A week ago, i posted that soaring CEO pay is starting to turn people off capitalism and will inevitably lead to calls for more regulation from busy-body officials.
UK's Northern Ireland Secretary Peter Hain, and a contender for the Deputy Leadership of the Party, has suggested that
"City firms donate two-thirds of their bonus pots to charity or inner-city regeneration"
Why such largesse from the UK's engine room and tax cash cow? Because massive City bonuses are fuelling envy and social discontent. He went on to warn that City firms could face government legislation or tax hikes to reduce inequality if they do not act themselves to curb excessive payouts.More ominously, he threatened
"there would be a big fight if the firms did not show more moral and social responsibility.That sort of thing [excessive pay] creates a society where you start getting envy being promoted and a sense of real antagonism and that breeds all sorts of socially undesirable behaviour."
Yes, Peter. Like stupid, populist proposals from cynical politicians.
Declaring total ignorance of the City and its workings, he added
"I don't believe that people will only work in the City because they get those sort of bonuses"
What a complete wanker.
So Pete, what do you think about the pay of top footballers? Or top actors? Will you regulate David Beckham's latest deal? And what do you have to say about the real issue at stake - that of top pay for poor performance? I thought so. Absolutely nothing.
You're a hypocrite and a wanker.