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Nullius in verba
Allowing bankers to reward themselves in the short-term, at the expense of companies long- term viability, just isn't good policy. We found that out in 2007
The ideologues, of course, will differ on this.“As you may recall, we implemented Basel II already in 2006,’’ Barnier wrote in a letter, which was reported earlier by The Financial Times. “It is essential to respect the deadlines agreed last year.’’
Barnier also criticized the US approach to restrictions on bonuses as leaving “too much latitude’’ for financial institutions to “circumvent globally agreed principles.
“I think you agree with me that bankers’ bonuses is a matter that continues to cause public outrage,’’ Barnier wrote. “Getting this matter right is key to restoring our citizens’ confidence in the financial system — and ultimately — their confidence in the public authorities regulating the financial institutions.’’