No rewards for failure, says Brown
Updated on 08 February 2009
Prime Minister Gordon Brown promised "aggressive" action to stop rewards for failure in the British banking system and suggested bankers should waive their massive bonuses.
Mr Brown said he was "sweeping aside the old short-term bonus culture" to ensure there are penalties for excessive and irresponsible risk-taking and rewards only for those delivering long-term sustainable success.
A spokesman said the Prime Minister was "very angry" about proposed bonuses running into billions of pounds and wants bankers to "ask themselves some quite searching questions" over whether they should accept them at a time when their losses have required massive state bail-outs.
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