Lord Oakeshott raised the bar on bankers' bonuses last night. He promised strong action and reiterated Nick Clegg's words that the Lib Dems "won't stand idly by" on bank payouts.
Senior Liberal Democrat Lord Oakeshott raised the bar on bankers’ bonuses last night by promising strong action and reiterating Nick Clegg’s words that the Lib Dems “won’t stand idly by” on bank payouts.
Speaking on Newsnight, the Lib Dem peer and Treasury spokesman said:
“This is a real moment of truth for the coalition on fairness. We can’t have a bonus bonanza in the age of austerity.”
Earlier the programme showed a clip of John Mann asking Bob Diamond, chief executive of Barclays:
“on how many occasions have the PM and chancellor met with you personally, looked you in the eye, and asked you to show restraint on the size of your bonus.”
The surprising answer by Mr Diamond: “They have not”. Despite the Conservative party’s tough rhetoric on bankers’ bonuses the reality is hardly surprising. As Next Left reminds us, two years ago David Cameron told a group of bankers including Bob Diamond that the City was in his blood:
“My father was a stockbroker, my grandfather was a stockbroker, my great-grandfather was a stockbroker.”
But Lord Oakeshott, a close ally of Vince Cable, insisted that a conversation had taken place in recent weeks between Vince Cable and Bob Diamond which “can only be described as an arid discussion … there was very little meeting of minds”. The Daily Express’ Chief Political Commentator Patrick O’Flynn was quick to spot the political significance of the exchange by tweeting:
“Oakeshott on Newsnight dynamite on bankers, will be consequences tomorrow. So outspoken with hints of Cable briefing … now Cable must back it up with action or look like a total tool.”
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17 Responses to “Top Lib Dem: Bankers’ bonuses are “moment of truth for coalition””
A. Victim
If bankers bonuses were linked to the banks share price then they would not get a bonus, because even the best banks shares have not moved much over 15 years.This is not surprising as half of the banks profits are skimmed off in bonus payments. I have never been paid twice.
These Arrogant, Ignorant,Greedy, bankers are threatening to go elsewhere.
Let them go and wreck some other country and we would not have to help them out every 10 years.
G.Brown should have put stringent conditions on before any loans or just let them go and then take them over. Here we have the worst of both worlds, we own most of the British banks but have no control over them.
All of these banks are licensed deposit takers and are licensed by our government to run their bank in a correct and proper manner. They need reminding of this in a much more forthright manner.
The electorate has not forgiven them and as soon as the marriage of Nick and Dave flounders then we will have the right to vote on their performance on this matter.All 3 top parties have let down their voters on this matter.
Coalition fails "moment of truth" on bankers' bonuses | Left Foot Forward
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