'European regulators have backed tougher than expected draft rules on bankers' pay despite pressure from the UK and France to water down the restrictions.Never mind the reduction in UK competitiveness, for the BBC this is about ensuring that the public blame the bankers in the City and not the wankers in the last Labour government. The scheme itself has flaws so obvious that they scarcely need discussing here, but here's one: why would a M&A banker who has worked 14+ hour days for weeks or even months to structure a deal and earn his company a large fee with no onward risk for his company, want to see his well deserved bonus tied up in shares that could have their value much reduced if a trader does something stupid in the future?where the value can be wiped out by one stupid trader?
If the draft rules are implemented, it would cap the amount of a bonus able to be taken in cash to a maximum of 30%.'
I am not a sheep, I have my own mind
I have had enough of being told what and how to think
Whilst we are still allowed the remnants of free speech,
I will speak out.
I also reserve the right to discuss less controversial matters should I feel the urge.
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Friday 8 October 2010
Bashing the bankers
The BBC report in full 'bash the bankers' mode that:
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