I heard the arguement last night that the reason the public think banker’s bonuses are unfair but have no objection to footballers wages is because most people believe they could work in a bank! Pretty flimsy to me and it attempts to justify the bonus structure for workers in the finance sector. To me there are two reasons why the bonuses are unfair and should be outlawed:
They are given regardless of performance, economic situation
Most people who get them DON’T need the money
Stephen Heston has waived his bonus, good on him (he should donate more of his wealth to needy causes) but I bet the other bankers are cursing him. By refusing this bonus he has confirmed that either he doesn’t deserve it or is frightened of the public backlash (quite right) or both. This sets a precedent for other bankers, who will stick their neck out and stand up in these times of recession and say ‘I bloody well earned that money on top of my already ludicrous wages’. Yes Mr Heston works for a bank that is owned by the taxpayer but I’m sure every taxpayer doesn’t mind people being paid a fair market rate just not one that the greedy wankers have given themselves.
Whether or not he meant it (I’m certain he’s only trying to save himself and hasn’t thought about the consequences) the precedent has been set………let the revolution commence.
Jason E Cooper 