Banks given go-ahead to pay unlimited bonuses (UK)

[cory777]

Source: Guardian

Britain's banks were given the go-ahead tonight to pay unlimited bonuses, drawing to a close a two-year political battle to rein in the City.

After months in which a series of government ministers of all parties have threatened a toughening in the stance over City bonuses, Downing Street said the government did not intend to intervene in the pay of the UK's top bankers.

Ministers are instead hoping for a face-saving deal in which the banks agree to lending targets and improve the way they disclose their pay deals. One of the options being discussed is releasing information on the five highest paid individuals at each bank.

"We've made a broad statement which is about the need to see some restraint and some responsibility from the banks, but we are not going to set bonus pools for individual banks," the prime minister's spokesman said.

Read more: http://www.guardian.co.uk/politics/2011/jan/10/banks-unlimited-bonuses-ministers

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[xchrom]

1. Recommend

[somone]

2. The sky is the limit!

[pam4water]

3. They should just put heavy taxes on the bonuses. The way the US should XD

[aquart]

4. How about a 99% tax on the bonus?

I don't want to appear greedy. If you need so much extra incentive to do your damn job, why did they hire you in the first place?

[Lucky Luciano]

5. The incentive is based on PnL or guarantees. Not how hard they work. nt