U.S. Bankers Are Fed Up With British Regulations

[alp227]

Source: Landon Thomas Jr., The New York Times

LONDON — A tough new requirement by Britain’s securities regulator that top banking executives and earners must defer 60 percent of their total compensation for a three-year period — the first of its kind anywhere in the world — is pushing some U.S. banks with extensive London operations to insist that they just won’t take it anymore.

Wealthy bankers don’t evoke much sympathy these days, but with their taxes on the rise, their bonuses under attack and now regulators telling them how to pay their employees, a lot of bankers here are fed up.

About a month ago, the Financial Services Authority, which last year became the first regulator to announce specific plans to rein in compensation in the industry, told the 26 banks that it regulates that any executive, trader or banker who was to receive a bonus of £1 million or more would be able to make immediate use of only 40 percent of that reward.

The rest would be deferred for three years, with further restrictions limiting how much bankers can cash in over the next three or more years.

Read more: http://www.nytimes.com/2010/01/11/business/global/11pound.html?partner=rss&emc=rss&pagewanted=all

[depakid]

1. If the administration did anything remotely similar in the states- their popularity would soar

If Congress had half the fortitude and courage- they'd be looking at gains- rather than (epic?) losses.

[icnorth]

2. They just won't take it anymore...

No sir, I guess they won't, at least not all of it for the next three or four years. Suck it up you greedy pissants. :evilgrin:

[aquart]

3. Would the British hang them for us? That would be nice.

Or does no death penalty also apply to gouging, squeezing, thieving banksters?

[Vidar]

24. I'm with you on that sentiment.

[BlueCollar]

33. I believe that hanging

would require Her Majesty's subjects to be responsible for the cost of disposal of the remains. Personally, I think locking them up in the Tower until they expire, and then dumping their bodies in the Thames might be a better solution...

But that would constitute deliberate pollution of a public waterway...

[mbperrin]

4. I hope the last paragraph from the article is true:

“The U.K. may be ahead but it is not the only one going in this direction,” said Lucian Bebchuk, a professor of finance at Harvard and an adviser to the U.S. Treasury on compensation matters. “This is a consensus view all over the world.”


Let's see; if I threaten drug dealers in my neighborhood and they leave, that hurts me how? We could modify an old lawyer joke: "What do you call 10,000 bankers at the bottom of the ocean? A good start."

[enlightenment]

5. Cry me a river . . .

I only wish our government had the stones to do the same thing here.

[BlueIdaho]

6. What are we waiting for?

These bonuses are obscene.

[valerief]

7. Ever notice the people who "take" the most money have the most "shares"?

Maybe we should just call them "takes" instead of "shares".

[Odin2005]

8. Call the WHAAAAHHHHmbulance!!!

FUCKERS!

[msongs]

9. bankers are used to their prostitutes and ho's in the US congress nt

[Demeter]

10. Sic Transit Gloria Mundi, Sic Semper Tyrannis

I'm looking for a downside----still looking----can't see one.

On second thought: Will the banksters try to whip up terrorist fury, so that we invade/bomb, or otherwise attack UK? Will there be some kind of "black op"?

[stlsaxman]

11. Well that's just too fuckin' bad, now ain't it?!?!?!

Suffer, Pigs!

[bemildred]

12. Pathetic.

Ungrateful swine.

[rpannier]

13. If they don't like it I'll take their positions

I'll gladly pay 60% in taxes for the money they make

[watajob]

32. Can I ...

... get an "Amen" brothers and sisters?

[scentopine]

14. They are lucky we don't burn their fucking mansions to the ground. -nt

[salguine]

I thought about that too. I wonder if they ever considered the eventuality of their

being dragged out into the street and being beaten to death by mobs of unwashed, unwealthy nobodies and then having their carcasses strung up on the entranceways to their gated communitites.

[salguine]

15. I thought about that too. I wonder if they ever considered the eventuality of their

being dragged out into the street and being beaten to death by mobs of unwashed, unwealthy nobodies and then having their carcasses strung up on the entranceways to their gated communitites.

[unabelladonna]

18. mass suicide

is an even better option. isn't there one guilt ridden parasitr to lead them over the cliff? these people are so vile and so lacking in morals they aren't even ashamed of their excesses.

[Fearless]

16. 'Scuse me whilist I warm up the band...

:nopity: :nopity: :nopity: :nopity: :nopity:
:nopity: :nopity: :nopity: :nopity: :nopity:
:nopity: :nopity: :nopity: :nopity: :nopity:
:nopity: :nopity: :nopity: :nopity: :nopity:
:nopity: :nopity: :nopity: :nopity: :nopity:


:eyes:

[rpannier]

37. Preferably a nice Death March

Like they have had in New Orleans for many years.

[Fearless]

38. As you wish! The No Pity Brigade marches on!

[SlingBlade]

17. U.S. Bankers can suck my Left Nutmeg :)

[louis-t]

30. Who's Meg?

B-)

[elleng]

19. HAVE WE GOT THEM WHERE WE WANT THEM????

[DesertDiamond]

20. Boo hoo

[Zoeisright]

21. Banksters are homegrown terrorists.

They will stop at nothing for their own gains and they don't care who they hurt or kill in the process.

[Swagman]

22. nationalise the banks..end of problem..end of bankers

[BlueCollar]

23. memo to US Bankers

You are free to leave. Heathrow/Gatwick and Luton offer convenient daily service to the USA...

[Betty Karlson]

25. A recommandation for that dry rebuke. N/T

[KansDem]

27. Make them go through one of those all-revealing scanners first.

They might try to leave with the silverware...

[No Elephants]

26. On this weekend's Bill Moyers Journal, the writers from Mother Jones whom

Moyers was interviewing likened Congress vis a vis the bankers/Wall Street to victims of Stockholm Syndrome. They also said that bankers/Wall Street have successfully brainwashed our government into believing that anything that is bad for them will put America into a black hold from which it will never emerge.

Personally, I believe it's a lot simpler, to wit: $$$$$$$$. Oh, and also $$$$$$$ from consulting and lobbying jobs if you should leave Congress. Oh, and meanwhile, do the wife and kids need $$$$$$$? But whatever. Maybe the Mother Jones writers' version is correct.

In any case MJ did a series of articles on why no one (in the U.S.) has held the bankers/Wall Street accuntable.

http://motherjones.com/special-reports/2010/01/accountability-deficit

[ikri]

28. Fucking diddums

£1 million or more... As a fucking bonus, that'd set most people up for life. Give me £1 million and I'll never have to work again.

Besides which, if the wbankers do a good job the deferred 60% of their bonus will rise as the share price of the bank also rises. Unless of course they're worried that the share price isn't going to rise for some reason?

[Goldstein1984]

29. I'm starting to really feel a bond with DU

"Filthy banksters.....terrorists.....mansions burned.....dragged into the street.....beaten to death.....carcasses strung up....."

I'm getting goosebumps and pulling Thomas Paine off the bookshelf.

[Joe Chi Minh]

31. Despite the desire for the City to remain a major financial hub and operations centre,

a decamping from the City by JP Morgan Chase and Goldman Sachs might be seen as a healthy move from an inordinately large sector of the UK economy. In fact, more than a positive in that regard, I wonder if it might not even have been the intention. William K Black wrote a very incisive article on this very topic, as quoted by Demeter in her Weekend Economists folder:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x508632#508656

[penndragon69]

34. Do as the French did!

Roll out the guillotines and OFF WITH THEIR HEADS !

[fascisthunter]

35. It's like listening to a Thief complain about locks

what a deluded bunch... "We aren't allowed to screw people out of their money... boo hoo.!"

[dusmcj]

36. who gives a shit - bankers can go fuck themselves /nt