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Bankers today hit back at criticism from the Treasury Select Committee, claiming that new regulations on pay could damage the wider economy.
Angela Knight of the British Bankers' Association responded to a report from the committee that put the blame for the financial crisis squarely on the industry.
John McFall, who heads the committee, said: "Bonus-driven remuneration led to a lethal combination of reckless and excessive risk-taking. The design of bonus schemes was not aligned with the interests of shareholders and the long-term sustainability of the banks."
Bankers are guilty of self-pity, "portraying themselves as the unlucky victims of external circumstances", said the report.
Knight urged restraint in the drawing up of new rules, saying: "Other countries are watching us and none uses such pejorative language in its scrutiny of financial institutions."
Reader views (4)
Follow the money Roz. Find the guys who made the most on the financial markets in the last 8 years and you'll probably find the culprits. The government as usual hadn't got a clue what was going on.
- Alex C, London, 15/05/2009 15:45
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These State interventionist moves will have zero impact. The banks that were bailed out in the UK were bog standard clearing banks who made bad loans. What talent there was left there will have departed for private businesses where Gordon Brown and his cohorts have no influence over pay. Talented traders will continue to make millions and there is zip all that the green eyed monsters can do about it.
- James Ritchie, Oyster Bay Cove, NY, 15/05/2009 15:02
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"Well naturally the Government would like a scape-goat.."
Are you insane Roz? In America and Europe the bankers got us all into this mess and everyone knows it. Blaming Brown or Obama or sarkhpzy will get you nowhere
- Keith Price, Luton, England, 15/05/2009 12:52
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Well naturally the Government would like a scape-goat and it would be totally typical of their management style to pass the buck to someone lower-down the ladder instead of taking responsibility themselves. At the end of the day, Labour only funded its quasi-Communist regime with the cash it swiped off unfettered capitalsm. It had more than enough time in power to rein the industry in if it hadn't been so busy trying to make a quick buck itself. Besides, the overwhelming majority of people who work in the industry earn very little and work very hard: just ask the Receptionist as you walk in!
- Roz, France, 15/05/2009 11:42
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