Isuspect a great deal has to do withtheauthorityof the investmentbank'sbrand - which begs the questionwhyindividualbankersfrequentlypocket 50% or so the feecharged by the bank toclients.
Britain's Financial Services Authority may have watered down its pay code after bankers whinged about losing talent, but it has been using moral suasion to good effect, calling bosses to express its displeasure at the re-emergence of guaranteed bonuses.
The system is currently overseen by the British Bankers' Association, but is not formally regulated by the Financial Services Authority or Bank of England.
To most West Bankers, Determined Path marks the demise of what remains of their Palestinian Authority and the return to direct military occupation of the pre-Oslo vintage.