Dear friends across the UK,
Bankers are lobbying hard to keep their big bonuses at our expense. But the EU is trying to crack down. If we lobby George Osborne and other EU finance ministers to stand by a sensible plan to cap bankers bonuses — the very greedy payouts which crashed our economies — we could finally beat the banker lobby! Sign the petition:
The banks crashed our economies, causing a wave of unemployment, evictions and cuts, but bankers are still raking in massive pay cheques. We have a chance to end this madness in 24 hours, but the British government stands in our way.
Bankers run outrageous risks, driven by the lure of big bonuses. EU plans to stop bankers getting bonuses higher than their salaries are now being ambushed by George Osborne and a few other finance ministers. Public pressure now can push our finance ministers to take a stand against the bankers’ greed that caused the crash in the first place!
We have 24 hours — the bankers’ lobby is massive, but our politicians know they can’t get re-elected if they favour friends in high finance while our jobs and services disappear. Sign the petition to George Osborne and other EU finance ministers now — which we’ll deliver to Osborne’s door and via the media on the day of the talks — and share it with all your friends across the UK!
Many politicians talk a good game about reining in the banks, but then fold as soon as bankers pressure them. The EU Parliament has agreed proposals that would prevent banks paying bonuses that are more than their main salary, unless a massive majority of shareholders approve that. Tuesday will see a needle negotiation between the Parliament and EU government representatives. It’s behind closed doors, but as of now several governments, most significantly the UK, are planning to block the bonus ban.
As well as causing the financial crisis, banks have now been caught out in scandals over interest-rate fixing, mis-selling products, and evicting people from their homes. It’s time to get the public policies we need to ensure these outrages can’t happen again. Banks argue that they will move abroad if tighter rules are in place, but this is a bluff, as no global bank can afford to move out of the EU entirely.
Let’s have our say before Tuesday, to get our finance ministers to bring sanity to our banks. Click below to join:
We’ve done it before – getting the EU to agree to put criminal bankers behind bars. Let’s now go further to tame bankers’ animal spirits.
With hope and determination,
Alex, Christoph, Emma, Emily, Ian, Rewan, and the rest of the Avaaz team
EU states back bonus cap in bank rules (Reuters)
A banker’s millions won’t save a life (Guardian)
EU Officials Draft Some Compromises on Basel Bank Law (Bloomberg Business Week)
European countries consider reforms to cap banker bonuses (Dawn Business)
EU lawmaker Othmar Karas calls for cap on banker pay (Telegraph)