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Text size [+][-]  Friday November 20 2009GLOBAL EDITION

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16 Jun 2009 09:03

Call the tune

By Jeffrey Goldfarb

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George Osborne, the UK shadow chancellor, said banks should refrain from handing out big bonuses this year as the broader economy continues to struggle because of problems partly created by the financial sector.

“Some banks are now making big profits again from higher margins, underpinned by taxpayer guarantees,” he said in a speech on June 9. “It would be a huge mistake if they pay out huge bonuses this year-end on the back of these government-supported profits.”
Payouts of $10m - or more - to top earners wouldn’t be surprising given the pace of investment banking revenue. It’ll reignite taxpayer fury. But their anger should be directed at authorities who provided aid too cheaply. Shareholders may have a more legitimate beef with banks.

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