Monday, August 11, 2008
FSA points finger at bonus culture encouraging excessive risk
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.