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Seven Times Vince Cable Warned Banks Against Excessive Bonuses

7 Times Cable Urged Banks To Stop Excessive Bonuses
Asa Bennett
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Vince Cable of the Liberal Democratic party leaves 10 Downing Street Wednesday, May, 12 2010. Britain's new Prime Minister David Cameron has appointed more of his new political partners to key Cabinet posts _ handing his coalition Liberal Democrat colleague Vince Cable a key business brief. Cable's appointment may spark nervousness in the financial sector. An ex-economist for Royal Dutch Shell, Cable is a fierce critic of banking practices and has demanded action to spur lending. (AP Photo/Al
ASSOCIATED PRESS

Vince Cable has warned banks against "excessive" executive pay and failing to slash bonuses, in a move which some may find familiar.

As this year's annual general meetings get under way, Cable wrote to the FTSE100 listed businesses warning that he could bring in new legislation to enforce pay discipline unless the firms curb their bonuses.

However, it seems the business secretary's message might be struggling to get through, as he has lashed out at bank bonuses almost clockwork regularity. Yet they still aren't listening, as Cable keeps having to try and hammer the message home.

Here are just seven times Cable tried to get across why banks should rein in excessive pay and bumper bonuses. Will this time be any different?

Vince Cable's bonus warnings
21 Sept 2010: Cable warns against "outrageous" bonuses(01 of07)
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Vince Cable warned banks that they could face more taxes if they doled out "outrageously large" bonuses.
22 Sept 2010: Cable slams bonuses for "spivs"(02 of07)
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Cable refused to apologise for railing against excessive bank bonuses that he said were paid to "spivs and gamblers".
13 February 2011: Cable slams "offensive" bank bonuses(03 of07)
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Cable warned that "enormous" bonuses at state-owned banks were "offensive"."These are extraordinarily large bonuses which most people cannot understand," he said.
25 Jan 2012: Cable says bankers don't "merit" high bonuses(04 of07)
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Cable suggested that the reason footballers, unlike bankers, should get their high wages is that the "rewards...reflect merits".He said: "Failure, whether by managers, players or clubs, is severely punished. Rewards for the few are lavish but quality is recognised."
31 Jan 2013: Cable scoffed at bankers expecting big bonuses(05 of07)
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Cable said it was "unbelievable" that some bankers still expected bonuses after many banks were landed with a huge compensation bill for mis-selling products.
March 21 2013: Cable fumed about Barclays' £18m payout(06 of07)
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Cable said he "deprecated" Barclays letting investment banking head Rich Ricci cash in nearly £18m worth of shares.He added: “I am surprised that the chief executive, who I thought had turned over a new leaf, allowed this to happen on his watch.”
March 6 2014: Cable warned about "extreme" bonuses(07 of07)
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"There are often bonus levels that are extreme," Cable told MPs last month.The business secretary argued that banks' bonus pools were shrinking and now a "tiny fraction" of what they were under the last Labour government.

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