Let there be comp!

Bonus season, once the highlight of the year, has become a time of fear, greed and politicians worked into a fever of righteous jealousy. But a rare ray of sunshine into the world of senior bank compensation shows how difficult and pointless further regulation of bank bonuses will be.

The UK’s FSA last year passed a regulation under which banks operating in the country had to reveal the remuneration compositions and totals that were paid to senior executives and other executives that fell under its remuneration code. These code staff are the level below the C-suite and board of directors, but comprise those whose activities have a material impact...