British Treasury orders probe into banks
08-02-2009
Britain's finance minister, Alistair Darling, says the UK Treasury is to order an independent investigation into how banks are managed. The investigation will also examine the pay and bonuses of top executives. The move comes amid growing concern around the world about the role of the banks in the current economic crisis. Writing in the Sunday Telegraph newspaper Mr Darling said he plans an independent review of banks' management and bonus structure. "We cannot return to business as usual," Mr Darling said, according to extracts of the article released ahead of publication. "It is in everyone's interest to get banks' governance right. It would be wrong to reward people whose excessive risk-taking brought the banks down, causing misery to millions of their customers. Success should be rewarded. Failure should not." The Sunday Telegraph said Mr Darling would announce full details of the review on Monday.
