As I mentioned yesterday, I don't know much about MegaUpload nor do I care what flashy lifestyle the CEO had. What I do care about is the continuing lifestyle of the bankers who crashed the economy. The top bankers in London are averaging almost $3 million. Yes, the same 2011 that was a struggle for most others was another bumper crop for the bankers. It's insulting to the rest to watch this vulgar display while we have to listen to the political class talk about and implement cutbacks for the middle class and poor. It's amazing how the global powers don't mind orchestrating global hunts for one company that had a limited impact on the economy yet they can't find the directions to Wall Street or The City to arrest bankers. Wow. Since bankers are still being richly rewarded for high risk gambling, it's clear the problems that led to the crisis have not been addressed.
Research by the Guardian has found that the average pay deal was £1m or more for employees regarded as having the most influence over risk-taking activities at their firms. The highest average was at Goldman Sachs (£4m) and the lowest at HSBC (£1m), during a year when data from the Office for National Statistics showed the average wage in the UK was £25,900. Banks are being forced to publish the information for the first time under European rules that are helping to lift the lid on secretive City bonuses at a time when top pay is a politically charged issue. Executive pay has been rising faster than salaries for the average worker across the UK and Cable is expected to announce a range of measures to give shareholders more powers to vote down pay deals. However, he is expected to step back from putting employees on remuneration committees.
