Sarkozy says no to “crazy pay” by banks
EVIAN, France, July 6 (Reuters) – French President Nicolas Sarkozy warned against a return to the “crazy” pay practices that were current in banks before the financial crisis. “These crazy remuneration levels — the more you speculated, the more you were paid…we won’t accept it,” Sarkozy said in a joint press conference with British Prime Minister Gordon Brown.
Sarkozy also echoed earlier calls by British Prime Minister Gordon Brown that countries with room to do so must do more to encourage economic growth.
Brown expressed concern that banks have not aqeduately revived lending, and said the two leaders agreed on a March 2010 deadline for introducing sanctions against tax havens.
“We have to increase bank lending,” Brown said. “Both of us are worried banks have yet to respond to in full the situtation we have where industries in sectors are calling for help from the banks.”