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| Will bankers wear the bonus cap? | Will bankers wear the bonus cap? |
| (17 days later) | |
| May I add to Simon Jenkins' reasoning (If bankers leave it would be no loss, 6 March)? Medics, scientists and engineers use complicated algorithms and have to get outcomes right. We entrust our lives to their correctly assessing risk. If they make gross mistakes they lose their jobs and their professional status. Bankers don't have a special expertise not found elsewhere – they are demonstrably poor at building algorithms and worse at evaluating risk. There are plenty to take their shoes at a tenth of the salary. | May I add to Simon Jenkins' reasoning (If bankers leave it would be no loss, 6 March)? Medics, scientists and engineers use complicated algorithms and have to get outcomes right. We entrust our lives to their correctly assessing risk. If they make gross mistakes they lose their jobs and their professional status. Bankers don't have a special expertise not found elsewhere – they are demonstrably poor at building algorithms and worse at evaluating risk. There are plenty to take their shoes at a tenth of the salary. |
| It is extraordinary that bankers think that because the commodity they deal with is money, this entitles them to large cash bonuses. Those transporting goods around the world don't get a few containers as a bonus. Shareholders should regard bankers' bonuses as theft of stock. | It is extraordinary that bankers think that because the commodity they deal with is money, this entitles them to large cash bonuses. Those transporting goods around the world don't get a few containers as a bonus. Shareholders should regard bankers' bonuses as theft of stock. |
| Bankers cannot continue narrowly defining success so that they have a bonus even when the company is failing. Shareholders or regulations should control bonuses, not boards of directors – they have vested interests. The Swiss have made shareholders the determinants of salaries (Report,4 March). I've not heard of an exodus from Zurich, but if one happens, the Swiss may be pleased. | Bankers cannot continue narrowly defining success so that they have a bonus even when the company is failing. Shareholders or regulations should control bonuses, not boards of directors – they have vested interests. The Swiss have made shareholders the determinants of salaries (Report,4 March). I've not heard of an exodus from Zurich, but if one happens, the Swiss may be pleased. |
| City deregulation has bred selfishness not seen since Dickensian workhouse owners. Thatcherism's feeble trickle-down effect is shown as nonsense. The arrogance at the top is sickening, and has led many to despise the whole City. We should separate from condemnation those few who tried unsuccessfully to regulate their colleagues, and those who do real banking work, not profiting from hedge funds or manipulating millions. If the present bank leaders can't control themselves, let's get someone better in. Professor Peter Gardiner Ringmer, East Sussex | City deregulation has bred selfishness not seen since Dickensian workhouse owners. Thatcherism's feeble trickle-down effect is shown as nonsense. The arrogance at the top is sickening, and has led many to despise the whole City. We should separate from condemnation those few who tried unsuccessfully to regulate their colleagues, and those who do real banking work, not profiting from hedge funds or manipulating millions. If the present bank leaders can't control themselves, let's get someone better in. Professor Peter Gardiner Ringmer, East Sussex |
| • Nils Pratley makes some valid economic arguments against the European parliament's capping of bankers' bonuses, but it's clearly not an economic issue, it's political (This cap is never going to fit, 6 March). The banking culture, which got us into this mess, must be changed, even if it's only cosmetically, by politicians, because it is the overwhelming wish of the people, as Simon Jenkins admits. Of course, Cameron and Osborne cannot go along with it, not only because it would offend Tory donors in the City, but because it would be an admission that the economic crisis was not, in fact, the sole fault of the Labour government. Bernie Evans Liverpool | • Nils Pratley makes some valid economic arguments against the European parliament's capping of bankers' bonuses, but it's clearly not an economic issue, it's political (This cap is never going to fit, 6 March). The banking culture, which got us into this mess, must be changed, even if it's only cosmetically, by politicians, because it is the overwhelming wish of the people, as Simon Jenkins admits. Of course, Cameron and Osborne cannot go along with it, not only because it would offend Tory donors in the City, but because it would be an admission that the economic crisis was not, in fact, the sole fault of the Labour government. Bernie Evans Liverpool |
| • The proposal to put a cap on bankers' bonuses is nonsensical and short-sighted – a kneejerk reaction to a symptom rather than a serious approach to a real problem, and thus likely to have unintended consequences. Either it is simply arbitrary to apply such a measure to one specific group or banks are a special case and their employees subject to unique terms and conditions of employment, even though employed by public limited companies. | • The proposal to put a cap on bankers' bonuses is nonsensical and short-sighted – a kneejerk reaction to a symptom rather than a serious approach to a real problem, and thus likely to have unintended consequences. Either it is simply arbitrary to apply such a measure to one specific group or banks are a special case and their employees subject to unique terms and conditions of employment, even though employed by public limited companies. |
| The reason bankers are able to secure such large bonuses is through deal-making, speculation and other investment banking activities, rather than from activities that lubricate the real economy. If these core activities were to be split off, as now widely proposed, there would be no need to bother about redefining or regulating the way in which bankers are rewarded. Christopher Swain Henham, Essex | The reason bankers are able to secure such large bonuses is through deal-making, speculation and other investment banking activities, rather than from activities that lubricate the real economy. If these core activities were to be split off, as now widely proposed, there would be no need to bother about redefining or regulating the way in which bankers are rewarded. Christopher Swain Henham, Essex |
| • Discussion of bonus caps tends to generate the rebuttal that such measures would lead to investors leaving in droves. There is, however, the counter-argument that such measures would attract investors to a financial culture in which they would be protected from the greed of senior management and "risk takers". Martin Swales Cambridge | • Discussion of bonus caps tends to generate the rebuttal that such measures would lead to investors leaving in droves. There is, however, the counter-argument that such measures would attract investors to a financial culture in which they would be protected from the greed of senior management and "risk takers". Martin Swales Cambridge |
| • Disapprove of bankers' greed? Fed up with having no say in their ridiculous pay and bonus packages? Close your account and put your money in a mutual. When asked, vote against demutualisation. Vote for your choice of board members. If enough people do this, the bankers will pretty soon get the message. Margaret Carey Hurstpierpoint, West Sussex | • Disapprove of bankers' greed? Fed up with having no say in their ridiculous pay and bonus packages? Close your account and put your money in a mutual. When asked, vote against demutualisation. Vote for your choice of board members. If enough people do this, the bankers will pretty soon get the message. Margaret Carey Hurstpierpoint, West Sussex |
| • In view of the decision of the EU finance ministers, and the Swiss referendum on the limitation of bankers' bonuses, where will the disgruntled bankers go? Alan Lovejoy Portsmouth | • In view of the decision of the EU finance ministers, and the Swiss referendum on the limitation of bankers' bonuses, where will the disgruntled bankers go? Alan Lovejoy Portsmouth |
| Top savings accounts | |
| Coventry BS | |
| GE Capital Direct | |
| Skipton BS | |
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