Bummer for British Bankers*

Today, England's financial regulatory body, the FSA** decreed that banking bonuses had to be cut by 60%. That's right, you heard correctly, that's all banking bonuses.
But what about existing employee contracts, ask the big banks. This law is in direct violation of what  we promised our head honchos in writing this year.
Tough cookies, says the British government.
Tough cookies.

Now, I understand that the economic downturn is a global issue, but I don't think that many people would argue with me when I say that the United States is having a particularly hard time of it. Our society is decidedly capitalistic and, as such, our economy is more susceptible to greed***. And that's really why we're more fucked than, say, England. That said, why isn't the Fed implementing this type of policyfor American banks? All I'm saying is that the average US taxpayer probably needs that money more than some Merrill Lynch investment banktard. Am I right? Probably not. Would it work here? Definately not. But then again, I'm just saying.

As usual, your thoughts are welcome. Read more about the British bank smackdown here.


*Do you like my alliteration? Cause ya should. 

**Financial Services Authority

*** Now, don't get me wrong here, I think capitalism is a fantastic system. Fantastic. In terms of productivity, there's nothing better in the world than the United States and our meritocracy. That said, it has its pitfalls. Like greedy bitches taking all our money.