Banking Regulation Team Pitches New Payment Rules
An international panel of banking regulators from 27 nations is aiming to crack down on outlandish pay packages for industry executives by proposing a new set of rules that call for more transparency and, wonder of wonders, some correlation between .
An international panel of banking regulators from 27 nations is aiming to crack down on outlandish pay packages for industry executives by proposing a new set of rules that call for more transparency and, wonder of wonders, some correlation between top-level salaries and bonuses relative to the performance of the institutions themselves. –KA
Your support is crucial…AP via Google News:
The panel’s six-page plan would require banks to disclose more information about how pay and compensation are awarded and are related to job performance, how a company is organized and the “long-term performance measures” of the company itself.
Under the plan, banks would have to disclose the “number and total amount of guaranteed bonuses during the financial year,” how a bank’s pay and compensation may have been adjusted because of weak performance, and how much deferred compensation remains outstanding.
The European Union and other nations have been setting rules on bankers’ pay to prevent the kind of excessive risk-taking that they fear contributed to the crisis. Earlier this month, EU regulators slapped limits onto cash payouts and banking bonuses.
Some bankers have expressed skepticism of having to go beyond what regulators already require, but the Basel committee said its latest proposal would “add greater specificity” to previous guidance on how much banks should have to disclose publicly.
With an uncertain future and a new administration casting doubt on press freedoms, the danger is clear: The truth is at risk.
Now is the time to give. Your tax-deductible support allows us to dig deeper, delivering fearless investigative reporting and analysis that exposes what’s really happening — without compromise.
Stand with our courageous journalists. Donate today to protect a free press, uphold democracy and unearth untold stories.
Economic Justice
Elizabeth Warren (D-Massachusetts) and J.D. Vance (R-Ohio) have joined forces in a rare bipartisan effort to make top executives pay for their mistakes.
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
Because our banks aren't nationalized, its inability to work with Congress has resulted in another botched attempt at crisis management.
Its forced choice to bankroll hedge funds and other speculative ventures in repo market comes at a price to the middle class.
The Massachusetts senator and Democratic presidential contender wants to make it harder for big banks to prey on consumers.
The threat of a U.S. technology company taking up the model set by China's WeChat Pay and Alipay may now be materializing.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.