Summery
Chief executive of Barcleys, Bob Diamand has appeared before the Commons’ Treasury committee. He stated that bank do not need to apologise for bonuses. Britain needs to quit commenting on the bonuses handed out to bankers and let the banks lead Britain’ economic growth. He also felt, that bonuses are required to prevent staff from leaving for other companies. However, Bob Diamand, who was paid £21 million in 2007, refused his bonuses for 2008 and 2009.
In a response to these statements, deputy minister, Nick Clegg said “it is nonsense ministers could do little about bankers' bonuses”.
Opinion
Bankers are largely responsible for the economic crisis. People are losing their live savings and bank staff receive bonuses of millions of pounds. This contrast cannot be explained to the general public. Bankers should set an example, just like Bob Diamand, by waiving their bonuses. I have no objection if bankers receive a salary of £21 million or million dollar bonuses but they have to earn it.
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