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De Morgen - Belgium | Monday, March 4, 2013

Cap on mega salaries warranted

The Swiss people's surprisingly clear vote in favour of the initiative against oversized bonuses has less to do with envy than with widespread rejection of the upside-down world of top managers and bankers, the left-liberal daily De Morgen concludes: "The bankers of the City of London who last week threatened to transfer their activities to Switzerland in reaction to the EU's proposed cap on bonuses are now fighting a losing battle. … Is envy a factor behind this massive rejection of the 'golden handshake' and mega bonuses? Is this a symptom of a society full of ill will? Perhaps. But the initiations of the stringent rules are by no means peripheral figures. … It is becoming increasingly obvious that a large section of society has problems with the 'win-win' mentality of top managers and bankers. It's fine for those who are competent and work hard to be richly compensated. But there are limits to everything. And there's nothing wrong with this principle."

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