As some may recall, Merrill Lynch paid 3.6 BILLION in bonuses despite receiving more than 20 billion dollars of taxpayer bailout money.
AIG and others were just as free in giving out a plethora of multi-million dollar bonuses.
To quote the G20 summit today
The G20 countries agreed on measures requiring banks to disclose the pay and bonuses of their highest-paid employees and to allow bonuses to be “clawed back” if decisions which seemed successful later go wrong.
To have the G20 countries agree on anything is remarkable. G20 website The G20, created from the finance ministers of the twenty most robust economies, includes China, Saudi Arabia, Japan, Brazil, Russia, and the good old USA – etc. The full list is on the website.
The next G20 meeting is in Pittburgh, Pennsylvania later this month – so stay tuned. Will the banking industry and its elite actually be regulated?