There's no point in going on about the excessive profits and out-of-control bonus culture in investment banking. The title is that of an editorial in Saturday's Financial Times. Put simply: to avoid any pain to bankers having to pay the one-off 50% tax on bonuses imposed by the Chancellor, many banks will simply increase the size of the bonus pool. As the editorial notes, banks seem increasingly to be run for the management and not the shareholders. So come on major shareholders, start using your powers, get these people under control. They are not as irreplaceable as they think.
Hubris and nemesis are inseparable.
