Swiss ‘fact cat initiative’ goes after excessive executive pay

daniel vasella Novartis

BBC News:

Support for the plans – brain child of Swiss businessman turned politician Thomas Minder – has been fuelled by a series of perceived disasters for major Swiss companies, coupled with salaries and bonuses staying high.

Our correspondent says the main example is banking giant UBS, which wrote off billions in the wake of the 2007 sub-prime mortgage crisis, and then had to be bailed out by the Swiss government.

A further incident came in February when it was announced that the outgoing chairman Novartis’, Daniel Vasella, would be receiving a 72m Swiss francs (£51m; $78m) “non-compete” pay off over six years, designed to stop him working for other related industries.

Going after the people who profit from wrecking the economy isn’t “class-warfare” or “socialism.” It’s making sure that no one in the system is able to stack the deck in their favor at the expense of everyone else. It’s the same as going after trusts, cartels, and monopolies. We figured this out a century ago.

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