The bank bonus culture, so sumptuously on display last week at Goldman Sachs, remains under fire from politicians. But here is a curious thing. Bank chiefs have been quick to protest about real threats to their autonomy, such as “living wills”. But as to caps on bonuses, there has been scarcely a cheep from them.

The cynic might suggest this is because they do not believe such caps will work, any more than those on chief executive pay did in the past. But there is another possibility.