Richard Murphy of Tax Research UK has put forward good ideas.
A good bank run by a good banker would set a new, sane standard for pay, working on behalf of the citizen and shaming the others. That might be a reasonable top civil service salary, or perhaps remuneration set on JP Morgan\’s disused dictum than none should draw more than 20 times the salary of the lowest paid. Horta-Osório stood to earn £8m this year. There are battalions of well-motivated, numerate, experienced people who would seize the chance to show that banking could and should be radically reformed. Many within the banking industry, or recently departed in disgust, want to turn away from devising glamorous, high-octane, devious and dangerous products, to become more sober and dull agents of local banking and investment.
So, who should step up for this job? Who would be the best symbol of intellectual change, profound reform and new direction for the industry on our behalf, in a campaign for better banks? Suggestions below the line …
I vote for Andrew Simms, Prem Sikka and Richard Murphy as a triumvirate.
They certainly tell us they know all about banking. That they know exactly how it should be run. Well, let them prove it then.
Given that Murphy believes banks don\’t need deposits I\’d give them until, oooh, 4.30pm on their first day to bankrupt the place again. You know, that first time that they have to balance the books?
I\’ll be the one on the balcony with the popcorn.