...or at minimum work at a boutique firm.
The heavy hand of government is about to set rules on when you can collect your bonuses and "claw back"provisions.
U.S. regulators proposed requiring the nation’s largest banks and financial firms to hold back executives’ bonus pay for four years, extending by a year the common industry practice on Wall Street incentive payouts.
The plan would also require a minimum period of seven years for the biggest firms to claw back bonuses if it turns out an executive’s actions hurt the institution.
The proposal, in the works for five years and jointly written by six agencies, would overhaul how pay is crafted for a high-level employees at banks, investment advisers, broker-dealers and credit unions, as well as top managers at mortgage-finance companies Fannie Mae and Freddie Mac.
New details of the plan were released publicly Thursday at a board meeting of the National Credit Union Administration. Five other regulators, including the Securities and Exchange Commission and the Federal Deposit Insurance Corp., are expected to vote on the measure in the coming weeks. All six regulators were involved in crafting the proposal, and all six will have to sign off on the final version of the rule for it to become binding. The comment period ends July 22.
Medicine and the financial sector are two areas where the government is most oppressive. I have often argued that the time it becomes important to begin considering leaving the US is when things become oppressive for you on a personal level, That time has arrived for medical doctors and financiers.