Molly Scott Cato MEP, who sits on the European Parliament’s Economics Committee, said: “I am delighted that the European Court of Justice has thrown out Osborne’s attempts to appease his chums in the City. The cap on bankers bonuses, pushed for by the Green Group, has been completely vindicated. The Advocate General has rightly pointed out that the moral hazard created by incentive-based remuneration packages within financial institutions were one of the key underlying causes of the financial crisis. The bankers bonus cap is an important first step to end the pernicious banking culture where excessive risk taking is rewarded while the cost of failure is borne by the taxpayer.”
Posted on: Thu, 20 Nov 2014 20:19:04 +0000
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