Sir, – Perhaps the only positive result of the global banking crisis of the past few years was that it shattered the myth that there is any correlation between salaries and competence. If anything, the relationship was shown to be an inverse one.
Paying astronomical salaries and bonuses attracted a cohort of the greedy and unscrupulous, who set about constructing an elaborate Ponzi scheme.
The result is that taxpayers for generations to come end up footing the bill.
Sadly, judging by the calls for lifting the cap on bankers’ salaries at the McGill summer school (Home News, July 26th), our financial regulator Matthew Elderfield seems to have slept through this lesson.
Was it Einstein who said, “Insanity is doing the same thing over and over again but expecting different results.”? – Yours, etc,