They just don’t get it: on Brown’s big bonus ban
Many people have ‘got it’ by now, but our series still has some life in it, as today’s FT shows. Jamie Whyte says the PM is wrong to ban bankers’ big bonuses, because it wasn’t the bonus system that caused the crisis, it was the fact that the whole world banking system failed to price properly the risks being taken with other people’s money. The bankers should continue to get their bonuses, because all they are guilty of is incompetence. That’s alright then.
Jamie is cited at the foot of his column as the author of a book subtitled “a guide to clear thinking”. So he should understand why people who can’t even do the jobs they’re paid for shouldn’t get bonuses.
Footnote: Alright, he’s not exactly banning them, but the alliteration was too perfect to resist.
P.S. check out the Irish Congress of Trade Unions’ latest online video. And I write as a cat-lover. Good luck with Saturday’s demo!
UPDATE: 100,000 people turned out in Dublin for the demonstration this afternoon. Follow their example and March for Jobs, Justice and Climate in London on Saturday 28 March