And here we are again: Gordon Brown, the U.K. prime minister, said today he was “angry that hard-working people are being squeezed because of banking mistakes” and called for an “urgent clean up and clear out” of the banking system, adding that “We must agree international principles to end that short-term bonus culture and instead reward long-term sustainable results.”
We have wrote about this for months now. The feast has to stop. The path to healing involves a lot of pain, and many bankers just don’t feel that pain yet. We said that salaries should be cut by 50% to all executives in the banking and financial sectors who got federal funding, while stopping bonus pay altogether.
People have caused this mess, and people will fix it. They need to feel the pain, work twice as hard with half of what they had, as this is key to guarantee that the economy will get back on its feet as soon as possible.
The full story from Bloomberg is here.