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Monday, January 25, 2010

The Plans of Bankers and Men

The world's finance ministers from the G7 are meeting in Downing Street today, to discuss how best to avoid a repeat of the 2008 financial crisis.

The meeting has been given added impetus by President Obama's proposals last week to rein in the power and size of the banks.

Lord Myners, the UK's City Minister, wants banks to cover any future bailout costs and favours an insurance levy. A global bank transaction tax is also being considered.

Doubtless every effort will be made to prepare plans against possible future contingencies. However, markets will always rise/fall and economic crises will return no matter what rules and safeguards are in place.

Goldman Sachs, sensing that the political tide is currently not in their favour, have announced that they will cap the pay of their top 100 executives in London to £1M.

That of course leaves their non "top 100" executives free to be paid more than £1M.

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