Stephen Green, the Chairman of HSBC - one of the less indebted banks in the UK - has said, while attending the Davos get-together of senior politicians and financiers , that bonuses in the financial sector are a reasonable part of pay packages. So far OK. What the inhabitants of the real world object to, Mr Green, is the sheer magnitude of remuneration packages paid to all employees . Last year you were paid, apparently, £4,000,000, which, I believe is a ridiculous amount and so are the pay packages of almost everyone in this fantasy world of high finance. I have already commented on the pay outs at Merrill Lynch. It seems that no matter how great the disasters engineered by these financial wizards they still believe they should be paid 10x national average wages. The Prime Minister is paid £187,000 per annum. Sure he has free use of 10 Downing Street and Chequers but these are his places of work and he can be chucked out at a moments notice. He has expenses in addition, of course, but the present PM is extremely frugal in this respect. Why should an average employee in an investment bank be paid, on average, twice as much as the PM? It's crackers and some time something has to be done to stop this uncontrolled greed paid for by us.
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