George Osborne: FSA should veto excessive City bonuses - Telegraph: "Mr Osborne said the Government and the FSA already have the powers to act.
'The Government and the regulator have a huge amount of leverage,' he said. 'We own half the banks and we are guaranteeing activities in the other half."
The politicians voted for the Financial Services and Markets Act, although it is rather late in the day, almost thirteen years late actually, they need to read it and work out what the FSA can and cannot do. It can bankrupt a one man band IFA firm but it can't do a thing about 'bonuses' no matter who earns them, justified or not, taxapayer funded or not.