Soros says taxpayers right to resent bank bonuses
Fri Oct 23, 2009 7:40pm EDT
LONDON (Reuters) - Billionaire investor George Soros said U.S. taxpayers were entitled to resent bankers' bonuses because their profits were funded by government bailouts, according to an interview published in the Financial Times.
"Those earnings are not the achievement of risk-takers. These are gifts, hidden gifts, from the government, so I don't think that those monies should be used to pay bonuses," the paper quoted him as saying in its Saturday edition. "There's a resentment which I think is justified."
(Original here.)
LONDON (Reuters) - Billionaire investor George Soros said U.S. taxpayers were entitled to resent bankers' bonuses because their profits were funded by government bailouts, according to an interview published in the Financial Times.
"Those earnings are not the achievement of risk-takers. These are gifts, hidden gifts, from the government, so I don't think that those monies should be used to pay bonuses," the paper quoted him as saying in its Saturday edition. "There's a resentment which I think is justified."
(Original here.)
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1 Comments:
The solution is simple. Look at the Dutch. They certainly don’t put up with any nonsense. As a ‘can do’ nation they appear to be streets ahead of the US and the UK. All they did was use people power.
Perhaps it is time for US and UK consumers to take their savings out of the banks that pay their boards astronomical pay packages and move them to the solid, decent, boring and unsexy, often smaller and local, banks.
That will give short shrift to the arrogant corrupt ‘too big to fail’ banks wasting taxpayers’ money by dabbling in the stock market instead of lending to people and small businesses. See:
http://news.bbc.co.uk/2/hi/business/8323991.stm
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