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Swiss referendum backs executive pay curbs

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posted on Mar, 5 2013 @ 09:02 AM
I did do a search for this so apologise in advance if its been posted elsewhere. Just thought it was interesting, considering George Osbourne always remarks how our bankers would all leave to Switzerland if we dare caped their bonuses. It's also an interesting process with a public referendum held on the issue.

Swiss voters have overwhelmingly backed proposals to impose some of the world's strictest controls on executive pay, final referendum results show. Nearly 68% of the voters supported plans to give shareholders a veto on compensation and ban big payouts for new and departing managers.

I wonder what a referendum result would be like in the UK. It would sure force politicians to show us what they really believe and stand for. It would also introduce more of a public debate on possible referendum. Some argue its mob rule, but I think it's a good way of getting citizens motivated by politics as they feel they actually have a voice.

posted on Mar, 5 2013 @ 09:25 AM
I know this won't interest much people around here, but I find the rethoric around this issue worth looking at.
Mostly about the "competitivity" issue.

The parliament along with those opposing such a law argue that it would be bad for swiss competitivity, making "good" bankers go work abroad.

First, I really don't think it would be an issue because there are plenty of tax havens everywhere. I'll wait for the day they've cleaned up the system of all corruption and anonymous banking schemes to assess this issue.

Then, the competitivity argument.

Ain't it quaint how "competitivity" on one hand means less pay and more work for the average joe, and the opposite for the "rulers". The irony never seems to stop.

posted on Mar, 5 2013 @ 09:29 AM
that would not be allowed to happen in the UK as Mr Camerwrong has too many buddies in the banking sector.

He doesn't give a toss about the country, just his friends in high and expensive places.

posted on Mar, 5 2013 @ 10:17 AM
Banking bashing, you gotta love it. Are we really that blind and short memoried, Under who's watch did all this start, and how did it start. Sub prime mortgages in the US, forced through under threat of racism charges against the banks, as they wouldn't lend to low paid people, and by a young Lawyer named guessed it.. Barack Obama. Labours light touch regulation meant no bank in the UK did a proper due diligence on their purchases, net result they overpaid the right to buy debt.
No i'm not a banker, but when they bring in in excess of 15% GDP in Tax receipts, who's going to make up the shortfall, i know for a fact i'm fed up to the back teeth of paying more tax for less services, just so we can continue to send money abroad both EU and Aid. The straw has about broke this camels back

posted on Mar, 5 2013 @ 10:40 AM
Banking bashing ?

This mostly started because a leaving big pharma CEO got a 60 million check so he would'nt go work for the competition.

And what you call foreign aid, I call it a disguised corruption scheme.

Blame Obama all you want but he's got nothing to do with internal swiss affairs.

And if you can read between the lines, you should know this won't change much as they still plan on leaving the decision to the share holders.


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