LDV readers say: no bonuses for bankers

by Stephen Tall on March 4, 2009

Cast your minds back three weeks, and there was much controversy about the financial rewards being received by bankers whose firms had been rescued from bankruptcy by taxpayers. Hmm, how times change. Anyway, it prompted Lib Dem Voice to ask our readers: What do you think should be done about bonuses in those banks recapitalised with taxpayers’ money?

Here’s what you told us:

>> 53% (212 votes) – No bonuses should be paid at all
>> 27% (109) – There should be a government-enforced cap on bonuses
>> 16% (66) – Payment of bonuses should remain at the banks’ discretion
>> 3% (14) – Don’t know / Other
Total Votes: 401. Poll ran: 10th February – 2nd March 2009

So a clear majority of you were firmly of the view that bankers’ bonuses – discretionary sums to reward individuals’ exceptional performances – should be scrapped in light of the overall failure of many banks.

Interestingly, in our current poll – focusing on RBS ex-chief’s Sir Fred Goodwin’s £650,000 pension – there is a clear majority (to date) of LDV readers saying he should keep it: but only because of the contractual agreement entered into with RBS and sanctioned by Labour’s business minister.