Late Lunchtime Links: Tax banks to save Europe; publish the name and address of every RBS bonus recipient
The bonus 'issue' is not going to go away. Nor is the call for higher taxes on bankers.
In today's Prime Minister's Questions, Ed Miliband attacked David Cameron for reneging on his promise to restrict bonuses to 2k at state owned banks and for cutting taxes on the banking industry.
While Cameron shows little appetite for increasing taxes beyond the proposed 2.5bn banking levy, the same cannot be said elsewhere.
Reuters reports that an internal report from the European Commission posits a 0.2% tax on euro banking assets as one way of funding the European Stability Mechanism and thereby saving the euro. Alphaville points out that this sounds a little circular given that countries like Ireland have sought European financial assistance after bailing out their banks.
Separately, the Telegraph reports that Conservative MSP Alex Johnstone is calling for 'full disclosure' for bankers. Like farmers in receipt of the Single Farm Payment, Johnstone thinks bankers in receipt of bonuses at RBS and other taxpayer subsidised institutions should have their names, addresses, and the size of their awards on a public database. Were this to happen, it seems fair to assume that no one would want to work there.
The coalition government is still "very much fighting" to restrict bank bonuses, says Liberal Democrat Treasury spokesman Lord Oakeshott. (Pestowire)
Not a single MP on a committee with a Tory majority chose to defend Barclays or give the benefit of the doubt to bonus-paying banks. (Pestowire)
Osborne says nothing is off the table in the bank bonus push. (Businessweek)
Oliver Letwin, the bankers' banker, has been leading negotiations for the government. (Evening Standard)
British Bankers Association says British bankers are feeling frustrated. (Bloomberg)
Eric Daniels will receive a 2m bonus. It is inconceivable that he will turn it down. (Pestowire)
Bob Diamond will earn less as the chief exec of the whole of Barclays than as the chief exec of BarCap. (Sky)
Santander could also pull out of UK bonus talks. (Telegraph)
Thanks to the fiat-money fractional reserve system, bankers have become the ruling elite and as a result, entire nations are going bust. (321Gold)
Goldman will pay more to people who emphasise client service and client relationships. (Telegraph)
When Goldman bankers reach a professional milestone, they will be required to be undergo a Goldman Sachs culture course. (Business Insider)
All principal-backed activities at Goldman Sachs will now be done in the name of client execution only. (Alphaville)
Event driven female French hedge fund gives 25% of performance fees to charity. (Reuters)
BarCap's head of global electronic equities has left at a crucial time. (Financial News)
Why doing a PhD is often a waste of time. (Economist)
Does a man's salary matter? (Match)
Why so many rich people don't feel very rich. (New York Times)