On these limits on financial market pay.
On average, under Mr Feinberg\’s plan, the total compensation of the 175 executives affected will fall by 50pc. But basic cash salaries will see the biggest reductions, being cut by as much as 90pc in extreme cases.
At AIG Financial Products, the London-based division which traded in the complex derivative products responsible for the insurer\’s near-collapse last September, no employee is expected to receive more than $200,000 in total compensation, with no shares or share options being granted in this case.
That\’s insane. £125,000 or so? They\’re seriously thinking that they\’re going to get the people with the skills to clean up hundreds of billions of CDS mess for that sort of money? That\’s junior level international accountant sort of money.
Wouldn\’t we actually prefer to pay for the talent needed?