Equality Commission to examine City bonuses
Discussion
"The leader of the Commons has asked the Equality Commission to examine City bonuses and rule whether they discriminate against women.
Harriet Harman told a Labour regional conference in Sheffield that men working in the finance sector are paid over 40% more than women.
In her speech, Ms Harman described the bonus system as a "licence for unfairness and discrimination".
"There is something rotten in the remuneration system of the banks and finance companies. Men paying themselves millions of pounds of bonuses each - and then saying that they didn't know what was going on."
Announcing the inquiry, she added: "The discretionary bonus system is a licence for unfairness and discrimination.
"And is anyone any more going to justify a system which allows for the old boys' network to fall back on a financial cushion of millions of pounds while helping cause the problems which make others struggle?"
She added: "The Financial Services Authority (FSA)... is also conducting a review into bonuses. Because they will need to stop the bonus system encouraging those at the top taking risks with everyone else's money.
"There is speculation banks are attempting to rush through bonuses for thousands of high-earning staff before an expected government crackdown."
http://news.bbc.co.uk/1/hi/uk/7876183.stm
lights the blue touch paper, and retreat to a safe distance
Harriet Harman told a Labour regional conference in Sheffield that men working in the finance sector are paid over 40% more than women.
In her speech, Ms Harman described the bonus system as a "licence for unfairness and discrimination".
"There is something rotten in the remuneration system of the banks and finance companies. Men paying themselves millions of pounds of bonuses each - and then saying that they didn't know what was going on."
Announcing the inquiry, she added: "The discretionary bonus system is a licence for unfairness and discrimination.
"And is anyone any more going to justify a system which allows for the old boys' network to fall back on a financial cushion of millions of pounds while helping cause the problems which make others struggle?"
She added: "The Financial Services Authority (FSA)... is also conducting a review into bonuses. Because they will need to stop the bonus system encouraging those at the top taking risks with everyone else's money.
"There is speculation banks are attempting to rush through bonuses for thousands of high-earning staff before an expected government crackdown."
http://news.bbc.co.uk/1/hi/uk/7876183.stm
lights the blue touch paper, and retreat to a safe distance
Edited by Fittster on Saturday 7th February 22:50
Looks like the government have decided who is going to take the blame for the recession/depression.
"The Treasury is to order an independent investigation into how banks are managed, chancellor Alistair Darling has said.
The review will also examine the pay and bonuses of top executives.
Mr Darling said he "understands people feel angry about excesses of bank bonuses and that directors have a duty to behave responsibly".
John McFall, a Labour MP and chairman of the House of Commons treasury committee, welcomed Mr Darling's move.
"There's some people in the financial services industry who consider that they can just keep their heads down for a couple of years, then things will resume as they were. I just think we've had such a cathartic experience that it can't be business as usual.
"And if the government is establishing this and ensuring that boardrooms are looked at, that the role of non-executives is looked at, that corporate governance is looked at very very seriously, then that can help."
On Thursday, Prime Minister Gordon Brown insisted there should be "no reward for failure" at banks which have had to be bailed out by the taxpayer.
Earlier, Business Secretary Lord Mandelson sent a direct warning to RBS, saying the bank risks alienating ordinary people if it gives its executives "exorbitant" bonuses."
http://news.bbc.co.uk/1/hi/business/7877161.stm
No way is Gordon taking the blame.
"The Treasury is to order an independent investigation into how banks are managed, chancellor Alistair Darling has said.
The review will also examine the pay and bonuses of top executives.
Mr Darling said he "understands people feel angry about excesses of bank bonuses and that directors have a duty to behave responsibly".
John McFall, a Labour MP and chairman of the House of Commons treasury committee, welcomed Mr Darling's move.
"There's some people in the financial services industry who consider that they can just keep their heads down for a couple of years, then things will resume as they were. I just think we've had such a cathartic experience that it can't be business as usual.
"And if the government is establishing this and ensuring that boardrooms are looked at, that the role of non-executives is looked at, that corporate governance is looked at very very seriously, then that can help."
On Thursday, Prime Minister Gordon Brown insisted there should be "no reward for failure" at banks which have had to be bailed out by the taxpayer.
Earlier, Business Secretary Lord Mandelson sent a direct warning to RBS, saying the bank risks alienating ordinary people if it gives its executives "exorbitant" bonuses."
http://news.bbc.co.uk/1/hi/business/7877161.stm
No way is Gordon taking the blame.
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