Alternatives To Bankers' Bonuses

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I write crime fiction, regularly, and I am very curious in dishonesty. There's major crimes, such as rape and murder, and minor crimes, like car theft and house burglaries. But by far the most moving crime is The trust Trick. How is it possible, I often wonder, for mature, educated habitancy to be conned, and conned so easily? And repeatedly. And often.

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In Britain today, the whole habitancy is being conned at the gift time. It's a con called 'The Banker's Bonus'. The way it goes is this: first, you tell habitancy a story, that Chief Executives in banks are special people, with splendid powers to make money, (for the investors and the depositors), and these talented individuals need to be rewarded for their efforts. You try and sound 'reasonable'. You don't exaggerate and you don't push it. You just do it, set up a bonus culture where the Ceos get splendid pay levels. The result? The man on the car park, lifting the fence every day, to let the executives drive through, in their chauffeured cars, receives an annual wage of, say, ten thousand pounds. The Chief menagerial - the man, and it's ordinarily a man, in the car, getting driven colse to in a free car that he doesn't have to pay for or vocalize - gets paid one hundred times that!

Why is that 'a con'? Because, although pay levels have gone up in this country at a steady state over the last generation, menagerial pay levels have screamed ahead at a far higher rate, widening the gap in the middle of bottom paid and highest paid and development them increasingly far apart. If you're paying these 'special people' huge salaries, then there should be a special reason. Perhaps they possess some special powers which are beyond the wit of normal men? Perhaps they are especially gifted or trained beyond the norm? Unfortunately for this scenario, the schooling of Ceos is the same as it's ever been - firm Schools think more of themselves these days, but don't deliver anyone ground-breaking or novel, beyond doubt no dissimilar from what was on offer back in the 1970s. And the thing that beyond doubt lets the whole assertion down, is that most of the habitancy who attain high rank in the world of banking, don't beyond doubt know much about running banks. If you look at the Ceos of major banks in the country, you will see that most of them come from some other area of retailing. As bankers, they aren't 'experts' at all - merely beginners.

Worse than that, the whole 'high pay' culture is fomented and controlled by habitancy in a narrow field, namely, Chief Executives themselves! Although banks talk grandly about 'Remuneration Committees' that 'set pay levels', these habitancy are not independent at all; they are mostly habitancy from inside the institution - who have much to gain by expanding top pay levels, (after all they might advantage from that themselves, one day, when they get promoted), aided by a few 'invited outsiders', ie Chief Execs from other banks and similar financial bodies. These habitancy then ask each other to sit on their own 'Committees'. This merry-go-round ensures the old maxim, 'You do me a favour and set my pay high, and I'll do the same for you, when the time comes, old boy'.

Finally, the real expose to the whole rotten system, is that there's no downside. If bank executives are being 'rewarded' for achievement, then it should be inescapable that they won't get a repaymen when times are tough. Far from it. Bank executives get bonuses either the bank makes a profit or not! A cheap person might be persuaded that victorious businesses should repaymen their leaders for doing well, but the fact that those same institutions pay out huge rewards even in tough times, makes a mockery of any faux justification proffered.

Because, of course, there is an alternative. In Britain, we have a victorious football sector, where competition is fierce and achievement is richly rewarded. However, football managers are judged by results, and if your team is winning, then you get a fat bonus. If your team isn't scoring points and moving forward, however, then you get the sack. It's tough, but it's fair. More important, it's clear to everyone, fans and critics alike, what is happening: if the team isn't development it on the pitch, then the manager isn't counting his bonus. No such culture exists in the world of banking, and their kind of highly-paid Chief Executives. If banks were football teams, then they would be paying out bonuses to failing Managers and rewarding under-achievement and loss, as their clubs went crashing down the League Tables. Luckily, British football clubs are a lot less beyond doubt deceived. They don't get conned, and they repaymen attempt and punish failure. It's a episode that every bank could learn.

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