In Defence of Some Banker’s Bonuses

Brokers and Traders have contracts like everyone else, they usually have performance related pay. When Guido was a trader he was recompensed with a share of the profits. There was no basic salary, no pension plan, no company car, no expense account, medical plan, per diem allowance, subsidised bar, subsidised restaurant, mileage allowance, staffing allowance, additional costs allowance, John Lewis list, nothing but a share of the profits and losses. No complaints, Guido ate what he killed and mostly ate well.

If the mortgage traders and derivatives traders have lost billions for an investment bank and the stock brokers and commodity traders have made millions, than why should the winning traders be punished for the losses of the losing traders? Are politicians now in favour of some form of collective punishment?

Do any of the politicians currently bashing the bankers really think banks can break contracts with traders just because politicians says so? The banks would be sued in court and lose. Cameron says “it is insulting to take money from taxpayers to use for their bonuses” – the taxpayer would be worse off if the profitable traders left and reduced the banks future profitability or, worse still, sued. He should know better, he probably does, yet he is just reflecting populist rage. Not his finest moment of leadership.

UPDATE : Given the state of the economy for which they are responible, presumably Hector Sants of the FSA, Mervyn King of the Bank of England and the numerous Treasury mandarins who monitor our economic well being will forgo the millions in bonuses due to be to be paid to them this year? Go on set an example, Gordon has it in his power to order it so.



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Ken Clarke tells the Ben Fellows trial:

“The idea that I would go strolling off in order to grope a man in an office is highly unlikely.”

Top Posts This Week

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Who Will Be UKIP’s Mayoral Candidate? Who Will Be UKIP’s Mayoral Candidate?
Meanwhile, in Venezuela… Meanwhile, in Venezuela…
TWITTER EMPLOYEES JUMP FROM SINKING SHIP TWITTER EMPLOYEES JUMP FROM SINKING SHIP
Times Trolls Burnham Times Trolls Burnham
CHAMPAGNE SOCIALISTS BACK CORBYN CHAMPAGNE SOCIALISTS BACK CORBYN
SINN FEIN SHOULD “TAKE INSPIRATION” FROM ARMED UPRISING SINN FEIN SHOULD “TAKE INSPIRATION” FROM ARMED UPRISING

ALL CHANGE AT GREEN PARTY HQ ALL CHANGE AT GREEN PARTY HQ
I Can’t Believe He’s Not Tory! I Can’t Believe He’s Not Tory!
UBER DESTROYING RACIST TAXI INDUSTRY UBER DESTROYING RACIST TAXI INDUSTRY
Could Labour Fall Apart Under Corbyn? Could Labour Fall Apart Under Corbyn?
Hilarious Prankster Hilarious Prankster
GREENPEACE LIVID GREENPEACE LIVID
Did Labour Leadership Candidates Smoke Dope? Did Labour Leadership Candidates Smoke Dope?
Another Andy Flip Flop Another Andy Flip Flop
Clegg Whores Himself Out Clegg Whores Himself Out
RETURN OF THE FRACKERS, CUADRILLA TO APPEAL RETURN OF THE FRACKERS, CUADRILLA TO APPEAL
FLASHBACK: TORY WHIP ON SCANDAL INVOLVING “SMALL BOYS” FLASHBACK: TORY WHIP ON SCANDAL INVOLVING “SMALL BOYS”
“Owen Jones is the 1%” “Owen Jones is the 1%”
Jedward Told to “F**k Off” By Indy Staff Jedward Told to “F**k Off” By Indy Staff
CLIMATE LOBBY DRAFT ARNIE CLIMATE LOBBY DRAFT ARNIE
MOD FORCED TO FIGHT RUSSIAN AGGRESSION… WITH TWEETDECK MOD FORCED TO FIGHT RUSSIAN AGGRESSION… WITH TWEETDECK
Mental Marxists: Tories Will Gas the Poor Mental Marxists: Tories Will Gas the Poor
MONEYBAGS BURNHAM TRAILS DESPITE SIX FIGURE FUNDING BONANZA MONEYBAGS BURNHAM TRAILS DESPITE SIX FIGURE FUNDING BONANZA
ROLL CALL OF LABOUR ‘MORONS’ ROLL CALL OF LABOUR ‘MORONS’
YOUGOV: CORBYN 17% AHEAD FIRST PREFS YOUGOV: CORBYN 17% AHEAD FIRST PREFS
BBC In Shocking Ice Revelation BBC In Shocking Ice Revelation
BBC Avoids Questioning Janner BBC Avoids Questioning Janner
TORY MP: SNP DON’T KNOW THEIR RS FROM THEIR ELBOW TORY MP: SNP DON’T KNOW THEIR RS FROM THEIR ELBOW
Flower Market Booms as Online Adulterers Exposed Flower Market Booms as Online Adulterers Exposed