Bank Bosses and Bonus Culture

The BBC has reported today that former banking bosses have apologised unreservedly for their part in the economic crisis.

Former Royal Bank of Scotland chief executive Fred Goodwin told the Treasury Committee that he “could not be more sorry” for the failure of the banks. He, and other former bank chiefs, also admitted that the bonus culture had contributed to the crisis and needed to be reviewed.

However, in the same BBC report, Sir Fred came out with the line that if bankers felt they weren’t paid enough, they would leave.

That is a pretty low and irreponsible excuse in the midst of a gushing apology.

Sir Fred’s salary is £1.46 million a year. Isn’t there enough job satisfaction in that?  And just where, if they don’t think a salary of hundreds of thousands of pounds is enough, do these bosses think bankers will go if they are not paid the bonuses that bring this country to its knees?

Maybe, and this is just a long shot, they might actually spend time thinking about other things besides their next cash fix.