Poll reveals support for ban on Wall Street bonuses

A Bloomberg poll has shown more than 70 per cent of Americans would favour a ban on large bonuses at bailed out banks.

The survey also revealed that one in six people believe bonus payments exceeding $400,000 (£256,000) should be subjected to a 50 per cent tax, while just seven per cent believe such rewards are an appropriate reflection of Wall Street's recovery.

Many people also voiced support for placing a levy on financial services firms to reduce the US budget deficit.

Poll respondent Michael Robertson, a 43-year-old from Michigan, explained why he feels banks should exercise restraint on executive remuneration and bonuses.

"The American people bailed them out and immediately they went and paid their employees very large bonuses. I don't believe they should have a bonus at all for a while," he told Bloomberg.

A 50 per cent tax on bonuses above $400,000 was proposed by Democrat senator Jim Webb earlier this year but failed to win the support of Congress.

Kenneth Feinberg, the former 'pay tsar' of the Obama administration, recently told the Financial Times that US banks have improved the structure of their remuneration packages and should now concentrate on curbing excessive payouts.