by flory
Undeniable proof that I am on the short list as the next Secretary of the Treasury. Even the Swiss banks are reading Whiskey Fire and paying attention to my prescriptions on executive compensation:
The UK's Times reports that Swiss bank UBS intends to change its bonus program so that current year bonuses can be largely reversed if performance in subsequent year falls or generates losses. Even more striking, the bank is considering trying recoup bonuses already paid to certain executives.
Thus do we greatly diminish the moral hazard on Wall Street.
UPDATE: Links fixed.