Greed and graft

The British government comes in for criticism for not having the strength to control bankers' bonuses, which will again be high this year. Also occupying the British media is the Indian telecoms scandal.

Toothless

It's the merry season — for bankers, as the UK government backs down on election promises to control bank bonuses, writes The Guardian.

... Just over a year ago [UK Chancellor of the Exchequer) George Osborne went on GMTV and pre-emptively slammed banks that planned to pay "inexcusable" bonuses. "Let's end the big cash bonuses," he said. "If there's spare cash at the bank it should be lent out to small businesses, medium businesses, to help people keep their jobs."  ... This week it was revealed that Mr Osborne is writing to his counterparts across Europe in an attempt to win support for a common set of rules on bank bonuses. ...

Helping themselves

The Indian government must fight corruption, writes the Financial Times as the country suffers a new scandal, in which the government gave mobile phone licenses in 2008 at below market rates to select telecoms companies.

... Corruption poses serious threats to India’s society and economy. Rahul Gandhi [a member of parliament] this month spoke of two Indias — one rich, one poor. Corruption scandals only make the poor feel more disenfranchised. The enduring presence of the Naxalites, a group of Maoist insurgents increasingly powerful in large swathes of India, is a testimony to the disruptive potential of popular disenchantment and exclusion. ...