Monday, Aug 11, 2008
FSA points finger at bonus culture encouraging excessive risk
Mirroe .co.yk.news: Fat cat bankers blamed for economic mess
Britain's banking watchdog has launched a devastating attack on City pay.
Hector Sants, head of the Financial Services Authority, used the first anniversary of the credit crunch to call for a crackdown on the bonus culture which encourages bankers to take huge risks with investors' cash.
He said the economic mess was partly caused by bankers being rewarded for taking "foolish" risks.
Posted by iain greig @ 11:18 AM (332 views) Add Comment
7 Comments
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1. Sneaker said...
It's a good job we've eliminated boom and bust, huh?
2. tyrellcorporation said...
Well they sat back idly for years and did nothing. Only when it turned to rat-sh** did they look over the Newton's Cradle and notice the lake of pong before them. Too little, too late I'm afraid.
3. icarus said...
The FSA keeps coming up with old news like this and is good at shutting stable doors after the horses have got at all the wheat and barley. Then their knee-jerk efforts to curb the shorting of shares during rights issues backfired. Sants should say that the economic mess was caused partly by regulators too.
4. jack c said...
The staff at the FSA recently received varying bonus payments AFTER the National Rock disaster.
5. jack c said...
Have a look at the following (those with high blood pressure may wish to seek medical advice first)
business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3586950.ece
www.dailymail.co.uk/news/article-564415/FSA-paid-14-million-staff-bonuses-year-Northern-Rock-crisis.html
6. waitingfor hpc said...
i agree - too little and too late. This should have been said years ago!
7. icarus said...
jack c - your first link says it all. Of two muppets overseeing the Newcastle Crock one gets the heave-ho, a golden parachute and a mealy-mouthed "Clive has been an outstanding colleague..(cont. p94)" from the same Hector Sants, and the other is put in charge of....Financial Stability!!