Business leaders will face a stiff challenge in restoring the credibility of the free market system in the wake of a financial and economic crisis of historic proportions, Gord Nixon said Monday as he handed back a $5-million bonus.
The chief executive of RBC said cognizance of the deteriorating economic conditions was a key factor in a "personal decision" to forgo more than half his compensation.
The move put pressure on Bay Street chieftans to follow suit and triggered a sudden reversal from Bill Downe, the head of BMO, who said Monday he was giving back a $4.1-million bonus he received last week.
In Canada there is no banking crisis like in the US because of strict government regulations, so these banks didn't get bail out money from tax payers. But the bank stocks did drop in value. Would be nice to see more CEO's giving back their bonuses.
_________________________ Yo soy un hombre sincero de los alpes suecos. Con los pobres de la tierra, quiero yo mi suerte echar.
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