Reward the incompetents -

the scream

Adair Turner, chairman of the Financial services Authority, was testifying before MPs investigating the recent banking crisis, which forced ministers to use £37 billion of taxpayers money propping up British banks.Asked if he would pay bonuses to FSA staff who oversaw the banking system this year, see here, Lord Turner said that he would:

"We do have a bonus system. I am sure we will be paying some bonuses this year. They have earned it. They have done pretty good work.We have people who have been working extremely long hours and quite competently."

Earlier this year, the FSA paid its staff almost £14 million in bonuses in 2007-08, the year that covered the collapse of Northern Rock.

Our Prime Minister criticises Johnathon Ross's pay yet utters not a squeak about this. Perhaps this is because he is powerless, the FSA is a privatised QUANGO and comes under EU regulations or perhaps he couldn't care less as this will get less publicity.

There are 1,162 quangos in the UK, running at a total cost to the taxpayer of £64 billion, equivalent to £2,550 per household. According to the Taxpayers' Alliance.

PS Mervyn King said no to a pay rise of more than £100,000 when he was re-appointed as Governor of the Bank of England earlier this year. It is understood that Mr King thought accepting the salary rise would be "inappropriate". Good man.