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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