IMF chief says U.S. banks' bonuses a scandal

Discussion in 'Wall St. News' started by Debaser82, Jul 29, 2009.

  1. PARIS, July 29 (Reuters)

    The return of large bonuses for employees of U.S. banks is a scandal, International Monetary Fund Managing Director Dominique Strauss-Kahn said on Wednesday.

    "Frankly, I'm scandalised by what I'm seeing," he said in an interview with France 24 television when asked whether he was concerned about large bonuses which encouraged risky behaviour that helped lead to the financial crisis.

    "If not curtailed it will lead to new disasters. The bonussystem in place to search profit, easy money, a way to take irresponsible risks to make money. The return of this system, which was one of the main reasons behind this crisis bothers me very much.

    I find it unexplainable no legislation has been put in motion to end this ruling of a tiny elite over a global economy and it's people" (non English link.)
  2. thank heavens there are no bonuses at financial institutions of other countries, and that they were unaffected by this crisis (wrong on both counts). After all, it is always the Americans' fault. Dinosaurs went extinct because of some US involvement, somehow.

    By the way, how is Iceland doing? :D

    The whole industry smells, and I don't really care about the head of the IMF.