Barack Obama has done what no other leader apparently had the guts to do.
The new American president has capped bonuses for bankers on bailout programme. A ceiling of $500,000 may seem like big bucks to most of us, but to the über bankers of Wall Street it is small beer.
Then the Royal bank of Scotland, we discover is poised to pay out 10s of millions of pounds to various leeches in the investment banking division, in addition to bonuses of £1.83 billion last year. The response from Peter Mandelson, Business Secretary? Please be mindful of how this looks to the public.
This is the bank that has taken £20 billion in taxpayers money in order to survive. One of the mandarins at RBS tells us that the bonuses have to be paid, otherwise the shocked and horrified bankers who have been starved of their goodie bag will leave.
Good riddance. Time to wake up and smell the recession, and see if anyone else out there is willing to dole out big bonuses.
A little more Barack Obama please, and less of the whining Peter Mandelson approach is required.