This will surely be met with cries of "socialism" by the bankers, but that would be ignoring the free loans and easy money handed out to the bankers in recent years. If the bankers want to avoid caps, they should worry more about risking their own money and not public money.
Most people would prefer not having to bail out banks or give them free money to play with but until that ends, the bankers should accept that they're the ones to blame for any financial issues. The bankers keep missing this point as they continue to receive mounds of money, much greater than anyone in any other industry could expect to see each year. Nobody likes having flashy tax dollars rubbed in their faces, whether it's the GSA spending wildly or bankers spending wildly on themselves after bonus season.
Don't take the government money or expect more of this. It's that easy.
In a sign that Brussels is hardening its stance on banker pay, European Union parliamentarians are drawing up new caps on bonuses to be included in the bloc’s latest bank capital rules.
The move comes as research from the pan-EU banking regulator reveals huge disparities in bonus sizes across the region and big differences in enforcing existing EU pay rules, which limit the upfront cash portion of a bonus to 25 percent of the total.
The European Banking Authority survey found that the median average ratio of bonus to salary across the block was 122 percent for executives and 139 percent for other risk-takers, such as traders. But one country reported an average ratio of 313 percent for traders and one institution had a ratio of 429 percent for executives and 940 percent for other staff.