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EU Parliament votes to limit bankers' bonuses

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HipChick Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-07-10 02:34 PM
Original message
EU Parliament votes to limit bankers' bonuses


http://news.yahoo.com/s/afp/20100707/bs_afp/eufinanceeconomybankingregulatepaybonus_20100707115201

The European Parliament sounded the death knell for unrestricted bonuses for some bankers and traders in Europe on Wednesday when it approved limits due to come into force in January.
The action was a response to public outrage in the face of bonuses seen as excessive during the global financial crisis.
The new EU rules will mean a far lower proportion of cash in the bonus, which would be much less payable upfront. Remaining sums would be "contingent" on subsequent company performance as well as directly linked to salaries.
From January 2011, 60 percent of bonuses should be variable and for future payment only, with at least 40 percent of such revenue locked away for three years, according to the legislative text.
Cash payments are capped at up to 30 percent of the total bonus
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OmmmSweetOmmm Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-07-10 02:46 PM
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1. I heard about this in the morning on CNBC and the idiot Erin Burnett (and she is an idiot) said "can
they do that?" She doesn't have a clue about the EU Parliament and its powers.
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HipChick Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-07-10 03:12 PM
Response to Reply #1
2. Erin always strikes me as clueless..

like window dressing for the show..
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