Carney Says Fixed Salaries May Be Next Target for Bank Pay Curbs

[Zero Liability]

Considering central banks mess around with interest rates on a much larger, more significant scale, it'd be sort of inconvenient if they start jailing the lesser mortals for it. Their role in causing financial volatility and crises is not only conveniently dismissed but then their governors have the gall to lecture others on the topic.

Of course, they should all be jailed where their actions are demonstrably criminal, without discrimination as to which bank, politician or regulator it is.

[Martin@AS Financial]

I think a few criminal convictions and forced bankruptcies would be a far better incentive.

I have no problem with people making lots of money so long as they do it honestly and legally. If what they are doing is immoral then we need to change the law just like they did with payday loans to cap the excess.

Its interesting SOX is one of the few recent legislations that many companies follow to the letter of the law I suspect that is because the CEO could and would end up in prison if its breached.

Good article from the Independent:

"No banker has gone to jail in this country for anything – not for the greed that almost brought the entire economic system of the world to a grinding halt; not for mis-selling financial products to unsuspecting customers; and not for fixing key benchmark interest rates and currency prices."


Banks: Too big to fail, too big to go to jail. Who

[eek]

Hang on. Isn't the reason why fixed salaries are now so high the result of bonuses being limited to 1-2x salary....

Muppets the lot of them...

[vetran]

I think a few criminal convictions and forced bankruptcies would be a far better incentive.

I have no problem with people making lots of money so long as they do it honestly and legally. If what they are doing is immoral then we need to change the law just like they did with payday loans to cap the excess.

Its interesting SOX is one of the few recent legislations that many companies follow to the letter of the law I suspect that is because the CEO could and would end up in prison if its breached.

[Martin@AS Financial]

Will be interesting to see if and how this is implemented and whether it can help prevent another financial crisis:


Carney Says Fixed Salaries May Be Next Target for Bank Pay Curbs - Bloomberg