"The decision was made to address public anger at bonuses being paid out to bankers at the centre of the financial crisis and who were bailed out from the public purse. The deal is part of a wider set of legislation to avoid a repeat of the economic crash. The rules would ensure that banks create cash buffers to cover the risk of unpaid loans."I honestly wish that this could be the solution, but sadly I think it will just force higher salaries and more insider trading. As always, the U.K. oligarchs (Cameron, et al) are scuttling to protect their own dirty little vested interests, and are strongly opposed to anyone who challenges the U.K. financial sector. They argue that by introducing this legislation, bankers will be forced out of London's financial district into countries where these regulations are not being introduced.
Just to round this up...The miscreants' argument is that bankers will leave Britain and find other havens for there immoral and often illegal financial practices. Fuck 'em, let them go. I cannot see any banker moving to the jungles of south-east Asia to peddle their bullshit. They need our physical financial districts in order to operate, so we have an opportunity here to really start getting back on track again, without the bankers making the rules.
"The EU is hoping the action to curb pay will set a precedent for the rest of the world."Just to make another point to intardnet users with less than average intelligence, the EU is a treaty, it is not an organisation. It is a collective arrangement of documents enabling a common forum between nations. With that in mind, it's very unlikely things will change, but here's holding onto wishful thinking.
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