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Spot checks to curb ‘greedy’ City bonuses September 22, 2008

Posted by trouble97018 in Economy, News.

From The Times

September 22, 2008

A crackdown on greed and excess in the City is being promised by the Government to clean up the financial system after the banking turmoil of the past week.

The financial watchdog is to take stringent action to curb “irresponsible” bonuses that could encourage people to take excessive risks; it has already started making spot checks on firms. Banks thought to be flouting risk management guidelines may be forced to revise their reward systems.

Gordon Brown, who is staking his own survival on guiding Britain through the economic crisis, is backing the action by the Financial Services Authority (FSA) and is also seeking international agreement that will allow regulators in different countries to swap information so that poor practices are highlighted earlier. Source Article



1. trouble97018 - September 22, 2008

If the British can do this why can’t the Americans?

Barack, you listening??


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