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There's not much I can add to Sid's very pertinent and well expressed posts, except to bring up a point made about this topic this morning on the BBC: how is it that banking salaries and bonuses have become so out of kilter with the rest of scoiety's salaries? Some bloke on BBC Breakfast was saying that it's only about 150 people in the UK who have caused all this damage, so I reckon the way to put all this right is to legislate.
Quite rightly, Sid says that the banks will get round round this bank bonus lark by paying the bonuses in kind. So, if they want to bend the rules, make the rules inflexible by outlawing all bonus payments completely in any shape or format; if these people are worth the money (and they're plainly not), make their basic salaries attractive enough to keep them, and they can pay the highest rate of taxation on that salary. If they're not worth the money, they can bugger off to the States where their colleagues (presumably just another 150) nearly bankrupted the largest economy in the world. Talents such as this we can do without.
It's the culture of City greed we must get rid of. Tighten the laws and send them abroad.
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