Why Financial Pay Shouldn’t be Left to the Market
Although some financial firms are reforming how – and how much – they pay their employees, governments around the world are seriously considering regulating such firms’ compensation structures, spurring loud protests from financial bosses. But, as the recent financial crisis showed, such regulation is both justified and necessary.
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CAMBRIDGE – Although some financial firms are reforming how they pay their employees, governments around the world are seriously considering regulating such firms’ compensation structures. The Basel Committee on Banking Supervision has recently come out in favor of such regulations, and the United States House of Representatives has voted to require regulators to set compensation rules.