I understand the feeling behind the administrations new move in regards to banker compensation. After all it doesn't look good when banks that received billions in bailout funds are now dolling out multimillion dollar bonuses. However, this is a frightening overstep.
The Treasury and the Federal Reserve unveiled a set of rules for executive compensation at American banks.
Fed Chairman Ben Bernanke said the central bank "is working to ensure that compensation packages appropriately tie rewards to longer-term performance and do not create undue risk for the firm or the financial system."
Most concerning? The fact that these rules would apply to all banks and not just those who received bailout funds.
The Treasury and the Federal Reserve unveiled a set of rules for executive compensation at American banks.
Fed Chairman Ben Bernanke said the central bank "is working to ensure that compensation packages appropriately tie rewards to longer-term performance and do not create undue risk for the firm or the financial system."
Most concerning? The fact that these rules would apply to all banks and not just those who received bailout funds.
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