Source:
Marketwatch.comEuropean officials vowed over the weekend to press for tough restrictions on bankers' pay despite opposition from the United States when leaders of the world's most powerful economies meet in Pittsburgh later this week for the Group of 20 summit.
But at the same time, calls to link pay to levels of speculative activity rather than putting outright caps on bonuses could provide an avenue to compromise, news reports said.
"I know well the American mentality and it is going to be a hard slog, I can't pretend," French Finance Minister Christine Lagarde said in an interview with the Journal de Dimanche Sunday newspaper, according to Reuters.
And European Commission President Jose Manuel Barroso on Sunday told France TV5 that the E.U. should limit bonuses regardless of whether the United States agrees to a plan. ...
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http://www.marketwatch.com/story/europe-talks-tough-on-bank-bonuses-ahead-of-g20-2009-09-21
why do we oppose this? I know, I know... free market. But this would be a great idea and put confidence back with the banks if this happened.