According to U.S. Treasury Secretary Timothy Geithner, the leaders of the G-20 nations now assembled in Pittsburgh are close to agreement on a set of international limits to be imposed on bonus compensation for bank executives. According to Geithner, limits on executive compensation for bankers allegedly responsible for the global financial meltdown will be in place by year’s end, and will be enforced by the Financial Stability Board, an international group of central bankers and regulators.
As world leaders gather today in Pittsburgh, Pennsylvania, for the latest G-20 meeting, expectations are running high among global elites that this, the latest international economic summit in a time of almost unprecedented world economic turmoil, will be the occasion when the world’s leading economic powers will finally achieve consensus on a range of issues that have been on the table for almost 70 years.
“The International Monetary Fund was the surprise winner at the last summit of the Group of 20 leaders, which agreed to quadruple the organization's resources to $1 trillion,” the Wall Street Journal reported September 23. At this week's summit in Pittsburgh, the Journal predicted, “The G-20 is likely to give the IMF an additional job: Monitoring whether nations are changing their economic policies to promote long-term growth."