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20 November 2017 03:45 (South Africa)

Rot spreads to Big Apple in banker bonus row

France, like Britain, is proposing a hefty tax on bank bonuses. The crowds around the guillotine will cheer, as the pin-stripe city boys are deeply unpopular right now. But this chill wind has now spread across the Atlantic, where the masters of the universe on Wall Street had reckoned they were already back at pre-crash bonus levels. City types like JP Morgan and Goldman Sachs were ready to pay out some $20 billion each, which would have perked up the lobster-and-champagne bars downtown. Instead, a rabid public response - “Hang ‘em high”- has left Goldman instituting a new stock-based executive compensation programme, saying its most senior execs won’t ask for cash bonuses for 2009. The new system locks in rewards for five years. What a great idea. Now the money-men will actually have to do some work. Read more: The New York Times

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