In defence of fat cats
- What's wrong with fat cat bonuses?
- Without the incentives, the best will go elsewhere.
- Profit and bonuses are symbiotic.
When the term credit crunch first assumed international currency and financial institutions teetered on the brink, I remember there was a joke doing the rounds. Bankers, it said, were approaching the regulator, saying that not only did they expect their fat bonuses, but that they expected to be paid more than ever.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more