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COMMENTS: Swiss Bank may be Reform Model
CBS' Anthony Mason filed an informative What It Means explainer about how the flaws in AIG's bonuses are typical of Wall Street's "incentives to take irresponsible risks." He quoted Rep Barney Frank, the Massachusetts Democrat, as calling the bonuses: "Heads, they win; tails, they break even." In Switzerland, the UBS bank has reformed its structure. "Executives will now have their bonuses deposited into an account: only a third of the amount can be withdrawn annually; and if the company suffers losses the next year the bank can take some or all of the money back." Mason called the UBS plan "a model for reform."
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