Leading article: The issue of bankers' pay cannot be ignored - Independent- Cash Pay
Such are the miseries galloping through western economies at the moment that talk of regulatory reform of the global financial sector inevitably sounds like stable doors slamming. So it was encouraging to hear Henry Paulson, the US Treasury Secretary, call during a visit in London this week for improvements to the regulatory system of financial institutions. The US Federal Reserve’s orchestrated rescue of Bear Stearns and our own Treasury’s nationalisation of Northern Rock have given the lie to the idea that we can afford to leave the financial sector to its own devices. Furthermore, the actions of the Federal Reserve and the Bank of England to swap government bonds for the mortgage-backed securities that the banks can no longer sell amounts to a public bail out for the financial sector of unprecedented proportions. Asked in an interview yesterday on whether the US has any plans to impose controls on bank remuneration policies, Mr Paulson was unenthusiastic. Find Out More
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