Now I know that bankers aren\’t the most loved of creatures at present but:
Barclays Capital has been forced to break contractual agreements with some of its star bankers after bowing to regulatory demands on bonus payments.
The investment banking arm of Britain\’s third biggest bank on Friday set aside a record bonus pool thought to be as much as £4.5bn. It told key bankers that all pay packages had to meet Financial Services Authority (FSA) rules , including the deferral of 60pc of pay, effectively declaring pre-existing contracts null and void.
Who really thinks that the breaching of the sanctity of contract by bureaucratic fiat is a good idea?