The British financial services regulator (FSA) has a message for the banksters of Britain: 60 percent of this year’s bonus must be deferred!!!
Two quotes say it all:
“The message came back that while the FSA agreed that it does not have jurisdiction over contractual law, it does have jurisdiction over issuing bank licences in London, and that we should go away and unwind the contracts.”
“It was pretty amazing but we actually chuckled because it’s the sort of hard ball we would have played if we’d been in the FSA’s shoes.”
Think that’ll be tried in the USA?
Not a chance, our leaders love our bankers, we give them whatever they eat, and then our leaders make speeches saying how much we want to rein them in!
Gorilla thinks: “The Volcker Rule’s a pig in a polker rule, and Wall Street knows it!”
