Excess and the City
In an earlier blog posting, I asked: how big should income differentials be? I return to the subject now because this week the Financial Services Authority reveled information on earnings last year in the City of London.
While most people in Britain struggled to cope with the economic recession caused by the irrational exuberance of those working for financial institutions, more than 2,800 people took home more than £1 million. Are these people really worth so much more than teachers or nurses?