Bonuses: The quest for the golden handcuff

February is the festive season for London's trading community; another record year for bonuses has the City festooned in bright new ties, sharply cut suits, and swaying to the sound of champagne corks. "You all look pretty well on it", commented Eddie George, governor of the Bank of England, in his opening address at the Euromoney international bond conference. That's hardly surprising when a top earner can have a bonus as high as eight times his salary. But the champagne-induced hangovers of celebrating traders are nothing compared with the headaches high bonuses are causing their managers.