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

A senior Brexiter:

“If Theresa and Julian have sold us out here they are in real trouble. She reassured us all at the 1922. There is no way she can recover if she has now fucked us over.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
How Dominic Cummings Cost Taxpayers £20 Billion How Dominic Cummings Cost Taxpayers £20 Billion
Collins Data Breach Collins Data Breach
Onward to Higher Taxes Onward to Higher Taxes
Meet Love Island DfE Adviser Meet Love Island DfE Adviser
Question Time Runners and Riders Question Time Runners and Riders
Thomas Markle: Harry “Open To” Brexit Thomas Markle: Harry “Open To” Brexit
Watch: AC Grayling Vs Andrew Neil Watch: AC Grayling Vs Andrew Neil
In Full: 103 Resignations Under Corbyn In Full: 103 Resignations Under Corbyn
Banks Legals Verhofstadt Over Putin Tweet Banks Legals Verhofstadt Over Putin Tweet
Hypocrisy of Chuka Hypocrisy of Chuka
Daily Brexit? Daily Brexit?
Claire Perry Accuses Bercow of “Sexist and Demeaning” Behaviour Claire Perry Accuses Bercow of “Sexist and Demeaning” Behaviour
Farage vs Verhofstadt Farage vs Verhofstadt
Watson Dodges Labour Live Watson Dodges Labour Live
WATCH: Andrea Jenkyns Takes on Remain Protesters WATCH: Andrea Jenkyns Takes on Remain Protesters
Philip Lee Resigns Philip Lee Resigns
Handshake That Made History Handshake That Made History
Sun, Mail, Telegraph Warn May Sun, Mail, Telegraph Warn May
LibDem Policy: It’s Transphobic to Call Ian Huntley Ian Huntley LibDem Policy: It’s Transphobic to Call Ian Huntley Ian Huntley