Banks Given Five More Days To Justify Bonuses
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FSA chairman Lord Turner has said that, as far as he is concerned, the profits UK banks have made should be used to strengthen their balance sheets, rather than pay excessive bonuses.
In the meantime, The Independent-on-Sunday reports that hedge fund billionaire George Soros has joined the bonus debate, saying that 'banks are actually getting hidden subsidies of enormous amounts of money because of their ability to borrow at effectively zero, and buy 10-year government bonds at 3.5%'. Soros said that these 'hidden gifts from the government' should 'not be used to pay bonuses. So there a resentment which I think is justified'.
While The Observer quotes The Right Rev Nick Baines, Bishop of Croydon, who feels that the anger over banker bonuses has yet to kick-off properly. The Rev said: 'I think more people are joining the debate and it will get louder next year, when the real effects of the financial crisis are felt with public spending cuts. The banks have been bailed out, but they are carrying on as if nothing has happened'.
And The Financial Times reports that Conservative shadow chancellor George Osborne is calling for emergency measures to prevent bailed-out banks paying large banker bonuses this year. 'We need this emergency plan to stop cash going this Christmas into the bank accounts of bankers, and instead get that cash into the rest of the economy'.
Finally, Prince Andrew (The Duke of York) has upset a few the great unwashed, when he told The Daily Telegraph: 'I don't want to demonise the banking and financial sector. Bonuses in the scheme of things are minute.....Let's get rid of the excesses, but don't throw the baby out with the bath water'.
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