John Lanchester on the Credit Crunch

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Why bank bonuses truly are an issue of morality.

Goldman Sachs clearly thought they were exercising heroic self-denial by awarding themselves a compensation pool amounting to a mere $16.2 billion. Haiti’s total GDP is $7 billion, and even before the earthquake one child in eight died before its fifth birthday; imagine Goldman turning over half its trough to Haiti in an attempt to change those numbers. Instead they praised their own ‘restraint’ in awarding themselves only 36 per cent of their revenue in pay pool, down from the usual 50 per cent.

From ‘The Great British Economy Disaster’ by John Lanchester