IMF Head: U.S. Bank Bonuses a Scandal

Wednesday, July 29, 2009 11:56 AM

PARIS -- The return of large bonuses for employees of U.S. banks is a scandal, International Monetary Fund Managing Director Dominique Strauss-Kahn said on Wednesday.

"Frankly, I'm scandalised by what I'm seeing," he said in an interview with France 24 television when asked whether he was concerned about large bonuses which encouraged risky behaviour that helped lead to the financial crisis.

Recent bumper profits for banks including Goldman Sachs and JP Morgan have raised concerns among politicians that banks have not sufficiently changed their business practices in the wake of the financial crisis.

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