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British bankers prepare to sue for bonuses

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If ever there was an industry that deserves to be knocked down a few notches, it's the banking industry. Of course the bankers expect their fat bonus checks because they've been receiving them for years. Everyone knew what they were doing was garbage before yet they were still paid ridiculously high bonuses. Even after it all came tumbling down, they weren't sued and asked to pay back the bonuses that they all received which was a major mistake both by the governments who rescued the banks as well as the banks themselves. Let them sue and let them push the public and make them even angrier with the bankers so the political class will finally get off their backsides and do something about it. The right wing loves to talk about a sense of entitlement from the poor but this group is the mother of all entitlement demanders. Even worse, they really cost a lot in terms of payouts and bailouts plus they can ruin an economy, unlike the poor. Breach of contract this, you bunch of jerks:

The prediction comes as the banks are in the process of deciding how to pay their staff for 2011 – a year in which the sector's share prices have been among the worst performers in the FTSE 100 – and despite banker bonuses being viewed with a mixture of horror and astonishment outside the Square Mile. Paul Quain, a partner at GQ Employment Law, said: "Although the banks will have a robust case, there are still likely to be legal claims in the new year because the concept of having the right to receive a discretionary bonus is so strongly embedded in the minds of many bank staff. "There is huge disconnect between bankers' perception of their rights and the legal reality. Bankers seem to have an expectation that they are entitled to a bonus under almost any circumstances, which has been fed by over 20 years of high bonus rounds."

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