UK Government on the Warpath against Hefty Bank Bonuses

In the aftermath of the TARP bailout, Wall Street firms have gone back to paying large bonuses without much complaint from Washington. In Britain today, Finance Secretary Vince Cable told BBC Radio that banks paying “unjustified” bonuses risk “very serious action.” He promised action against what he described as “an industry that has been bailed out by the taxpayer when these same taxpayers are now having to make very serious sacrifices in their own lives.” Financial journalist Felix Salmon is blogging editor for Reuters News.