Tags: Stuart Gulliver

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?

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