Unlimited Bonuses for British Banks

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News from across the pond:

Britain’s banks were given the go-ahead tonight to pay unlimited bonuses, drawing to a close a two-year political battle to rein in the City….Ministers are instead hoping for a face-saving deal in which the banks agree to lending targets and improve the way they disclose their pay deals. One of the options being discussed is releasing information on the five highest paid individuals at each bank.

Britain’s banks, of course, received even more taxpayer bailout dough than American banks. But that made no difference. The finance industry is simply unstoppable.

In the meantime, it looks like Portugal is next on the euro-chopping block. Needless to say, the cost of its bailout will be borne by taxpayers, not the finance industry. See above for the reason.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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