Thursday, April 16, 2009

Brown warns banks on bosses pay

Brown warns banks on bosses pay

Gordon Brown
The PM supported the approach taken in the US by President Obama

The Prime Minister has insisted there should be "no reward for failure" at banks which have had to be bailed out by the taxpayer.

Gordon Brown stressed that top executives at those banks had left without severance pay and bonuses.

The new boards would not be receiving any cash bonuses and there would be no dividends for shareholders, he added.

Mr Brown also said he "strongly agreed" with the approach to executive pay being taken by President Obama.

The PM was speaking one day after the US President announced a $500,000 (

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