Published: September 1st 2009 - at 1:50 pm

Brown pledges bonus clampdown


by Newswire    

Gordon Brown has pledged tough action to clamp down on excessive remuneration for bankers as part of an international effort to rectify the systemic weakness that led to the global financial crisis.

The prime minister said in an interview with the Financial Times that pay and bonuses should be based on long-term success not short-term speculative gains; banks should “claw back” bankers’ rewards if their performance suffered in subsequent years; and regulators should be able to impose higher capital requirements on financial institutions.

“We have to move faster,” Mr Brown said.

…read more at the Financial Times


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…without having a clue how actually to go about “clamping down”.

A pledge is as good as done.

*cough*

or maybe not…

3. Alisdair Cameron

Ah, yes, Brown’s pledges. Better than his actual deeds, I suppose, because an empty vacuous pledge still beats ill-conceived actions that have disastrous consequences because they haven’t been thought through, (10p tax) or were pursued for personal kudos but national ruin (PFIs etc).

But we are told not a total clamp down, he likes the bonus payments for doing real things like making money, so in fact he is bending over backwards for the bankers, perhaps he hopes to be one in nine months time


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