Popular protest helps against banker bonuses

Following the fierce protests by customers, top managers of the Dutch ING Bank have announced they will dispense with their high bonuses. Only outraged citizens have the power to put a stop to the bonus system nowadays, writes the Belgian business paper De Tijd: "Despite all the sacred vows that have been sworn it is becoming clear that the state can do nothing about the bonus practice. ... Governments don't dare cap bonuses because the bankers threaten to move their activities elsewhere. This is naturally a form of blackmail. To hope for the banks to regulate themselves is an illusion. ... Nor does levying taxes on bonuses, as some countries do, have an impact. The only thing that seems to have some effect is a broad wave of public indignation. Customers can express their criticism of the practice by not doing business with banks that are too lavish with their bonuses. Banks are very sensitive about losing customers."

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