Bankers Face Sweeping Curbs on Pay
The Fed's plan would, for the first time, inject government regulators deep into compensation decisions traditionally reserved for the banks' corporate boards and executives.
Under the proposal, the Fed could reject any compensation policies it believes encourage bank employees -- from chief executives, to traders, to loan officers -- to take too much risk. Bureaucrats wouldn't set the pay of individuals, but would review and, if necessary, amend each bank's salary and bonus policies to make sure they don't create harmful incentives.
The fed is a joke.
We need more Elliot Spitzer scandals to turn the pitchforks around
How do you guys think this will affect traders pay at banks? They may the group that is most hurt by any compensation curb as they are routinely ostracized as being "speculators" who add little value to society.
What if the broker-dealers were to at some point no longer be bank holding companies... would that mean that the Fed would then not have power to regulate their pay in this way? Anyone understand the way this would work exactly? (Not that the official program has been released yet, but still curious)
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