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Hat's off to the Brits. Britain is the first country to adopt rules for bank bonuses.
What are these rules? Following a five month consultative period the Financial Services Authority published its final code which is effective January 2010. The codes are very simple and straightforward. They say that bank bonuses can be guaranteed for only one year and not be several times a banker's salary.
The regulator backed away from a proposal that would have required banks to defer bonuses over several years.
London is the Wall Street of Britain. Like Wall Street it is the banking center of the UK. During the go-go days, people from all over the world brought their money to London. The pound was strong and interest rates were higher than many other countries. So London banks just kept piling in more and more money.
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