Community

The vast majority of Diamond's pay comes in bonuses. His basic wage is about £250,000.

The recent BBC documentary, blogged on by Paul Penrose, revealed that much of the mis-selling and dubious practices carried out by the bank's employees is due to a culture of targets and bonuses. 

I'm not accusing Diamond of any dodgy practice but when a company relies so heavily on bonuses and commision to get results there is a danger that ethics go out of the window.

There is a story in the Guardian about a money transfer system that has just been launched in Kenya. It was developed by Vodafone and allows people to send money to each other via SMS. 

This is a country where 80% of the population don't have access to the financial sector but eight million have mobile phones so the service, called M-Pesa, may prove very popular.

Finextra also highlighted the potential for the system to be used by Kenyans living abroad to send money home.