Some things never change.
Around the world, politicians and voters are furious about the massive payouts and bonuses for bankers. But no matter what controls are put in by the G20 and governments, the gravy train continues with the latest Bloomberg poll finding that almost three in five traders, analysts and fund managers believe their 2009 bonuses will either increase or won’t change. That’s despite some pretty ordinary results coming out of the financial sector.
And the appalling part is that the only reason these people still have jobs is because of government assistance. Even worse, they say government attempts to rein in their compensation will stifle innovation.
In other words, they’re trying to have it both ways. And when the next crisis hits, investors won’t be as forgiving.
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