Unlimited Bonuses for British Banks

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News from across the pond:

Britain’s banks were given the go-ahead tonight to pay unlimited bonuses, drawing to a close a two-year political battle to rein in the City….Ministers are instead hoping for a face-saving deal in which the banks agree to lending targets and improve the way they disclose their pay deals. One of the options being discussed is releasing information on the five highest paid individuals at each bank.

Britain’s banks, of course, received even more taxpayer bailout dough than American banks. But that made no difference. The finance industry is simply unstoppable.

In the meantime, it looks like Portugal is next on the euro-chopping block. Needless to say, the cost of its bailout will be borne by taxpayers, not the finance industry. See above for the reason.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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