Updated:
Original:

Elizabeth Warren & Co. Propose Paying Bank Bonuses Sometime Between ‘Much Later’ And ‘Never’

Sound good?
Author:
By U.S. Treasury Department

via Wikimedia Commons

Less than two weeks before Election Day, Senate Democrats offer a taste of what the Budget Committee Chairman Bernie Sanders/Banking Committee Chairman Sherrod Brown world will look like. In short: Moderate your holiday spending.

In the letter, the lawmakers asked for bonus pay to be deferred longer than four years and for clawbacks and pay reductions to be mandatory rather than optional.

The senators said four years is too short for clawbacks, considering that it might take much longer for the full scope of wrongdoing to become apparent. They also asked for failures in risk management and culpable negligence in employee oversight to be added to the conditions that could trigger clawbacks.

Democratic Senators Call for Stricter Rules on Wall Street Pay [WSJ]
Earlier: Proposed Bonus Rules Would Mean Only Spending 60% Of Your Pay On Hookers And Blow At Once

Related

The last chairman AND CEO of Wells Fargo?

Wells Fargo's Stumpf Succession Plan Is Also An Elaborate Trolling Of Elizabeth Warren

"Do we have a guy maybe MORE tarred than Stumpf? Promote him!"

Wells.Stumpf.Dunce

Senate Snuffing Of Stumpf Shows The Uselessness Of Bonus Clawbacks

Wells Fargo should have clawed back years ago, when it would have made a lick of difference.

CryanBonusPool

Deutsche Bank To Former Board Members: These Absurdly Expensive Fines Ain't Just Gonna Pay Themselves

The House of Cryan is attempting to create the politley Lutheran clawback.

warren-wells-fargo

Elizabeth Warren Would Like Wells Fargo’s Latest Setback To Be Its Last

Well, it’s second-to-late. And if not that, let it be Jay Powell’s last.