Why do bankers think they're so deserving of their bonuses?

Writing in the Daily Mail about the clamour among City bankers for their annual bonuses, Liberal Democrat Treasury Spokesman, Vince Cable, said: "The financial aristocracy has to learn to respect the public who pay their wages. Otherwise we shall soon be importing French guillotines." Needless to say, I wholeheartedly agree with Cable's sentiments, but my only question is this: how soon can we get them here? With the Eurotunnel, I'm thinking we could perhaps get the heads rolling in between two to three hours...

I saw some bankers interviewed on the news last night and many seemed to view their year-end bonus as an inalienable right. In fact, after Gordon Brown publicly announced his displeasure at the prospect of bankers dipping their toes into this year's multi-million pound bonus pool (which was really nothing more than a populist soundbite), legal experts argued that any clampdown on this year’s payouts would be a breach of the bankers’ human rights! Believe me, I'm all for human rights, but this was an obscene invocation.

In defence of their juicy bonus payments, some bankers in the aforementioned news item were quick to point out that they had worked hard over the past year and fully deserved their extra cash. I'm sure there are at least some honest, hardworking people in the financial sector for whom this is true. However, in the current economic climate, is their dedication and hard work even relevant?

My girlfriend is an events manager in the automotive industry. She's well-paid, but can also benefit from performance-related annual bonuses. However, this year, aside from learning about impending redundancies at her managerial level, her company has also cancelled all bonus payments, which is a reflection of the harsh economic downturn that the automotive industry is experiencing as a result of the recession.

Now, I know I'm talking about my own partner here, so this may sound like a gushing case of favouritism, but I can assure you that she works damned hard. Over the past year, she's worked incredibly long hours and has often spent many weeks at a time away from home managing events (exhausting for the most part, and by no means as glamorous as you may think). As a reflection of her performance and hard work, she would be entitled to a bonus tomorrow. However, it's the bleak economic reality of her industry that has been the determining factor this year, not her performance. The money for bonuses simply isn't there, which is something she's had to accept. She's obviously disappointed, as she/we could have done with that money this year, but it's a simple case of having to lump it and move on.

So, regardless of how hard they feel they've worked, why should the affluent boys and girls of the City be any different? Do they work harder than everyone else? Are they more deserving of their bonuses because they're moneyed and 'successful'? They talk as if they're bullet-proof, while the rest of us are forced to make sacrifices and adapt to this recession as best we can. And what of the thousands of equally hardworking British people that have lost their jobs and businesses over the last few months as a result of the bankers' unfettered greed and recklessness? Those who have recently joined the miserable ranks of the unemployed were probably never entitled to bonuses - no matter how hard they worked - but now all they want is a job so that they can pay the mortgage and stay afloat.

The bankers' petulant demands for their bonuses pisses me off. So with that said, what time does the next Eurostar freight train loaded with guillotines arrive in London?