Vince Cable attacks Lord Myners' support for Walker Report

Vince Cable has attacked Lord Myners over his support for the recommendations on banking job remuneration laid out in the Walker Report.

Earlier this week, Sir David Walker recommended that financial institutions reveal how many people in banking jobs in their organisation were "highly paid" - a salary he deemed to mean £1 million per year or more.

City minister Lord Myners, who had called for the names of the 20 best-paid members of his bank to be made public, leant his support to the plans, despite launching a blistering attack on the banking industry just hours before the report was published.

He had hit out at the "tin ears" of bankers who refused to acknowledge the need to restrain remuneration and said Goldman Sachs boss Lloyd Blankfein, who had claimed banks had an important social purpose, was "on a different planet", reported the Guardian.

Mr Cable, the Liberal Democrat Treasury spokesman, accused Lord Myners of completing a U-turn on his plans to name people in highly-paid banking jobs.

"This is a pathetic climb-down in the face of a feeble report by a City insider who has fallen over backwards to do nothing to tackle the most Neanderthal elements in the banking community," he said.

Updated: 01 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.