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Morning Call: pick of the papers

The ten must-read pieces from this morning's papers.

1. We are in a new era, but bankers haven't noticed (Independent)

At no point did Hester consider that he already had enough money and so would forgo his bonus, writes Steve Richards.

2. With its deadly drones, the US is fighting a coward's war (Guardian)

As technology allows machines to make their own decisions, warfare will be become bloodier - and less accountable, writes George Monbiot.

3. A shabby episode that Cameron may regret (Daily Telegraph)

The government's position over Stephen Hester's bonus has been nothing short of cowardly, argues a Daily Telegraph leader.

4. It's up to shareholders to rein in the bankers (Daily Mail)

Left to themselves, bankers will never understand it is simply wrong to stuff their pockets with money, argues a Daily Mail editorial.

5. Forget the big bonuses; a pay squeeze is coming (Financial Times)

By 2017 bank pay will look very different from how it appeared in the boom, says Gillian Tett.

6. Miliband has much bigger fish to fry than Stephen Hester (Daily Telegraph)

A Labour leader must champion the frail and failing as robustly as he topples City titans, writes Mary Riddell.

7. Can the insurgents beat the bureaucrats? (Times) (£)

Instinctive supporters of Stephen Hester and big business need to listen to those in touch with small start-ups, says Rachel Sylvester.

8. Olympian-scale wastage that was predicted - and then ignored (Independent)

A grotesque outlay was justified on the grounds that it would benefit tourism, writes Dominic Lawson. But there was no evidence for it.

9. 'Davos consensus' under siege (Financial Times)

Both the US president and the French would-be president were calling key elements of globalisation into question, writes Gideon Rachman.

10. Taxing wealth? The public mood still escapes the Tories (Guardian)

Ed Miliband's task is to point out where the blame really lies for unfairness in the system: the field is there for Labour's taking, says Polly Toynbee.