COLUMNISTS According to the model of grief outlined by Elisabeth Kübler-Ross, investors are in the second stage of a cycle in coming to terms with financial crisis. First comes denial. Next comes anger.
That anger is now everywhere and it is aimed at bonuses. While the UK tries to claw back the pension of Royal Bank of Scotland’s Sir Fred Goodwin, the US wants back the $165m paid in bonuses to AIG executives for last year. The amounts involved may be trivial given the scale of the crisis; the anger, however, is real and justified. It cannot be dismissed as cheap populism.
