London - British Prime Minister Gordon Brown has promised an "end to rewards for failure" while annoucing details of a 37-billion pound (65-billion-dollar) bank bail-out package in London on Monday. The package, which will see the British government taking significant ownership in the Royal Bank of Scotland (RBS) and a merged Lloyds TSB and HBOS, comes with the proviso of no bonuses for the executives of banks that receive public funds.
At a briefing for the press, Brown said in a statement that there would be no more "incentives for irresponsibility," and that future rewards in banks rescued by public funds would be based on performance and the creation of long term value.
He said that reward systems that encourage excessive risk within banks would be "rooted out."
