In the wake of news that Wall Street had awarded itself $18.4 billion in bonuses in 2008, President Obama branded bankers 'shameful'.

Whatever your opinions on executive pay, it's not hard to see the Street's move to be misguided at best. Here is an industry that has already needed $700 billion in government money simply to stay in business. Signs are there that more funds will be required before this whole mess is over, so perhaps a little restraint is called for.

The new administration has already stated its intention to control executive pay. Tone-deaf acts like this only give government more ammunition. We all understand that working at the very top of the financial industry is a challenging job that deserves adequate compensation. However, when thousands of staff are being laid off and banks are going cap in hand to the state, common sense dictates a more long-term view. In any case, most of those getting the bonuses will be pulling down 100k+ in basic wages. It shouldn't be too hard to cope.

'Greed is good' is the mantra that got us into this state. Everybody needs to accept that times have changed.