COMMENT & ANALYSIS
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By Philip Stephens
Published: January 31 2011 19:50 | Last updated: January 31 2011 19:50
It is time to make Britain's banks an offer they cannot refuse. Politicians, regulators and the media promise to shut up about seven-figure bonuses and opulent lifestyles; in return the banks agree to reimburse taxpayers for the subsidy they receive from the public purse.
Management consultant types would call this a win-win, and economists a market-based solution. The banks stand on their own financial feet; and critics disavow a public interest in their pay packets. The bankers join the ranks of footballers, rock stars and hedge fund chiefs: the only losers from telephone-number bonuses are soft-headed shareholders and investors.
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