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Soros: Bank regulation should cover pay

Date: Wednesday, December 9, 2009
Author: Simon Kennedy, MarketWatch

George Soros, chairman of Soros Fund Management, said Tuesday that new rules on the banking sector need to include regulations over pay. Soros said it was "regretable" but was due to the implicit guarantee provided by governments. "The banking industry is receiving a tremendous amount of hidden subsidies," Soros said at The Wall Street Journal's Future of Finance Initiative. He said that rising pay for hedge fund managers was one of the drivers for soaring bonuses at investment banks, but added regulations shouldn't be extended to cover pay at hedge funds because hedge funds aren't speculating with depositors' money.