I1L2T3 Posted March 5, 2013 Share Posted March 5, 2013 What now for Osborne? Outvoted 26-1 by EU finance ministers, just days after the Swiss people vote 68% in favour of similar rules. Surely the game is up for the culture of excess in the City and we can start to prise this parasite off our economy. Either that or we exit the EU for completely the wrong reasons, to protect the City bankers in their ongoing campaign of global economic vandalism. Boris Johnson's scare story about London bankers leaving for Zurich was complete rubbish too - the Swiss don't want them. Is the game up for Osborne? How long could Cameron survive without him? More details here: http://www.telegraph.co.uk/finance/financialcrisis/9909798/George-Osborne-is-defeated-26-to-1-on-EU-bonus-caps.html Link to comment Share on other sites More sharing options...
geared Posted March 5, 2013 Share Posted March 5, 2013 Survive without him? Don't you mean survive with him? His policies aren't exactly popular with the masses. Such a pity our government are the only ones who won't follow the will of the people. Link to comment Share on other sites More sharing options...
I1L2T3 Posted March 5, 2013 Author Share Posted March 5, 2013 Survive without him? Don't you mean survive with him? His policies aren't exactly popular with the masses. Such a pity our government are the only ones who won't follow the will of the people. Aye, Cameron looks doomed either way. His policies aren't exactly popular with many Tories either. Link to comment Share on other sites More sharing options...
Mister M Posted March 5, 2013 Share Posted March 5, 2013 Strange....Cameron and Osborne were highly vocal about bankers bonuses, but now that the EU has stepped in they're crying foul. It could of course be a principled argument against an over mighty European parliament, but I doubt it. Given the globalised nature of finance it makes sense for countries to co operate on matters such as these. I think the fear that all these bankers and their companies will go abroad is overstated. Sure some might - but should governments be blackmailed by financial corporations? Link to comment Share on other sites More sharing options...
andygardener Posted March 5, 2013 Share Posted March 5, 2013 So now we have to pay bankers more. Brilliant. The EU realy are morons. Link to comment Share on other sites More sharing options...
tinfoilhat Posted March 5, 2013 Share Posted March 5, 2013 Seems a tad populis to me. Let's say banker A currently makes £1m plus 4m on money made. He's not suddenly going to take a 60% pay cut so he'll now be asking for £2.5m knowing his bonus won't be any higher than that. I'd bet he might not put the same effort in. Let them keep the bonuses but split the banks up (which they are doing) and tell them if they get in wrong and lose money, there's nothing left and they hit the wall with large splat. Reward success - however big - not failure. What did they do to earn them in 2008 for gods sake ???? Link to comment Share on other sites More sharing options...
I1L2T3 Posted March 5, 2013 Author Share Posted March 5, 2013 So now we have to pay bankers more. Brilliant. The EU realy are morons. I guess they hope things will become less opaque. As you imply it could just end up being an unenforceable policy in practical terms. As a political statement against the excesses of the banks it's pretty powerful though. Link to comment Share on other sites More sharing options...
cressida Posted March 5, 2013 Share Posted March 5, 2013 It might be a blessing if the bankers did go elsewhere then they can't make another mess here - their cv wouldn't be much good:P Link to comment Share on other sites More sharing options...
andygardener Posted March 5, 2013 Share Posted March 5, 2013 I guess they hope things will become less opaque. As you imply it could just end up being an unenforceable policy in practical terms. As a political statement against the excesses of the banks it's pretty powerful though. It's an utterly moronic policy if you basically say you can only have two times a salary as a bonus the salary will increase. stupid stupid stupid policy Link to comment Share on other sites More sharing options...
I1L2T3 Posted March 6, 2013 Author Share Posted March 6, 2013 It's an utterly moronic policy if you basically say you can only have two times a salary as a bonus the salary will increase. stupid stupid stupid policy Their earnings will be out in the open though, available for all to see. The next logical stage would be to control base salaries if banks continued to misbehave. Imagine that salaries were capped at £250k, almost twice what the PM earns. There would be no shortage of talented individuals happy to take jobs in banking on those terms. There's no need to pay an irresponsible risk-taking, semi-criminal imbecile £1m to do the job. Link to comment Share on other sites More sharing options...
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