Banking Industry

Part of Oral Answers to Questions — Treasury – in the House of Commons at 10:30 am on 12th February 2009.

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Photo of Alistair Darling Alistair Darling The Chancellor of the Exchequer 10:30 am, 12th February 2009

The hon. Lady will be aware that when we recapitalised the banks in October, we imposed restrictions on the payment of cash bonuses to board members. I believe that bonuses should reward success, not failure, and many people who work for banks are not well paid in comparison with some of the people at the top. If the former work hard, they should be rewarded for doing so. I agree with the hon. Lady that people who are associated with the losses should not receive anything, and we must end the culture that has encouraged people to take reckless risks that the boards of the banks patently did not understand. It has had disastrous consequences for them, for this country and for the rest of the world.

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John Anderson
Posted on 15 Feb 2009 8:04 am (Report this annotation)

These "many people" know what their salaries are; why should they get bonuses any more than anyone else? This type of payment is obscene and should be stopped. Pay "the rate for the job" and be done.