China Finance Minister Imposes Executive Pay Cap

The debate about capping executive pay moves to China.

The Ministry announced yesterday that executives' pretax pay of 2008 should be "no more than 90% of the previous year's level"; for those firms whose performance declined during 2008, their executives should expect a big pay cut of 20%."

A sign of changing economic times? China following America's lead? Or America following China's lead before China had a chance to do it?

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Have UBS Clients Committed Fraud?

According to this article in Reuters UK, Swiss law experts claim that the suspected 17,000 Americans that hid $20 billion of assets in Swiss bank accounts did not commit tax fraud. The experts state that the Americans have instead exploited a loophole in the US system, and so the Swiss are under no obligation to disclose the customers’ name to US authorities.

UBS, along with many other Swiss banks are under constant pressure from the United States and Germany. Barack Obama has even singled out UBS as one of the banks who has helped many Americans cheat on their taxes. Urs Behnisch, a law professor at Basel University, believes that Americans, “they did not falsify their accounts, and the banks were only obliged to identify the wealth management companies holding U.S. securities, not the people investing in them.”

Do you agree that the Americans did not commit fraud?

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