Quote Originally Posted by scottish-guy
They implemented a different plan - instead of bailing out the Banks and allowing their criminal Bankers to continue to collect millions in bonuses - Iceland let the banks fail, jailed the worst of the bankers, wiped out all mortgages and personal debt, protected the poor and disabled, and started from square one. They are now doing pretty well according to the IMF. Here we protected the Bankers, and chose to cut the wages of ordinary workers and benefits to the poor and disabled to make them pay for the bail out.
Again, from Iceland's example...I can't see allowing the banks to fail would create any long term stability to investor confidence. The instability in the banking Sector over here in North America is a shining example of that and the continuing sluggish response of the American economy to the last 2008 downturn. If you actually study the North American banking sector, or indeed the entire banking Sector in the Americas...it has actually been the Canadian banks that have done well through our regulatory system....vs the US, "anything goes" methodology.

TD, a big player across the US Eastern seaboard is actually an acronym for the Toronto Dominion Bank. Any if you've been anywhere south of the US, you'll know Scotiabank or as it has always been know, The Bank of Nova Scotia.

From a business perspective...while many citizens might not agree, the bonus structure is a necessary requirement to attract the right talent and to keep them there. You can't be a strong company without strong people resources steering the ship or bringing in revenue. Are the bankers really criminal, or is it really a crime as to how certain countries have allowed their banking structures to go unregulated for so long? Sorry, but I can only blame the politicians for creating this mess, not the bankers with their bonuses.

Surfcrest