• Bank Governor hits out at excess

  

  The multi million bonuses paid out until recently to a few City bankers will be a thing of the past if the Governor of the Bank of England, Mervyn King, has his way.  He has told the Treasury Select Committee at the House of Commons that big salaries with lavish bonuses created a culture of greed which had played a major part in creating the current financial crisis and market turmoil.  But he said that most people working in the City were highly motivated and there was plenty of room for optimism in most parts of the economy.

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