Australia's Greens party looks to cut pay of bank bosses

13/10/2008 18:26:01

Australia's Green Party Leader Bob Brown says the Federal Government needs to do something about the obscene levels of pay that bank chief executives are pocketing.

The government has unveiled a package of new safeguards for banks and their customers.

It's drafting legislation to guarantee all deposits and all money that banks borrow from overseas lenders.

Senator Brown says he supports the government backing deposits but he wants a trade-off with the heads of banks.

"The Greens will be looking at this legislation to see if we can't sensibly clip the wings of some of those play out the door payments to the CEOS of these banks which are now being guaranteed by the Australian taxpayer," he said.

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