Fed to intervene on pay, UK minister dismisses bankers’ “talent”
The clampdown on bankers' bonuses received fresh impetus on Friday after the Wall Street Journal revealed that the Federal Reserve is working on rules that will give it authority to rein in pay and a British minister dismissed arguments that bankers were deserving of high pay.
The Journal reported that the Fed's proposal would "inject government regulators deep into compensation decisions traditionally reserved for the banks' corporate boards and executives."
The plans would give the Fed the
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