Unlike in the U.S., UK politicians not afraid of their bankers. They are not afraid of banker outrage. They've taken the bull by the horns and imposed a 50% tax on bonus payouts, according to Chancellor Alistair Darling.

The tax takes effect immediately and runs to April 5. It covers 20,000 bankers in the UK. Some 5,000 UK bankers are expected earn more than £1 million in bonuses.

A Treasury official commented: "We hope it will be a disincentive for banks to pay bonuses." Politicians agree the tax is justified as banks have generated excess profits as the direct or indirect result of bank bailouts.

Sam and Olivia are reading their morning papers and Sam says, "Imagine this! There's going to be a country with no bank bonuses." And Olivia says, "You must be kidding" Sam says, "No, I'm serious. It's right here in the paper." Olivia, still not convinced says, "OK, I don't believe you but who is it?" Sam says, "Look right here. Its Britain."

British Treasury chief, Alistair Darling, said that annual bonuses for bank executives will be outlawed. Darling went on to say: "We won't allow greed and recklessness to ever again endanger the whole global economy and the lives of millions of people."