EU Agrees on Significant Bonus Cap

"Banks would also be required to hold a minimum amount of capital to ensure they are covering risk from their trading book and complex securitized investments, such as mortgage-backed securities"

I actually disagree with the bonus rules. I think the bonuses are obscene, but they are attacking it the wrong way.

The real answer is making the board of directors accountable to shareholders. Not allowing him to be handpicked because he's a buddy of the CEO,paying them real money, and not having Washington attempt to pass rules limiting shareholder resolutions with 5% rules that nobody can qualify for.

I'd like to have a board of director paid appropriately and put on the line to have to explain Goldman's risk numbers in an non-Robert Rubin way. Also for large companies the Chairman and CEO should not be the same person.

I get the logic though. In the EU, the claim is that all the banks want it, they just don't want to be the first to do it, and then be at a disadvantage because the bankers don't like it.

I think this might be them all agreeing to do it, just through legislation.

> The real answer is making the board of directors accountable to shareholders.

That won't fix the problem of noone wanting to go first...

I think its similar to a sports league agreeing to a salary cap. Every owner wants it, but noone wants to put their arms down first (except the guys who aren't successful).

just found the whole article..(so if they give back the public money)... similar to what happened here.

Directors of banks that received public money will be forced to justify their bonuses and lenders will have to report the number of people earning more than 1 million euros ($1.3 million) to regulators, under the measures approved by members of the European Parliament in a vote in Strasbourg today.