Thursday, 5 February 2009

The BBC's Peston hits the target

If you want to know why bankers should NOT be paid bonuses, you need look no further than this blog by the BBC's ubiquitous Business Editor -

We see from accross the pond that politicans of the centre-left can be dynamic and radical. In limiting the pay of banks which are taking the Federal bail-out dollar, President Obama is showing real political and moral leadership. If only our own Government would show such courage. It might even find that to stand up to the financial elites which have caused this catastrophe is popular with the voters. Heaven forbid we actually start to do things which are popular....Far better to remain entranced by the financiers and businessmen... This on the day when newspapers are reporting that the Government is debating whether or not to allow Royal Bank of Scotland to pay out bonuses to its staff. This is a bank which would have collapsed but for the Government bail-out which has resulted in the taxpayer owning 70 per cent of RBS.

I don't remember "ordinary" workers who do really valuable work like being teachers, or nurses, being paid bonuses. Those in the private sector used to claim that bonuses were reward for success. All too often we discover that people are rewarded for success AND for failure.

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