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From The Times
May 1, 2008

British Bankers' Association chief Angela Knight adopts wrong gambit

Patrick Hosking: Business commentary

Angela Knight has been a good figurehead for the banks. She has put the British Bankers' Association back on the map and on umpteen occasions stuck her head above the parapet to be shot at while those she represents dived for the shadows. But her attack on Mervyn King is questionable.

His criticism of the design of bank bonus schemes goes to the very heart of the present crisis. It is absolutely a legitimate area for public debate. Flaws in bonus schemes encouraged the recklessness and short-termism that so damaged the banks, leaving taxpayers to underwrite a costly rescue. Bankers themselves have no interest in changing the status quo and nor have institutional shareholders, who are rewarded in similarly imperfect ways. In this spat, King deserves to topple Knight.

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It's time for some legislation surely on these bonuses, which are a super wheeze for the chaps to gamble with stability. But of course nothing will be done until the States' show the way. Unfortunately I fear we will only end up with more quango's and a strangulation - leading to what we all fear

David Nammory, Liverpool,

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