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.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.