By Paul Taylor
PARIS, Sept 3 (Reuters) – By jumping on the Franco-German bandwagon to curb bankers’ bonuses, British Prime Minister Gordon Brown is playing a political game.
Many regulators don’t believe that regulating pay will make the financial system more stable. Rather, as Adair Turner, the chairman of Britain’s FSA has observed, the problem lies in the excessive profitability of banks — a function of regulatory arbitrage and inadequate competition. (more…)
Financial Regulatory Forum
By Paul Taylor
DUBROVNIK, Croatia (Reuters) – Wearing flip-flops, khaki shorts and a green polo shirt, the new chief executive of bailed-out insurer American International Group Inc says he’s getting a lot of work done from his massive villa overlooking the Adriatic.
By Kate Kelland and Huw Jones
LONDON, Aug 27 (Reuters) – The UK Treasury and industry groups on Thursday poured cold water on support from the country’s top market regulator for a global tax to curb excessive bank bonuses.
Financial Services Authority Chairman, Adair Turner, sparked industry ire after saying a “Tobin” style tax may be needed.
LONDON, Aug 20 (Reuters) – British finance minister Alistair Darling said on Thursday the issue of bankers’ pay needed to be looked at on an international basis and would be discussed by G20 finance ministers in September.
PARIS, Aug 17 (Reuters) – French Economy Minister Christine Lagarde repeated a pledge on Monday to limit guaranteed bonus payments to bank executives and traders ahead of meetings next week with finance heads and President Nicolas Sarkozy.
By Peter Griffiths
LONDON, Aug 16 (Reuters) – The British government is prepared to tighten the laws on bankers’ pay and bonuses if companies continue to reward excessive risk-taking, finance minister Alistair Darling told the Sunday Times newspaper.
LONDON, Aug 13 (Reuters) – British government ministers are so unhappy with watered-down plans by the financial regulator to curb bankers pay and bonuses, that they are considering new laws to keep them in check, the Financial Times reported on Friday.
LONDON, Aug 12 (Reuters) – Britain’s financial regulator on Wednesday banned guaranteed banker bonuses for more than one year as part of a global crackdown on a culture of excessive risk-taking that has destabilised economies.
By Jonathan Stempel
NEW YORK, Aug 10 (Reuters) – A federal judge refused to approve a proposed settlement between the U.S. Securities and Exchange Commission and Bank of America Corp <BAC.N> over the payment of bonuses to Merrill Lynch & Co employees, saying he was unable to determine if it was fair to the public.