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New Rules Curbing Wall Street Pay Proposed
Keywords:
New rules in 2016 for U.S. bonus pay require banks and other financial institutions to defer at least half of executive bonus pay for 4 years, one year longer than industry practice. The rule also sets a period of 7 years for the largest firms to be able to "claw back" bonuses if the executive's actions have led to the financial institution having to restate financial results or hurt the institution. The Obama administration is making up for lack of earlier stronger action in this area during the last year it is in office. Excessive risks were taken during the financial crisis of 2008 because of executive compensation structures that incentivized this. The definition of "risk taker" is also widened to include high earners at banks who are not in senior management- to include the 5% of employees at banks that are highest paid and get a third of compensation from incentives.
Jason Zweig on why limits to pay and bonuses in banking that create incentives for risk taking have not worked
04/22/2016
This piece by Zweig in January 2009 during the depths of the 2008 global financial crisis shows why the limits to executive pay of $500,000 for firms getting financial aid are too limited in scope to work. For one thing this applies only to senior executives. As soon as the money is paid back to the government the banks are able to go back to the old ways. Executive compensation has not changed significantly in 2014 from 2006 during the days before the 2008 financial crisis.
Grouped Articles
New Rules Curbing Wall Street Pay Proposed
Wall Street Journal 04/22/2016
Shareholder opposition to excessive bank pay and bonuses in 2012-2013
02/04/2009
Grouped Articles
Wall Street Journal 10/31/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
U.K. Bankers to Wait Seven Years for Bonuses
Wall Street Journal 06/24/2015
The U.K.'s New Bonus Claw Back Rules
Wall Street Journal 06/24/2015
British Regulators Extend Clawback Rules for Bankers’ Pay
New York Times 06/23/2015
New Rules Curbing Wall Street Pay Proposed
Wall Street Journal 04/22/2016
Reward systems, moral fabric, ideas of responsibility, and the functioning of the system that governs economic activity in America.
05/13/2008
Media hype that promotes bubble behaviour, retention payments andd bonuses for executives, a general deterioration across the board at all levels and in all parts of society of the idea of responsible behaviour and morally acceptable behaviour, and how this corrodes the whole fabric of the system that governs economic activity in America.
Grouped Articles
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
New Rules Curbing Wall Street Pay Proposed
Wall Street Journal 04/22/2016
Many Hispanics Are Hit Hard by Economic Slump
New York Times 05/13/2008
New York Times 02/13/2009
New U.S. rules for bonus pay to extend retention to 4 years in 2016
04/22/2016
Grouped Articles
New Rules Curbing Wall Street Pay Proposed
Wall Street Journal 04/22/2016
Rules for bonuses and executive pay in the UK, U.S. and EU for banks and financial institutions in 2015-2016- restoring trust and ensuring soundesss of banks
04/22/2016
Linked Articles
New Rules Curbing Wall Street Pay Proposed
Wall Street Journal 04/22/2016
New Rules Curbing Wall Street Pay Proposed
Wall Street Journal 04/22/2016
Rules for bonuses and executive pay in the UK, U.S. and EU for banks and financial institutions in 2015-2016- restoring trust and ensuring soundesss of banks
04/22/2016
Linked Articles
New Rules Curbing Wall Street Pay Proposed
Wall Street Journal 04/22/2016
New Rules Curbing Wall Street Pay Proposed
Wall Street Journal 04/22/2016
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