"We need our big bonuses or London will suffer, say bankers"

The above is a headline from the Independent today.
Honestly, the arrogance is astounding!

I think it is fairly well established that the exorbitant bonus culture that has been prevailing in the City of London, amongst other financial centres has been largely responsible for the situation we currently find ourselves in.

Lets just analyse the statement though.

The chain of logic is as follows

"Guaranteed bonus" - that's not a bonus - its just salary!

The Times reports today about how the new FSA code allows for wriggle room in bonuses stating "David Berman, a partner at Macfarlanes, said: “The FSA has opted to leave the term ‘guaranteed bonus’ undefined. This could provide an opportunity for banks to say a bonus is not really guaranteed if there are some ‘unlikely-to-be-triggered non-payment caveats’.”

Is it just me or does the term bonus connotate the idea of some sort of contingency? If you take away this element contingency (presumably relating to hitting some well defined, vaguely challenging and beneficial targets that the individual has some sort of influence over, although, given the history in the city, perhaps not), you're just left with.....

SALARY...