Barmy Bureaucrats To Bash Banker Bonuses
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The Daily Telegraph reports that EU finance ministers are planning their latest attempt to screw up the free-market economy, and are looking at 'eyeing curbs on stock options, bonuses and golden parachutes'. Although there are no concrete proposals being considered, those bureaucratic bedfellows have been waiting for their opportunity to stick it to the private sector. And all those subprime lending issues have appeared like mammon from Heaven for them. The reality, of course, is that any EU directive that restricts the amount that private sector firms can pay in bonuses, stock or exit packages will simply drive business to New York or the Asia-Pac region.
Our own Highly Placed Professional (HPP) says: 'This is just another example of people who haven't got a business bone in their bodies interfering in a subject they know nothing about, and wasting their time pontificating about something that will never happen. It's just wishful thinking on their part. Shouldn't they be busy doing something more meaningful - like claiming their large expenses ?'.
HPP also points to the fact that Merrill Lynch recently shelled out an alleged $90m for former Goldman Sacher Thomas Montag who is soon to come aboard as head of trading. 'Is that wrong ?', he asks. 'Should Merrill Lynch be prevented from hiring the likes of Montag just because the firm is going through problems, and the shareholders are suffering ? If so, and the firm can't recruit top talent, then the firm will never recover and the share price will remain depressed'. HPP says that Merrill has come under fire for spending millions to bag Montag, but points out that 'the firm is getting its act together, and once credit pressures turn, Merrill will reap tremendous benefits with people like Montag on board. Those bureaucrats in Brussels will never understand something like risk / reward. They should stick to worrying about the price of sausages'.
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