Michael Murray: The latest Brussels proposals on bankers' pay are daft, and likely to have the opposite effect to what is intended

Michael Murray: The latest Brussels proposals on bankers' pay are daft, and likely to have the opposite effect to what is intended

Seeking to tame the global financial sector is akin to trying to put tidiness and order into a large urn of spaghetti.

Seeking to tame the global financial sector is akin to trying to put tidiness and order into a large urn of spaghetti.

The sheer scale, complexity and obtuseness of the interlinkages within global financial markets, the proliferation of financial innovation and the exotic and often toxic financial instruments that underpin it, makes the consequences of much regulatory intervention impossible to predict and even more difficult to undo.

When it comes to banking, sometimes a little...

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