Seven European finance leaders have called for far-reaching curbs on bonuses for bankers in a strongly worded draft paper to be presented at a meeting on Friday of G-20 ministers in London, The New York Times’s Matthew Saltmarsh and Julie Werdigier reported.
Citing the “insatiable greed” of some financial players and their “destructive irresponsibility,” the draft calls for the G-20 to impose a policy that would prohibit guaranteeing bonuses for more than a year and would require that bonuses be spread over several years. “Bonuses should reflect the individual’s and bank’s true performances over time,” the draft said.
Whether the efforts pay off with anything more than a political statement remains to be seen. Other countries, including the United States, have indicated they have different priorities.
To read full New York Times story — Go Here Now.
© 2009 All Rights Reserved.
|
