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Darling hints at 'toughening up' on bank bonuses.

Summary: Alistair Darling has signalled he is ready to legislate to curb huge City bonuses amid growing public fury over "rewards for failure".

Alistair Darling has signalled he is ready to legislate to curb huge City bonuses amid growing public fury over "rewards for failure".

"If we need to change the law and toughen things up, we can do that," he told The Sunday Times. The Chancellor insisted it was unacceptable for traders to get massive payouts when they were putting economic stability at risk.

His comments came amid evidence that the bonus culture was already returning, less than a year after the near-collapse of the international financial system.

It was reported tonight that the investment banking arm of Barclays, BarCap, has tried to poach poach

damage caused to sodden pasture by the hooves of cattle and sheep. In clay soils and when the ground is sufficiently wet the damage caused by a heavy stocking rate of sheep may be very high. Said also of the take-off in front of a jump in an equitation course or a race.
 a team of five commodities traders by offering them a package worth up to Au30 million in salary and bonuses.

Barclays has made use of Bank of England Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London.  funding and Treasury guarantees during the crisis.

The new rules would cover the whole British banking system rather than just those institutions which have been part-nationalised, such as the Royal Bank of Scotland
This article deals with the retail bank. "Royal Bank of Scotland" can also refer to its holding company: Royal Bank of Scotland Group."


The Royal Bank of Scotland Plc (Scottish Gaelic: Banca Rìoghail na h-Alba
 (RBS RBS Royal Bank of Scotland
RBS Role Based Security
RBS Rollback Segment
RBS Rare Book School (University of Virginia)
RBS Rural Business Cooperative Service
RBS Ribosome Binding Site (genetics) 
) and Lloyds. The announcement follows an outcry about the failure of the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh.  (FSA FSA Financial Services Authority
FSA Food Standards Agency (UK)
FSA Farm Service Agency (USDA)
FSA Financial Services Agency (Japan) 
) to take a tougher stance on City bonuses.

The watchdog has declined to order banks to base bonuses on overall company performance, instead only issuing "guidance". But nder Treasury plans, the FSA will be given powers to control bonuses in all banks, a move which is likely to require legislation.

Mr Darling did not make clear whether he would cap bonuses or outlaw guaranteed bonuses.

Independent Television News Limited 2009. All rights reserved.

Independent Television News Limited 2009. All rights reserved.

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Publication:Independent Television News Limited (ITN)
Date:Aug 17, 2009
Words:292
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