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Banks Bow to EU Over Limit to Bonuses
Bankers’ bonuses across the European Union are set to be limited by law, with many bank lobbyists admitting in private that they have lost the fight against a European Parliament initiative to limit the size of bonuses relative to salary. “It’s dawning on many banks that this is game over,” said one senior lobbyist. “Many are now resigned to the 1:1 ratio.” The European Parliament, reflecting continued public anger over bankers’ pay levels at a time of austerity, has taken an unusually aggressive stance in pushing through the proposal, inserted into a draft law on capital rules for financial ... (full story)
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forget about tomorrow, just steal away into the night