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The bonus system intorduced at ABN Amro was originally awarded to the senior bankers as retention bonuses, intended to stop them from leaving the firm after Fortis took over. Now that the Dutch government has pumped billions of dollars to keep its banking sector upright, politicians are increasingly angry over the fees earned by bankers. When former ABN Amro Netherlands chief Jan Peter Schmittmann left the company after it was nationalised in October, public outcry was expressed over his eight million euro golden handshake.
Other countries see similar government meddling. US President Barack Obama on Wednesday announced a salary cap on executive pay for banks rescued by the government.
