Bonuses: long holds barred

The battle between regulators and bankers used to be one-sided. Before the crisis, it was a matter of principle on both sides that bankers generally knew best. Bonuses, for example, were an internal matter. Post-crisis, the regulators want to have more say. The UK’s Financial Services Authority has just laid down a line – a tough one by its traditional standards – on multi-year guaranteed bonuses. In a letter sent to more than 40 chief executives and posted on the FSA website, it suggested such ...