Political

Lord Matthew Oakeshott attacks bank bonus secrecy

From The Guardian:

Cracking down on bankers’ bonuses is a “moment of truth” for the coalition government, a leading Liberal Democrat has warned, amid mounting expectations that payments of at least £7bn will be awarded in the coming weeks…

Lord Oakeshott, a Liberal Democrat treasury spokesman, said this was a moment for the coalition to act, particularly on forcing more disclosure from banks on the amount they pay.

“This is the coalition’s moment of truth on fairness,” he said. “The first item on our coalition agreement is a promise to deal with unacceptable bankers’ bonuses. Secret bonuses are by definition unacceptable, so they must be disclosed.” …

A Treasury spokesman said: “The banks have put a number of proposals on the table. The government affirmed its desire to see a strong, responsibly and internationally competitive financial sector. The dialogue was constructive. These proposals will continue to be discussed.”

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