The SEC (belatedly as ever) has now formed a unit with the FBI to look into high frequency trading. Less than 100,000 world-wide are filthy rich - we could jail them all and sequestrate their assets and then release them to be the entrepreneurial go-getters they are with new hunger to expand the economy.
On Mar 5, 10:22 pm, archytas <[email protected]> wrote: > Haircuts Nom? Scalping is the cure! None of these prats are risking > as much as anyone on a construction site. I think we should lock them > in, put them on minimum rations, and let them work off their crimes or > learn to be motivated by the lash. > > On Mar 5, 5:54 pm, nominal9 <[email protected]> wrote: > > > > > > > > > What say you?.... is this good news or bad? > > > I ask... where are the "banksters" going to go????...... China? > > > Now... If only the U.S. would do the same...... > > > Back to the future... Glass-Steagall PLUS, I say > > >http://www.reuters.com/article/2013/03/05/us-eu-bonus-idUSBRE9240EB20... > > Isolated Britain fails to avert EU bank bonus cap > > > <http://www.reuters.com/subjects/investing-simplified> > > [image: Britain's Chancellor of the Exchequer George Osborne leaves > > Downing Street in London, December 4, 2012. REUTERS/Stefan Wermuth] > > > By John O'Donnell and Robin Emmott > > > BRUSSELS | Tue Mar 5, 2013 11:16am EST > > > (Reuters) - Britain was left isolated in Europe on Tuesday after it failed > > to secure backing to water down new EU rules limiting bankers' bonuses, a > > measure that could threaten London's dominance as a financial centre. > > > The rules, which would limit bankers' bonuses to the equivalent of their > > salary, or two times their salary if shareholders agree, are set to be > > introduced next year and would represent the toughest bonus regime anywhere > > in the world. > > > They threaten Britain's financial industry the most, raising the risk that > > some > > banks<http://www.reuters.com/sectors/industries/overview?industryCode=128&l...>and > > their top bankers could relocate to other financial centers outside the > > European Union. > > > Britain's finance <http://www.reuters.com/finance> minister, George > > Osborne, appealed to EU ministers to change the rules at a meeting in > > Brussels, arguing that the proposed cap would have a "perverse" effect. > > > "It will push salaries up, it will make it more difficult to claw back > > bankers' bonuses when things go wrong, it will make it more difficult to > > ensure that the banks and the bankers pay when there are mistakes, rather > > than the taxpayer," said Osborne in a part of the meeting that was > > broadcast. > > > But none of the other 26 EU member states was willing to stand with him, > > and it looks very unlikely that any significant changes to the rules will > > be made. Since the rules do not require unanimous backing, Britain has no > > veto over the proposals. > > > "The space for further negotiation is quite narrow," said Michael Noonan, > > the finance minister of Ireland <http://www.reuters.com/places/ireland>, > > which as the current holder of the EU's rotating six-month presidency > > negotiated the deal with the European Parliament. > > > Osborne's inability to fend off the reform, the first of its kind globally, > > underscores Britain's waning influence in the EU and is also likely to fuel > > deepening euroscepticism in Britain. > > > "Britain has done a lot to isolate itself from the rest of the European > > Union," said Philip Whyte of the Centre for European Reform, a thinktank. > > "It isn't exercising very much influence in European debates, pretty much > > across the board." > > > Officials indicated that the best Britain could hope for in further > > negotiations over the rules in the coming weeks was perhaps an increase in > > the amount of bonus that can be deferred and therefore discounted when > > calculating the total payout. > > > But Michel Barnier, the European commissioner for financial regulation and > > an author of the proposals, said the broad parameters would not change. > > Asked about the possibility of any legal challenge to the bonus cap, he > > replied: "Good luck." > > > Britain's powerful financial sector fears the rules will put London at a > > disadvantage and provoke an exodus of major banks and staff to rival > > financial centers, although HSBC > > (HSBA.L<http://www.reuters.com/finance/stocks/overview?symbol=HSBA.L>), > > one of Britain's largest banks, has said it does not have any plans at this > > stage to move its headquarters. > > > 'ENOUGH IS ENOUGH' > > > German Finance Minister Wolfgang Schaeuble indicated that he would be > > uncomfortable with any country being outvoted on the new legislation, > > opening up the possibility of some change. > > > EU officials indicated that any alterations are likely to have only a > > slight impact on the total amount of bonus that can be paid. > > > "There is very little further we can do for them because we pushed the > > negotiations to quite a degree, and we got the best possible compromise > > with the parliament," Noonan told reporters before the meeting began. > > "There isn't any more room left." > > > Schaeuble told ministers he would back a greater flexibility in how a > > banker's bonus is calculated, which could allow banks to pay more over the > > long term, said one official who attended the talks. > > > Britain could also try to push to change the scope of the rules, which will > > apply to all EU bank staff globally, regardless of where they are based. > > > But any changes will also require the approval of the European Parliament. > > Othmar Karas, the Austrian lawmaker who drove the negotiations in > > parliament, said he did not see any reason to re-open the deal clinched > > last week. > > > While the finance ministers agreed not to finalize the deal on Tuesday, > > partly out of courtesy to Osborne, there is little appetite to change it. > > Officials indicated it would be approved later in March or possibly in > > April. The aim is to put the legislation in place from January 1, 2014. > > > Some in the British government believe banks could take legal action on the > > grounds that the European Union is going beyond its remit in legislating on > > remuneration, an official familiar with British thinking told Reuters. > > > AFME, the bank lobby group, stoked speculation, saying "it would not be > > surprising" if the industry were gathering "legal opinions". But the > > European Commission, which writes EU law, said it would be "absurd" to > > challenge the legality of the cap. > > > The new rules will not affect most bank staff, who on average earn bonuses > > of up to 30 percent of salary, but target senior management and so-called > > "risk takers", such as traders, whose bonuses can be many times their base > > salary. > > > Analysts estimate the law will initially affect around 300 to 500 people in > > each large bank, or around 5,000 people in London all told. > > > (Additional reporting by Annika Breidthardt, Luke Baker and Ilona > > Wissenbach; Editing by Will Waterman) -- You received this message because you are subscribed to the Google Groups "Epistemology" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at http://groups.google.com/group/epistemology?hl=en. 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