We keep hearing rumblings from our shiny politicians about regulating the banks and curtailing those monopoly money bonuses. But I wouldn't hold my breath on anything actually happening, afte all most of the politicians have friends in that little racket, all the patter is for public consumption only. It is difficult to find on what criteria the bankers base their right to those obscene bonuses. They can't justify their bonus claim on hard work. If it was hard work that merited those staggering bonuses, then I would probably be a very rich man. Not because of my hard work, but that of my father, he was a coal miner all his working life. The pits used to close for the Glasgow Fair fortnight, but they always needed a skeleton crew to go down the pit every day to check for gas and/or flooding etc. So he volunteered for that year after year. My mother and her wee gang would head off to Dunoon for our two weeks holiday, my father never came, we saw him at the weekends. Now that is hard work, so if stratospheric bonuses were based on hard work my dad would have been a millionaire, and no doubt, me being his only son, would have benefited very nicely after his death, however, I'm just one of the nations poor pensioners. So we can discount the hard work theory for big bonuses. Perhaps it is based on the amount of money you generate, they could believe that the more money you generate, the bigger your bonus. So the less money you generate the less of a bonus you get. Of course if we carry this to its natural conclusion, if you don't generate money then you are in trouble. Meaning that people like surgeons etc. who go off to work every day, cutting and stitching people, don't generate any money. In fact they cost us money, should we then charge these people to work for us? Or should we base remuneration on a simple “fair days wage for a fair days work”, principle?
The truth is that there is no justification for those ridiculous, mind-blowing bonuses, it is just the simple law of gangsterism. Just as in the Al Capone days, the mobsters looked after “their boys”, so that they could rely on them to do their dirty work and protect them and their wealth creating racket. So the financial Mafia of today, look after “their boys”, so that they can rely on them to do their dirty work and protect them and their wealth creating racket. It is not in the remit of the financial Mafia and “their boys” to do anything for the community at large, it is simple to gather as much wealth and power into their particular section of the rackets.