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London G20 meeting rejects plan to cap bankers’ bonuses

Posted By admin On September 6, 2009 @ 4:20 am In Money Watch | Comments Disabled

Brian Brady
London Independent [1]
Sunday, Sept 6, 2009

Bankers blamed for the global financial crisis will see their pay packages limited under a blueprint for steering the international economy towards recovery, it emerged yesterday.

But finance ministers from both rich and developing countries failed to agree a controversial French-German plan to impose a cap on the amount financial sector workers can receive in bonus payments in future.

Although the cap proposal was thrown out in the face of objections from the Americans and the British, the G20 agreed a “clawback” scheme to ensure that bonuses are linked to the long-term success of deals and could be forfeited if they fail to deliver over a period of years.

Ministers also pledged to keep in place stimulus measures to boost the global economy, warning that the fledgling recovery which provided the backdrop to their meeting was by no means assured.

Full article here [1]

London G20 meeting rejects plan to cap bankers bonuses  aj150709banner1 [2] 

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URLs in this post:

[1] London Independent : http://www.independent.co.uk/news/world/politics/london-g20-meeting-rejects-plan-to-cap-bankers-bonuses-1782517.html

[2] Image: http://prisonplanet.tv/signup.html

[3] Goldman Sachs bankers to reward themselves a staggering £8.3billion in bonuses: http://www.prisonplanet.com/goldman-sachs-bankers-to-reward-themselves-a-staggering-8-3billion-in-bonuses.html

[4] Royal Bank of Scotland to pay staff £1 billion in bonuses: http://www.prisonplanet.com/royal-bank-of-scotland-to-pay-staff-1-billion-in-bonuses.html

[5] Goldman’s London bankers paid average of $1m each: http://www.prisonplanet.com/goldmans-london-bankers-paid-average-of-1m-each.html

[6] Held to ransom by the bankers: Bosses at RBS (Yes, YOU own it) threaten to quit if they can’t dole out huge bonuses: http://www.prisonplanet.com/held-to-ransom-by-the-bankers-bosses-at-rbs-yes-you-own-it-threaten-to-quit-if-they-cant-dole-out-huge-bonuses.html

[7] Rescued bank to pay millions in bonuses: http://www.prisonplanet.com/rescued-bank-to-pay-millions-in-bonuses.html

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