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February 14, 2012
Reinfeldt calls for end to banks' bonus culture
Published: 16 Sep 09 07:28 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22102/20090916/
Swedish Prime Minister Fredrik Reinfeldt took aim at bonuses common at large banks when he opened the Swedish parliament on Tuesday, saying big bonuses "must come to an end".
- Sweden calls for EU unity to curb bank bonuses (4 Sep 09)
- Reinfeldt calls September EU summit (4 Sep 09)
- Bank bonus culture must end: Borg (2 Sep 09)
"The bonus culture that has emerged must come to an end. We have a unique opportunity to make progress on this issue when world leaders meet in Pittsburgh," Reinfeldt told the Swedish parliament, the Riksdag.
"More stringent rules are needed to restrict over-generous bonuses and compensation systems," he added.
The Swedish government said in March that it would ban all bonuses in all public companies and called on the private sector to follow its example.
On September 5th, G20 finance ministers agreed at a meeting in London that the bonus system should be transparent and should only reward long-term success.
They also said bonuses should be not handed out to bankers who performed badly and created losses.
France has been pressing for a cap on bonuses but that proposal has found little favour with Britain or the United States.
Reinfeldt, whose country currently holds the presidency of the European Union, said meanwhile there were "ever more signs now indicating that both the global and the Swedish economies are beginning to stabilize.
"We seem to have weathered the worst of the storms. The risks of a substantial economic downturn have abated," he said.
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I see you guys are following step by step the manual "how to create a happy Orwellian state".
Mr. Editor do you really think ignoring what the people think about immigration in general, and Islam in particularly, will make them change their minds?
This comment is not aimed at any contry in particular, but to state-run organizaitons in general. If governments were run more like businesses we would see a lot more benefits for our hard-earned tax money.
Private companies have no shareholders and are responsible to no one. So he meant Swedbank, Handelsbanken, Nordea, SEB etc.... not private equity groups and banks.
There will be minor changes and inconveniences for the banking industry. You will either see large salary increases or the bonuses will be exercised as share options.
It would be funny to see Fox News reaction to this statement at the G20 conference... but Fox will probably be too busy holding their "tea parties."
Yes, I know what he meant. But in restrospect I guess my comment could be a bit confusing. My point was just that I think it would be wise of them before criticizing the speck in someone else's eye, to first address the boulder in theirs...
Wha's the difference between bonuses and organizing a seminar in Majorca? I see none, the only difference is that I take exception with the activities funded by tax money.