Britain's best-paid banking boss, the Barclays chief executive Bob Diamond, will face intense pressure from MPs to waive his multimillion-pound bonus this week in recognition of the austere economic conditions and public intolerance of outsized City pay cheques.
An appearance by Diamond in front of the Treasury select committee on Tuesday is set to become a key clash between Westminster and the City as the coalition's efforts to tame bankers' pay falter.
Last night MP John Mann, a Labour member of the committee, said he and others would call on Diamond to forgo any bonus for 2010, when he was head of Barclays' investment banking arm.
"He will be asked not to take any bonus at all," said Mann. "We will want to know exactly how much these executives are getting in bonuses and other payments and why. There will be some tough questions."
So, here's what I think: MPs should shut the fuck up.
Timmy deal with this whole affair in a rather more nuanced fashion, naturally, but the gist of the argument is this: Barclays was one of the few banks that did not go bankrupt in the crash; where they needed to shore up their capital, they found private investors willing to give them the loans. The simple fact is that Barclays took no taxpayer bail-out and, as such, it is none of our business—nor the government's—how the bank runs its business.
So, what the fuck do MPs think that they are doing in attempting to force the head of a private business to forego some of his renumeration? I mean, how fucking arrogant can you get?
In the meantime, the banks that the government does own are languishing in the realm of shit share prices and no dividends—perhaps our oh-so-wise MPs might turn their attention to the fact that those banks still aren't delivering any return for taxpayers, rather than sticking their fat, alcohol-bloated noses into affairs that simply don't concern them.
So, my suggestion to Bob Diamond is that he tells the Treasury select committee to go fuck itself.