Walked past a copy of City AM today, the headline told me that "City bankers cheer as bonuses return".
"the City is set for a return to the champagne-soaked days of old after it emerged yesterday that bankers at Goldman Sachs and Morgan Stanley are on track for bumper full-year bonuses to rival those from the pre-credit crunch (sic) compensation heyday". (City AM, Friday 3 July 2009).
Great news everyone, they have learnt nothing. The people who set the pay have learnt nothing. Or have they? Have they in fact learnt that they can get away with the huge bonuses and nothing and no-one has any power to stop them?
Next we'll hear that sub-prime mortages are the new way to a quick fortune and consumer borrowing can finance a self-sustaining boom that will last for ever. Doesn't seem to be covered in most of the papers.