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Anorak | Brussels spouts more nonsense on bankers’ pay

Brussels spouts more nonsense on bankers’ pay

by | 13th, April 2012

THE latest nonsense coming out of Brussels is this, on bankers’ pay :

Austrian centre-right MEP Othmar Karas has called for an end to massive bankers’ bonuses, which in some cases amount to 10 times the basic salary.

“We are looking at a set limit,” Karas told the parliament’s economic affairs committee in Brussels on Thursday (12 April). He explained that under his model, bonuses should not surpass a ratio of one-to-one on fixed salaries.

Now maybe it’s a good idea that bankers’ bonuses should be restricted. Maybe it’s not: I happen to think not but that’s just my view.

However, given that 80% of Europe’s international financial markets are in London, given that The City is in fact the world’s international financial marketplace, how in buggery did we end up with a system whereby some Austrian gets to tell companies in London how they should pay their staff?

Mr Karas’ founding political experience was as head of their equivalent of the National Union of Students. We’d not really expect one of the idiots that rise to that

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Posted: 13th, April 2012 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink