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.