Time To Stop The Bonuses!  

The Financial Stability Report, to be published twice a year by the new Financial Policy Committee of the Bank of England, has come out today with a very clear recommendation to the Banks: "given the current exceptionally threatening environment, the Committee recommends that, if earnings are insufficient to build capital levels further, banks should limit distributions and give serious consideration to raising external capital in the coming months". I sincerely hope this means the current proposals for another round of huge bankers' bonuses will be shelved. We are at a point in the Eurozone crisis where the banking system could again collapse with even worse consequences than in 2008. Bank Chief Executives, with pressure from shareholders, need to see the writing on the wall for bonuses. ...