Bank boss: public must learn to tolerate bonuses
() One of the City's leading figures has suggested that inequality created by bankers' huge salaries is a price worth paying for greater prosperity. In remarks that will fuel the row around excessive pay, Lord Griffiths, vice-chairman of Goldman Sachs Full Story »
Posted by Christoph Wienands - via Dan Gillmor, The Guardian (US)
This piece remins of a story in the German "Der Spiegel". Before the credit crisis and even more so afterwards, banks have become too big to fail. By heavily overleveraging and taking on surreal risks, banks' managers celebrate and reward themselves at will. When the card house falls apart, John Doe tax payer faces the bill. Central question that said article raised was, if banks become too big to fail (= tax payer's money is permanently at risk), don't they become part of the 'common good'? Do I hear 'socialist' ;-)