Bank scandal shows obscene pay promotes greed not talent

WELL, well, well, it didn’t take long after the Fred Goodwin banking scandal for another to rear its ugly head.

Now we have probably an even bigger disgraceful banking behaviour to try to understand – the fraudulent rigging of the London Inter Banking Offer Rate (Libor) to benefit themselves at the expense of their customers, many of whom will have, as a result, had to cease trading.

Surely this latest scandal must forever end the claims, which are so frequently used to slap down public criticism of obscene pay levels, that true talent and outstanding ability can only be obtained by paying mind-boggling salaries and bonuses.

Talent and ability must be well paid but this isn’t the major aim of people who have such qualities. Job satisfaction and success take precedence. When obscene rewards are offered they seem too frequently to attract people to whom money is their main goal, money is their God

Such pay levels, or should I use the well-worn description, “it’s the rate for the job”, also breeds a stream of other contenders who are only too willing to sanction and defend such payments in the belief that in the near future their time will come to also join the obscene pay level club.

Bob Diamond, the former chief executive officer of Barclays Bank, received £17.7m last year in salary, bonuses, benefits and share awards.

This isn’t the rewarding of talent or recognising outstanding ability; it is unbridled greed which we’ve been brain-washed by those trousering such monies into believing is absolutely essential to obtain such talented people.

From: Danny Myers, Lees Lane, Northallerton.

I WONDER if the actual perpetrators of the manipulation of the Libor rate will ever be named and shamed – I very much doubt it.

One can only assume that they will be unceremoniously drummed out of the banking business for ever with misconduct tags permanently attached to their names and of course without huge “golden handshakes”.

From: Dr Glyn Powell, Bakersfield Drive, Kellington.

THE cavalier attitude of the banks and bankers towards our money prior to 2008 caused the meltdown of the UK economy.

The present government has made matters even worse by its austerity cutbacks that have hit the poor the hardest.

However, we now learn that neither they nor the bankers have learned much from the events leading up to the 2008 crash! Ultimately, it will be bank workers who meet the cost of this latest folly, through lost jobs as bank branches are closed to meet the cost of legal claims to cover losses brought about by the unscrupulous actions of those at the top.

From: Michael Stephen Mycroft. High Street, Thornton-le-Dale, Pickering.

WE really never learn from our history, the attributable quote by Thomas Jefferson centuries ago still rings true.

I believe that banking institutions are more dangerous to our liberties than standing armies.