UK Bans City Bonuses

By Ben Cohen

From the Guardian:

The government yesterday publicly hardened its position on bank

executive bonuses saying it will be "very, very robust" in clamping

down on bonuses for 2008 in banks in which it holds shares. It will

only allow modest payments for clerks earning around £20,000 a year.

And about bloody time to. Why this wasn't on the table immediately is a complete disgrace. It should have been a stipulation before the banks took the public's money, and a sign that the Labour government was never serious about curtailing the excesses of the greedy financial sector. Any bank that receives tax payers money shouldn't be paying out executive bonuses given the businesses are not making any money.