Wednesday, 26 August 2009

Sarkozy names "Pay Czar"

As mentioned yesterday, Sarkozy is on a mission to limit pay for French traders. The WSJ has more on Michel Camdessus, the man appointed to "supervise the wages of France's best-paid traders."

It is true that some traders receive obscene bonuses - but the idea that the government can control how much money people make should be setting off little alarm bells in your head.

First they went after the traders....