Being a banker will never be the same. Banks used to dictate terms to governments for all the economic prosperity the banking system has provided the world. The table has turned, now that with bankers yearning for help with choking breaths…
With humungous amount of public money poured into private businesses and banks nationalised within a short period of time, taxpayers are going to glue their eyes to these companies’ doors to see how their tax money is being utilised. £1bn of bonuses to ruthless and greedy bankers after a year of unprecedented failure will not make happy for the taxpayers. For if the government didn’t lend a helping hand in the first place, the bankers couldn’t even dream of getting a paycheck for the end of the month. Let alone their ridiculous bonuses.
For every misbehaviour comes consequences. For years of minimal regulated trading has led to the pitiful situation we are in today, one cannot expect reward. How can a child throw food on the wall without getting any punishment?
It is a good thing that the general public now shows more concern for how the banks work. Whether the inner working of a bank should become more transparent is debatable, surely under heavy scruntiny anyone thinking of endorsing dodgy behaviour will now think twice .
I don’t doubt that bankers work long inhumane hours to push a deal through. And it is this that makes them deserved of plush presents wrapped in golden bows. Every occupation involves hard work. What about the scientists and the engineers? These are the people who actually contribute to the growth of the company! Lawyers and doctors? Don’t tell me they don’t work hard enough.
What justify bankers’ salary being utterly out of bound when compared to other professions? It is this regretful amount of money that has made seeds of greed blossom and resulted in the financial turmoil today.
For a bank to operate normally, I am sure making astronomical profits isn’t one of the necessary criteria. Profits – sure, this is what keeps captialism growing. And it is only human to expect growth. But Obama’s action is plausible, a cap has to be put on how much a bonuses a government owned business is allowed to earn. More regulations should impose on banks. Flamboyant and complicated derivatives have to make sensible for curbing any dodgy behaviour.
More rules are needed on the bankers who have been operating ruthlessly for the past 10 years. Perhaps the traditional view of a banker being plush, arrogant and glamourous will not the same any longer.