mr banker can bang some model in the sack

  2. When you really get that the Parent is the international banking cartel and the Child is the elected government, you can see what theatre this all is. The soft-ball questions, the home-spun allusions, the barreling down blind alleys, and lastly, the slavish reportage of a wholly owned corporate media, using their Constitutionally protected (USA) mandate to give space to a non-event, a charade, a scripted publicity stunt.

  3. Why do we need to get philosophical about it? If we the taxpayers choose to bail them out, then we set the fair terms for the bank to repay. No raises or bonuses or perk increases for all bank employees until it is paid in full. Period!

    • But, John, that’s my point: The government is subservient to the banker class over to which it gave the right to create its currency and therefore FUND ITS OPERATION, from the first nickel to the last dime. The government has no power. The parent gives allowance money to the child. There is no one to assert the terms you recite.

Leave a Reply