Should the US follow Britain's example here? Impose a 50% windfall tax on 'bailout' banks' bonuses?Britain Unveils Whopping Tax On Bank Bonuses; U.S. Windfall Tax Proposal Going Nowhere British bankers are going bonkers today after the UK government announced that it wouldn't stand idly by as they showered themselves with obscene bonuses made possible by last year's massive infusion of government... |
I really think that all banks should be nationalized but barring that a large tax on bonuses is a good idea. They have more than enough.
I expect that the British are going to find that they will soon be seeing the same issues that the TARP banks in the US had. The moment you cap pay - the top people will move to places that are willing to pay them what they feel they are worth. The end result is that those banks the taxpayer is invested in will be run by the people who were not good enough to get a job at a 'real' bank.
Think of yourself as a stockholder and ask yourself if you want the less-qualified people handling your money.
Remember that Bank Of America is looking for a new CEO and none of the qualified people are willing to take the job . . .
about time some one grew a pair in the british government.............
