When I come to power I will ban the words Climate Change as scare tactics. The Climate is always, and has always changed FCS. Its is either Global Warming or Global Cooling but
NOT Climate Change.
I will get the Fish back.
I will stop Somali Pirates - dead (sic).
I will fix the English Education System so people get a chance of social mobility again.
I will figure out why all the sodding jobs are going offshore and fix it.
I will sort out the Banks - step 1 will be: that no Director of a Bank can hold office without an accredited Banking qualification. step 2 Bonuses to be super taxed at 101% - that will stop that lark! Step 3: measures taken to circumvent step 2 will be a Criminal offence! Get out of that!
Some interesting reading. .. (No it really is).
http://www.fool.co.uk/news/investin...t-banker-bonuses.aspx?source=ufwflwlnk0000001
That brings us to 2009
Over the past year, substantially all investment banking profits have come from fixed-income trading. Moreover, nearly every bank's earnings came from this segment, not just a smart few.
This happened for one of two reasons: (a) Every fixed-income trader suddenly woke up in early 2009 with newfound brilliance; or (b) they're riding the largest wave of cheap money in history, financed by central banks lending money at 0% that traders then use to buy ultra-safe government securities yielding 2%-4%. Guess which one.
Furthermore, Bear Stearns and Lehman Brothers were allowed to die while others seemed chosen at random to be saved, eroding competition for the lucky survivors.
How are these factors -- all completely outside bankers' control -- accounted for when determining compensation? They aren't.
That's what's really infuriating about banker pay. It isn't that they're earning mountains of money.
It's that they're earning mountains of money based on factors they had nothing to do with.