Are there already people on 1m salaries in the City?

Football teams are supported by people stupid enough to buy replica kit etc, season tickets at inflated prices and pay for Sky Sport. Banks are supported by taxpayers and governments too stupid to call their bluff. Neither of them will get away with it forever. But who can blame them for ripping off the rest of us for as long as they can.

@A N Alyst. 60%, fine. But this is under the assumption that people get high salaries at banks only, which is not correct. You would also penalise entrepreneurs.

1. This statement cannot be verified. Personally, I even doubt it's accurate, at least not for all banks.

2. The demise of a class of rich because of its own excesses. This is what I called neo-marxist. You don't address social inequalities by reducing bankers' pay. Why would Wayne Rooney be paid 200k a week while million people live in poverty? Because he has more shots on goal than me when I play in Regent' Park on Sunday mornings. Come on... The social inequality angle is a dead-end.

@D-Wade
I'm all for greater regulation. I would also suggest a 60% top rate of tax (or higher) might help. But you miss two significant issues:

1. Banks are only profitable now because of government/central bank largesse. Should they pay those profits away in higher pay to workers or should they bolster their capital position?

2. There is a moral issue here that isn't Marxist but it is one that no politician is brave enough to address. Do we want a country marked by extreme inequality between rich and poor? I would suggest it isn't in the country's interest to simply let bankers pay themselves millions while millions of people live in poverty. You don't have to be a Marxist to agree with that statement. You should simply observe what happens when you let bankers do what they want.

Bailouts applied for others such as car and aircraft industries as well. Now China and Japan are bailing out entire EURO zone and sponsoring US. I think here is everyone to blaim starting with goverments, borrowers, property market, consumers etc.

@AN Analyst. Sorry, my friend, your comments don't look that smart to me either. And the neo-marxist conclusion is laughable.

It is abnormal for taxpayers to bear the risks banks are taking, that's obviously true. But solution has to be through regulation. Limits on risk taking with Glass-Seagall type laws, closing prop trading desks, rules on compensation, etc... With such measures, bankers should overall be paid less. This is what you should promote instead of barking like those MPs in that ridiculous treasury committee this week.

But if after that, the Bob Diamonds of the world are still paid millions of pounds by their banks if they're profitable, so be it. This is not about morals, otherwise it should not be acceptable for football club shareholders to lose money while players make millions.