It's not a bad idea but after the initial big talk and little action, I'll believe it when I see it. On the upside, at least they're talking about it. The friends-of-Robert-Rubin who dominate the Obama economic team continue to be way behind on this issue. Perhaps they are still convince of the brilliance of Wall Street or the hype that Wall Street is untouchable or else they will get mad. 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.True, though it's not only "ordinary businesses" it is everyone.
he business newspaper said Business Secretary Peter Mandelson and other senior ministers are worried that a bankers' pay code published by the Financial Services Authority this week fails to address fears that banks are returning to "business as usual," paying huge salaries and bonuses after being bailed out by taxpayers.
"Excessive risk-taking had the results we saw. Ordinary businesses are paying the price," the FT quoted Mandelson as saying."We have not heard the last word on this subject."
