LONDON calling

If US follows this, goodbye Manhunt'n Chancellor of the Exchequer Alistair Darling today begins an effort to crack down on bonus payments made by Britain’s biggest banks to end what he calls “greed and recklessness” in the financial system. Darling will tell the ruling Labour Party’s annual conference today that he’s weeks away from proposing legislation imposing higher capital requirements on... [more]

If US follows this, goodbye Manhunt'n Chancellor of the Exchequer Alistair Darling today begins an effort to crack down on bonus payments made by Britain’s biggest banks to end what he calls “greed and recklessness” in the financial system. Darling will tell the ruling Labour Party’s annual conference today that he’s weeks away from proposing legislation imposing higher capital requirements on banks with pay policies that regulators deem too risky. He also will meet directors of Britain’s four biggest banks, asking them to change the way they compensate staff before the new law is enacted, his office said. “Let me assure the country and warn the banks that there will be no return to the business as usual,” Darling will say in his speech, according to excerpts of his speech released by his office. “We will introduce legislation to end the reckless culture that puts short-term profits over long term success. It will mean an end to automatic bank bonuses year after year.” Prime Minister Gordon Brown’s government is attempting to shore up support among voters by attacking the practices it blames for causing the worst recession since World War II. With the next election due by June, Labour’s support is tied with the Liberal Democrats, the third-biggest party, 15 points behind the Conservative opposition, a ComRes Ltd. poll today shows. This week, Darling will speak to Richard Broadbent, chairman of Barclays Plc’s remuneration committee, along with Colin Buchan of Royal Bank of Scotland Group Plc, Mark Moody- Stuart of HSBC Holdings Plc and Wolfgang Berndt of Lloyds Banking Group Plc. His proposals are based on an agreement among leaders of the Group of 20 nations last week. http://www.bloomberg.com/apps/news?pid=20601087&sid=aGjZvd_1X26E [less]