Why Punish Investment Bankers?

"Lord knows I suffer from the riches of bankers, like everyone who lives in London or New York alongside them. But the fact they are paid as they are is a matter for individual resentment, not official intervention". John Gapper

It is difficult to add much to this concise statement in an article in the Financial Times because the clamour for the regulation of wages for investment bankers is ill-informed. This is essentailly because not all investment banking institutions have been as casual in pushing out products of dubious value and laws ought to be able to assign responsibility without wholesale condemnation. Given a choice, I would much rather have a slight raise of the marginal tax rate than wage regulation.