Major shareholders include pension funds, and minor shareholdings represent the savings of individuals. They are the people who provide the money for the bonus boys to play ducks and drakes with. The devil's advocate might say that, if they do not like the bonus arrangements, investors do not need to invest in a financial company. The reply would be that investors are hardly spoilt for choice. The trouble is that banking executives must come from the banking sector. There are some City grandees from outside the sector who could handle the chairman's job, but the author can readily believe that an executive function needs an executive with banking experience. The public sector has got the bonus culture and it has flourished as more and more taxpayers' resources are poured into it. One of the main money-making areas for investment banks is mergers and acquisitions.