Stupid.
Better to introduce legislation on pay that is to be contracted in
2009, rather than invalidating contracts that have already been signed. The contracts may not have been a good idea, the pay policy in high-level financial services may be in dire need of reform, but it's better to legislate for present and future events, rather than pre-existing agreements.
Very dodgy precedent to set here. I'm more than a little amazed at the attention that has been paid to these bonuses, given the miniscule proportion of money they represent.
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This 90% tax smacks of socalist russia in the 60's.
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Or the USA in the 60's.
91%
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