Tuesday, 25 August 2009

"It is possible to change the rules of financial capitalism"

French President Nicolas Sarkozy says he will refuse business to banks who do not follow his guidelines on bonuses and compensations. He also plans on bringing his gospel of good capitalism to Pittsburgh where he hopes to get the whole G20 to embrace his plan.

"Sarkozy also said he wants the G-20 to consider capping the total amount paid out by banks in bonuses and to consider setting limits on the size of individual bonuses."

Note to Sarkozy: When you tell companies how much they can pay their employees you are not 'changing the rules' of capitalism - you are taking a hammer to it.