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Cap on bonuses 'unenforceable'

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Published Date: 05 September 2009
A SIMPLE cap on bonuses paid to City bankers would be "unenforceable", Chancellor Alistair Darling has warned.
Proposals to curb excessive pay and bonuses are being pushed by European nations at a meeting of G20 finance ministers in London. But Mr Darling said top bankers would simply find other ways to reward themselves. He also warned of "implacable" opposition from other countries.

Their comments follow yesterday's letter from Prime Minister Gordon Brown and other leaders floating means of restraining bonuses.





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  • Last Updated: 04 September 2009 8:35 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: Executive fat cats
 
1

Cynicus Unbound,

04/09/2009 22:59:22

'A SIMPLE cap on bonuses paid to City bankers would be "unenforceable", Chancellor Alistair Darling has warned.'

AHA! Note the crucial qualifier -SIMPLE. In block caps to boot. Stand by for a COMPLEX cap on bonuses.

How very New Labour. Why do something simply when complications can be created?

2

truthsleuth,

05/09/2009 00:49:39
I understand Alistair has been promised a directorship with an unknown Scottish Bank
3

Nevsky;,

St Petersburg 05/09/2009 02:51:18
This is all getting very funny watching Darling running about contradicting Brown!

Brown first touting the 'no cuts in public sending'line to be told by Darling yesterday 'there will be public sending cuts'.

Yesterday Brown was 'hinting' at capping bonuses..today Darling sayd it's unworkable!

Brown has already given up i think, he certainly is not in charge!

4

Auld Twa,

Edinburgh 05/09/2009 08:41:27
In another article in The Scotsman it is clear that Brown is not in the loop at times -
Mr Straw stressed Mr Brown was not involved in the decision to press ahead with the [Libyan] PTA, adding: "There is no paper trail to suggest he was involved at all."
5

The Former Mr. Angry,

Perth 05/09/2009 12:14:53
#4 Yes, but notice the careful wording "there is no PAPER TRAIL..." which of course allows for his involvement at verbal level! They are very devious in their approach to the truth!

The whole thing stinks of Brown involvement and especially his outright denials of 5 aspects of the "non-deal". Whereupon you know with some conviction that the denials are merely confirmation of what everyone knew all along.

Billions into failing banks and bonuses which can be squidged around suggest there is indeed a job at the end of the day once they get flung out.
6

Eve,

Scotland 05/09/2009 14:38:49
Why do Captialist rule the world?

"But Mr Darling said top bankers would simply find other ways to reward themselves."

Reward them selfs for what?

Self-reward is an odd concept, I must admit I find my self wondering if it's possible for someone to give them selfs a reward. Geraly speaking most ordery people who don't work in the Banking sector, go to work get paid recive either no or minmal bonus and when they decide to reward them selfs it's useally one of the folllowing, go out for a meal, go out for a few drinks, go up the dancing or buy a big bar of chcocolate or something eles along these lines.

So why should Bankers get Thousands? They to should be content with the wee rewards everyone else gets.
7

Ggordon,

05/09/2009 17:54:25


Performance related pay was introduced in the early ninety's. Along with targets. This leads to mis- selling and corruption in the banking system. Bonus depends on selling. Sell anything to get a bonus.

Of course those at the top get the most bonus wise. As they have met their 'targets'? i.e. done nothing but harrassed staff further down the 'management chain' to the poor sods during the hard graft.
8

Ggordon,

05/09/2009 18:01:31

Unless proper regulation is put in place with severe and swift penalties. Incuding the threat of jail sentences.

The merry-go-round will just continue. The same situation will arise again.

 

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