Financial Regulatory Forum

COLUMN-Brown jumps on bank bonus bandwagon

September 4, 2009

BRITAIN-JOBS/   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…)

EXCLUSIVE: AIG CEO defends holiday, slams “lynch mob” attacks

August 28, 2009

By Adam TaThe new CEO of American International Group Inc Robert Benmosche smiles during an interview with Reuters in the garden of his Adriatic seafront villa in Dubrovnik, Croatia, August 26, 2009.nner

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.

UK Treasury warns regulator off financial tax talk

August 27, 2009

BANKS-REGULATION/   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.

Bankers’ pay to be discussed at G20 – UK’s Darling

August 20, 2009

BRITAIN/   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.

France steps up moves to curb bank bonuses

August 17, 2009

SAUDI/FRANCE   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.

Britain may tighten laws on bankers’ pay -Darling

August 16, 2009

BRITAIN/    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.

Britain mulling new laws to curb bank bonuses-FT

August 14, 2009

Mandelson: worried    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.

UK regulator bans long-term guaranteed bonuses

August 12, 2009

fsa_logo1   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.

US judge will not sign off on BofA, SEC bonus pact

August 11, 2009

   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.

UK financial watchdog issues bonus warning

July 21, 2009

    LONDON, July 20 (Reuters) – Britain’s financial watchdog has warned banks that guaranteed bonuses that last longer than a year will break proposed rules on remuneration due to come into force next January.