The EU regulations that limit bonuses (as of last month) are apparently going to be side-stepped by clever bankers handing themselves ‘top-up’ payments or monthly allowances that are not defined as bonuses. It just goes to show that whilst bankers might be smart when organising a merger or a financial restructuring they’re absolute geniuses when it comes to paying themselves serious amounts of cash!
Just when you thought it was safe to invite a banker around for tea another scandal starts brewing. New York’s top financial regulator has launched an investigation involving over a dozen of the top banks about the possible manipulation of currency trading practices. This sorry tale shows us that abuse can occur in any banking division, disappointing for those that thought bankers might have cleaned up their act. Plus ca change, plus c’est la meme chose.
Financial world shaken by 4 bankers’ apparent suicides in a week.
I wrote an article on this subject after the tragic death of Moritz Erhardt back in August last year.