London, of all places, is leading the battle against exaggerated banker bonuses. And leaders from all over the world are discussing how they can put an end to the banking practices that caused the global economic crisis. They are also considering ways for banks to compensate for the damage they caused. Josef Ackermann can't let it happen. The CEO of Deutsche Bank, Germany's largest, says what he thinks and refuses to back down from a fight -- or from a faux pax. "In the '90s, the pendulum swung toward economic freedom," Ackermann said last Friday. But today it's swinging back into the other extreme, "toward interventionist policies." If the reforms go too far, he says, the price to be paid will be a drop in growth.
London, of all places, is leading the battle against exaggerated banker bonuses. And leaders from all over the world are discussing how they can put an end to the banking practices that caused the global economic crisis. They are also considering ways for banks to compensate for the damage they caused.
Josef Ackermann can't let it happen. The CEO of Deutsche Bank, Germany's largest, says what he thinks and refuses to back down from a fight -- or from a faux pax.
"In the '90s, the pendulum swung toward economic freedom," Ackermann said last Friday. But today it's swinging back into the other extreme, "toward interventionist policies." If the reforms go too far, he says, the price to be paid will be a drop in growth.
They are saying things, they play with taxation whilst telling the companies well in advance to ensure they have plenty of warning knowing that the UK tax structure is so lax that the money will still go where it's intended.
What they will not do is something that will prevent ridiculous bonuses being paid. keep to the Fen Causeway
