Bull Bear Report Nov 04 2009

Appealing to a Higher Power: Bankers Resort to Religion to Push for Bonuses

By julie steinberg

There are few things you're not supposed to discuss on a first date or in public: politics, religion, money, whether Chicago or New York pizza is better, etc.

Barclays chief John Varley decided to dispense with that rule when he addressed the filled pews at St. Martin-in-the-Fields in London last night and tried to make the case that bonuses and Christianity aren't mutually exclusive. "Rewarding high- performing bankers with more pay doesn't conflict with Christian values," he said. And in case anyone still didn't get it, he clarified in an interview after the service. "Is Christianity and banking compatible? Yes. And is Christianity and fair reward compatible?"

Varley's speech is tantamount to pulling out the big guns -- though he may want to be careful. The relationship between Christianity and money has long been a delicate balancing act -- anyone remember 16th century indulgences?

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