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by Derek Loosvelt | November 18, 2008

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UBS has become the first major bank to enact executive bonus clawbacks—or maluses. No joke: under the Swiss giant's planned new pay system, bankers could actually receive negative pay.

In other (no) bonus news, New York Attorney General Andy The New Spitzer Cuomo cited recent announcements by UBS as well as Goldman and Barclays curtailing executive incentive comp when reminding AIG that it best not be throwing any bones to its top dogs.

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Filed Under: Finance
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