“We’re getting a recovery but it won’t be fast.” (G-20 summit)

[Nikki Stone1]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aHnQTrnnKwwE

President Barack Obama and his counterparts ended their Pittsburgh meeting yesterday promising to “raise standards together” to ensure banks restrain pay and build up capital buffers. They also established a peer-review process to monitor individual efforts to rebalance economies and to hand emerging nations a greater say in managing world growth...

Enacting the proposals may prove difficult. Banks buoyed by rising stock prices may resist or find a way around the new regulations; countries may ignore policy advice from others and the G-20 itself may be too unwieldy to deliver on its goals....

“It’s going to be slow going,” said former U.S. Treasury Secretary Paul O’Neill, who once ran Alcoa Inc., the largest U.S. producer of aluminum, from Pittsburgh and still lives in the city. “We’re getting a recovery but it won’t be fast.”...

After recording $1.6 trillion in losses and writedowns, banks were told to avoid “multi-year guaranteed bonuses” and a “significant portion of variable compensation” must be deferred, paid in stock, tied to performance and subjected to clawbacks if earnings flop. The G-20 stopped short of endorsing a French proposal to introduce specific caps on pay.

[lunatica]

1. So we need to get the greedy to stop being greedy before we see anything happen?

The corporations are telling us reform of how they do business is going to take time. Well, if they're in charge I guess they're right.

Does the obvious need to be illuminated yet again?

:sarcasm:

[peace frog]

3. Yeah, that's likely

NOT. :eyes:

[KG]

2. blah, blah, blah

a year+ after the collapse and still no legislation proposed to re regulate the financial industry. more business as usual and the rest of us are fucked.

[ixion]

4. a recovery that doesn't last isn't really a recovery

because we're not recovering. The stimulus is merely extending the inevitable.

[Autumn]

5. How funny is that.

"Banks buoyed by rising stock prices may resist or find a way around the new regulations; countries may ignore policy advice from others and the G-20 itself may be too unwieldy to deliver on its goals...."


No MAY about it they WILL resist or find a way around regulations.

[MannyGoldstein]

6. "We're getting a recovery, but not for you suckers in the bottom 99%" nt