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Prince Andrew defends big bonuses
Prince Andrew defended big bonuses on Saturday, saying they were "minute" in the grand scheme of things but were an easy target for people angry at the financial crisis.
Copyright AFP 2008, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium
"I don't want to demonise the banking and financial sector," the Duke of York, Queen Elizabeth II's second son and the special representative for international trade and investment, told the Daily Telegraph newspaper.
"Bonuses, in the scheme of things, are minute. They are easy to target.
"A number (of people) will have abused their privilege of a bonus, so get rid of the excesses, but don't throw the baby out with the bathwater."
Bonuses have been blamed for encouraging excessive risk-taking that exacerbated the global economic downturn. G20 world leaders pledged in September to end "practices that lead to excessive risk-taking".
Copyright AFP 2008, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium
