September 15, 2009

Prime Minister Gordon Brown and president of the United States Barack Obama have both expressed disgust and concern over the ongoing issue of financial institutions doling out hefty bonuses to executives given the ongoing financial crisis. A year after the collapse of the Lehman Brothers Gordon Brown spoke out to state that action needed to be taken to sort out what he described as 'unfinished business' in the banking and financial sector.

Brown has stated that global action needs to be taken to sort out the bonus culture in the financial industry, and President Obama has echoed this concerns, stating that the banking industry cannot return to its old ways. A meeting of world leaders is due to take place next week in Pittsburgh, and Gordon Brown has said that this is where a clean up of the banking industry must be arranged, including the need to establish rules and regulations with regards to bonuses.