Sarkozy calls for worldwide bonus limits for financial sectors

(noon. – promoted by ek hornbeck)

Crossposted at Daily Kos

  Overlooked in the coverage of the passing of the great Senator Ted Kennedy is this ground shaking news out of France.

    France’s leading banks agreed Tuesday to curbs on the way they award bonuses, including penalties for traders who lose money for their companies, as part of a push by President Nicolas Sarkozy for worldwide limits on bonus payouts.


    He stressed, though, that international rules are needed to keep French banks competitive, and Sarkozy promised to push the G20 meeting next month in the United States to adopt such measures.

    “While the first signs of stabilization of the economy are here, we are seeing bad habits coming back. I can’t accept that,” Sarkozy told the bankers.

    “No one has forgotten that the financial sector is at the origin of this crisis.”

    Expect more below the fold.

   Expect Alex Jones to lay an egg.

    And expect the Republican party to scoff at France and call this socialism.

    Sarkozy also says that current world governance systems such as the Group of Eight are “stupid” and that they should be broadened to include poorer nations.

    Sarkozy was speaking to French ambassadors Wednesday in an annual foreign policy speech ahead of a Group of 20 summit of leading rich and developing countries in Pittsburgh next month.

    Sarkozy says France will ask other summit participants to follow France’s lead on bonuses.

    For all those who would fear monger over creeping socialism, there is no crime committed by unfettered Capitalism that they will not dismiss or defend.

    For all those who would raise fears over big government, there is no crime committed by Big Business they will not excuse or enable.

    The meme that says socialism is evil is always brought out when Capitalism has gone awry. Of course, this is what capitalism does best in it’s unfettered free market form. It robs the poor to feed the rich.

    Such is the divide and conquer nature of class war.

    The ONLY power that can check Big Busniness is good Government. That is the reason why Neo-Conservatives hate Big Government.

    So, expect, among other things, for the Neo-Conservatives to fret any regulations and declare it socialism, Un-American, etc.

    Expect the CT crowd to call it a one world government (unlike, say, the UN)

    and expect the tea baggers to be too busy screaming to notice that they are against Wall St bonuses just as they are against the bailouts that pay for the bonuses.

    I guess sometimes you do get to have it both ways, if both ways are NO!

    I, for one, welcome this news. If we take the rewards out of taking huge irresponsible risks, maybe we can find some sustainability in our economy, instead of the cyclical bulls and bears that lead to a clusterfuck every 5 to 10 years.

    In my opinion, the only thing that should be doing 5 to 10 years are the profiteers that caused this mess.

    But don’t tell the GOP that, they’ll call it tyranny, and you a socialist.

    It’s too bad really. I guess the billionaire bonus babies will just have to settle for their billions, instead of the trillions they could have had if only the weighted dice didn’t turn up snake eyes this time.

    What a crying sham.

Also crossposted at

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  1. cry me a fucking river, bonus boys

  2. This is a meaningless, grand gesture by Sarkozy. It was a totally safe thing for him to say, because the rest of the G20 will never go along with it and therefore he won’t have to go through with his big words.

    As Reuters reported, the G20 not expected to “cap and tax” bank bonuses:

    Sarkozy cautioned that any caps and taxes would only be introduced in France if its G20 partners followed suit to avoid an exodus of traders.

    Hot air and smoke.

  3. The crooks, both professional and amateur, that profited from the financial crisis should be punished for what they did, not rewarded.

    The problems they’ve created are still far from resolved: Problem Bank List Hits 15-year high.

    Meanwhile, no one with the power to do something is doing anything meaningful to root out the crooks, or to make meaningful substantial changes to prevent ongoing abuses or future collapses.


    • Inky99 on August 28, 2009 at 2:23 am

    Now they call it “giving bonuses”.

    To me?   It’s still embezzlement.

  4. the regulations Obama said were coming while they were shoveling money at the Vandals. They talk about these entities being too big yet won’t even use the laws we have like The Sherman Act to bust them up. No one talks of resurrecting  Glass-Seagal. Looks like were just moving on as we ‘avoided the brink’ whatever the hell that means. Kinda like the terror alerts you ask me. Every time they want to scam some more money they will drag out the dreaded worst ever crisis. Meanwhile they don’t seem to be doing a damn thing to actually regulate or fix it. Decades they say just like the ongoing wars.      

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