EU lawmakers to close deal on banker bonus clampdown

[dipsydoodle]

Source: Reuters

(Reuters) - European Union lawmakers are expected to agree on Wednesday to bar bankers in Europe from getting bonuses bigger than their salary, introducing the first cap of its kind globally.

One of the most ambitious reforms of the financial crisis, the cap is designed to address public anger at a bonus-driven culture many European politicians believe encouraged the risk-taking that pulled down banks and governments.

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EU officials indicated that there could be a further delay to the introduction of the new rules until the middle of 2014 to allow countries time to complete legal preparations - a delay that could spare bankers for one more bonus season.

Lawmakers from the European Parliament and diplomats representing EU countries are to begin talks on finalising the bonus rules at 1730 GMT. Officials expect a deal to be clinched.


Read more: http://uk.reuters.com/article/2013/03/20/uk-eu-bonus-idUKBRE92J00620130320

[loudsue]

1. It's a good start. But they need to REGULATE what banks can do.

They need to UN-do what reagan did in the US, for starters.

[dipsydoodle]

2. I wasn't aware

the EU had any influence over US policy with regard banks.