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| Version 3 | Version 4 |
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| Minister attacks banking bosses | Minister attacks banking bosses |
| (about 3 hours later) | |
| Banks and their "grossly over-rewarded" executives are partly to blame for causing the economic recession, a government minister has said. | Banks and their "grossly over-rewarded" executives are partly to blame for causing the economic recession, a government minister has said. |
| In an interview with the Times, City minister Lord Myners said the "golden days of huge bonuses" were over. | In an interview with the Times, City minister Lord Myners said the "golden days of huge bonuses" were over. |
| Executives had "no sense of the broader society around them", he added. | Executives had "no sense of the broader society around them", he added. |
| Lord Myners, the financial services secretary, said the bank system came close to collapse last October, before the government's £500bn rescue package. | Lord Myners, the financial services secretary, said the bank system came close to collapse last October, before the government's £500bn rescue package. |
| "There were two or three hours when things felt very bad, nervous and fragile," he said. I have met more masters of the universe than I would like to, people who were grossly over-rewarded Lord Myners,Financial Services Secretary | |
| "Major depositors were trying to withdraw - and willing to pay penalties for early withdrawal - from a number of large banks." | |
| He said: "I have met more masters of the universe than I would like to, people who were grossly over-rewarded and did not recognise that. Some of that is pretty unpalatable. | He said: "I have met more masters of the universe than I would like to, people who were grossly over-rewarded and did not recognise that. Some of that is pretty unpalatable. |
| "They are people who have no sense of the broader society around them. There is quite a lot of annoyance and much of that is justified. | "They are people who have no sense of the broader society around them. There is quite a lot of annoyance and much of that is justified. |
| "Let us be quite clear: there has been mismanagement of our banks." | "Let us be quite clear: there has been mismanagement of our banks." |
| Knighthoods | Knighthoods |
| He also told the newspaper he could see no economic justification for the exponential rises in pay over the past 20 years. | He also told the newspaper he could see no economic justification for the exponential rises in pay over the past 20 years. |
| Bank executives should decide for themselves whether to pay back their bonuses or lose knighthoods, he added. FROM THE TODAY PROGRAMME class="" href="http://news.bbc.co.uk/today/hi/default.stm">More from Today programme | |
| This week, the UK officially went into recession after two consecutive quarters of negative economic growth - the widely accepted definition. | This week, the UK officially went into recession after two consecutive quarters of negative economic growth - the widely accepted definition. |
| Gross domestic product fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter. | Gross domestic product fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter. |
| It represents the biggest quarter-on-quarter decline since 1980, and a 1.8% fall on the same quarter a year ago. | It represents the biggest quarter-on-quarter decline since 1980, and a 1.8% fall on the same quarter a year ago. |