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One Year's Salary : Europe Caps Banker Bonuses


Business  (tags: bankers, EU, law, bonus cap, business, money, shareholders, bailouts )

Angelika
- 655 days ago - spiegel.de
In a bid to address widespread public outrage over greed in the financial sector, European officials have agreed to legislation capping bankers' bonuses at a maximum of a year's salary. Great Britain fought to prevent the measure, but failed to rally ...



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Comments

Angelika R. (144)
Saturday March 2, 2013, 9:14 pm
Good model for Wall Street, no?? !!
 

Tim C. (2061)
Sunday March 3, 2013, 12:41 am
thanks
 

Cheyenne Thunderbird (100)
Sunday March 3, 2013, 2:25 am
There are also in Scandinavia Bonus money in Companies which is more than one year salary to middle class people and that's too much. At the same time these companies put people out as workless.
 

Danuta Watola (1215)
Sunday March 3, 2013, 2:44 am
noted
 

Giana Peranio-Paz (394)
Sunday March 3, 2013, 3:11 am
Same scandalous suff we have her in Israel.
 

Kath P. (10)
Sunday March 3, 2013, 4:08 am
This measure should take effect straight across the board
 

Past Member (0)
Sunday March 3, 2013, 5:02 am
I would like to see top CEO's pay limited to 6 times that of the lowest paid employee makes - including perks and bonuses!
 

Wende Anne Maunder (9)
Sunday March 3, 2013, 5:03 am
These bankers are the people who caused the worldwide recession - depression in some countries thorough their criminal incompetence and reckless investments into non-existent stock. Why then aren't they rotting in prison? Why, indeed are they still bankers ans claiming mega-huge salaries and unearned bonuses?
 

Past Member (0)
Sunday March 3, 2013, 5:24 am
Wende,

I agree with what you are saying and would also like to add that it was also a crime that they didn't go to jail after violating so many laws.

The 2008 crises started in the US and spread around the world. Our leaders ignored the voters demand that these banks not be bailed out. So some of the most abusive, too big to fail, banks were bailed out because of their actions and greed. To add insult to injury, during the bailouts, the bankers were getting bonuses in one fashion or another. In some cases, their bonuses were just delayed and they received compensation in other forms.

The Feds then enacted a policy called "Quantitative easing" which is has many dangerous qualities that the public does not understand. The main objection is that they are printing more money and the banks are just sitting on it... while giving themselves massive bonuses.

FYI: The US Bank bailout helped many European banks which wasn't well advertised to the public or voters!

You made some very good points, thanks for the post!
 

Gloria picchetti (300)
Sunday March 3, 2013, 5:32 am
Finally!
 

John B. (122)
Sunday March 3, 2013, 5:53 am
Thanks Angelika for posting the link to the article. Good news if the banks don't try and get around the regulations by creating complicated pay structures. I doubt that our lawmakers or regulators will look at this model seriously, but they should. Read and noted.
 

Patrick Donovan (319)
Sunday March 3, 2013, 6:38 am
The only thing wrong with this plan is that it is easy to circumvent. The bank just raises the salary of the employee and gets to give a larger bonus. This is what Wall Street did in response to the Fed's crackdown on bonuses.
 

Angelika R. (144)
Sunday March 3, 2013, 7:41 am
Patrick- correct, but that cannot be avoided. the point is that they still maintain enough capital so the taxpayer will not have to jump in for bailouts! As the article says:

"The essence is that from 2014, European banks will have to set aside more money to be more stable and concentrate on their core business, namely financing the real economy, that of small and medium-sized enterprises and jobs."
"This overhaul of EU banking rules will make sure that banks in the future have enough capital, both in terms of quality and quantity, to withstand shocks," Noonan said. "This will ensure that taxpayers across Europe are protected into the future."
 

Angelika R. (144)
Sunday March 3, 2013, 7:43 am
As with nearly eerything in politics and lawmaking, you cannot have it all at one time. Every step forward-even a small one-is still better as standstill or backwards. This IS a step forward and there are more to follow withn that package.
 

Angelika R. (144)
Sunday March 3, 2013, 7:56 am
As long as you keep your Fed they will continue to create money out of thin air and screw you!
 

Angelika R. (144)
Sunday March 3, 2013, 8:05 am
and this just in: SWITZERLAND is next to follow-a public people's poll showed a majority of 68% approval of caps to CEO salaries AND bonusses! That law will be signed in next.
 

Paul Girardin (126)
Sunday March 3, 2013, 8:51 am
Noted and shared!
 

Past Member (0)
Sunday March 3, 2013, 1:20 pm
Good start.
 

Birgit W. (152)
Sunday March 3, 2013, 1:44 pm
It is outrageous how hard the normal folks has to work for a minimum wage, and those big shots get the money shoved into their pockets.
 

Betsy Bee (1042)
Sunday March 3, 2013, 1:48 pm
Finally and congratulations to the EU.
 

monka blanke (84)
Sunday March 3, 2013, 1:52 pm
Good start, and yet it's still too much in comparison to ordinary people. That's not fair at all.
 

Michael Kirkby (86)
Sunday March 3, 2013, 2:15 pm
Posted, noted but it's all fiat money anyway in reality.
 

Eternal Gardener (761)
Sunday March 3, 2013, 3:25 pm
Hahaha, serves them right and indeed a perfect model for wall street!
Just a thought, but the promise of less money might have the potential of attracting less unethical people to this market segment... I know it's a very crazy thought... but still.
 

Angelika R. (144)
Sunday March 3, 2013, 3:43 pm
Gardener, that thought is not at all crazy! Combined with that FINE and JAIL TIME they'll get if caught and convicted it will serve as deterrent to both newcomers and crooked now-bankers!
 

Angelika R. (144)
Sunday March 3, 2013, 3:57 pm
Unlike in the US the european countries' courts WILL lock them up!
 

Dandelion G. (383)
Sunday March 3, 2013, 5:13 pm
The whole darn system is a farce, created to always have a few do well at the expense of others. I'd give them a bonus, but they'd not like mine, they'd be wearing horizontal stripes and looking out through bars. Until the CEO's and Bank Presidents are held accountable this crap is not going to stop and it's not being reigned in because too many of the Plutocrats are covering each others backs from our judicial system to our elected leaders.
 

Richelle Rausch (43)
Sunday March 3, 2013, 6:07 pm
The rich are greedy, no matter where they live
 

Helen Porter (40)
Sunday March 3, 2013, 7:12 pm
Raven's Watch

would like to see top CEO's pay limited to 6 times that of the lowest paid employee makes - including perks and bonuses!
.............................Oh, Yeah!

 

Helen Porter (40)
Sunday March 3, 2013, 7:16 pm
Money and Power are the cards the devil holds. False are these as the falseness of the claims of Lords and Masters and Politicians. So soon the life is over, like a flower that fades in the field.

AND THEN THEY FACE THEIR KARMA,

Keep your money, you fools! It will burn well.
 

Lois Jordan (58)
Monday March 4, 2013, 2:17 pm
Great news! Thanks for posting, Angelika. I count myself among those who wish for the same here in the U.S. I've signed petitions and sent letters regarding this to my members of Congress...have been complaining about this awhile. Big Money is now so entrenched in our political system that it needs a huge overhaul....and soon.
 

Angelika R. (144)
Monday March 4, 2013, 2:44 pm
Look at Switzerland what they were able to achieve! that is even farther reaching and that way they stabilise their democracy and the economy!
http://www.ft.com/cms/s/0/ca90f1b4-83ff-11e2-b700-00144feabdc0.html#axzz2Mc6w7OOB
 
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