Bonuses

[Rhisiart]

http://www.zen150588.zen.co.uk/images/Dime.gif

Like many other countries, British banks have been bailed out by the UK taxpayer. Yet many of these banks still expect to give out 15 billion pounds worth of bonuses this year (that is $22,000,000,000). Bearing in mind that this is taxpayers money.

It seems that a bonus culture within the reckless international bank industry was the main reason for the current world recession (i.e. never mind the risks, just get your bonus).

The British government is worried about criticizing the banks in case the more talented investment experts simply go abroad if the bonuses are removed.

If every western country banned bonuses we could nip this problem in the bud.

[reed]

Absolutely. I hear Mandoff even ripped of his own family. Goes to show you the greed thinking that has been going for years!!!

[chevy]

Madoff issue is different from the general banking issue. Madoff is just a crook. What he did is illegal, has always been illegal, and there always have been crooks like Madoff.

It is related to banking because bankers did not detect him, did not stop him. And his system failed fast because of the financial downturn. Madoff is not responsible for the downturn. And that's the only good side of this rapid downturn: it makes crooks like Madoff visible.

[Giaguara]

Of course they need their bonuses. Who could possibly live with less than $500k (http://www.nytimes.com/2009/02/08/fashion/08halfmill.html?ref=fashion)? Poor bankers might have to drive their own car (gasp!), get their kids to a public school or their wives might have to work or do some housework... (and seriously, that NY Times article is wtf)

[reed]

Indeed Giaguara... and there goes the vacation at Sainte Tropez this year. Darn! Not fair.