Like many on this forum I recently started my career in investment banking. I know that there will be some reform to current policies and banks will become slightly more regulated. This obviously becomes a concern for many of us moving forward.
I have no problem with tying short-term compensation to longer term results, but why the fck is Nicolas Sarkozy leading the effort? Clearly Obama is out there pushing his policies, but I keep seeing this fcker coming out with his two cents. I'm sure there are some reasonable size banks in France, but off the top of my head BNP Paribas and Societe Generale are the only ones. So why is he on the forefront? Is this just some way for him to leave behind a legacy?
This is just another reason why the french should stay the f*ck out of our business. The bulk of securities business is done in the US, why not leave it to us to reform? I understand its a global economy and I believe other countries should be included in the discussion, but I don't think he should have this much pull.
I do however believe that the world of finance will continue to reinvent itself (as it always has) and great sums of money will be made by those who are smart and driven. Unless we turn totally communist there is nothing the government will do to stop those from making money.
The crisis couldn't have come at a better time for Sarkozy. He is in the midst of instituting some deeply unpopular (though completely necessary) reforms to the French system to make it more laissez-faire, and by making a lot of noise about the greedy Americans he is able to deflect some of the heat coming his way at home.
Angela Merkel is doing the exact same thing in Germany, and Germany and France are the two loudest proponents of executive compensation curbs at American banks. It's all political theater.
In the end, Obama will pay lip service to them just as he pays lip service to the American taxpayer, and whatever Goldman wants Goldman will get.
The WSO Guide to Understanding TARP
First of all, increased regulation is not the devil; it is absolutely necessary. This "financial system," that is supposed to increase the welfare of people willing to save and invest, has become one large speculation bubble looking to make quick profits. Invisible hand? Please. This bullshit "capitalist society" has gone on too far.
Second, Sarkozy doesn't need to "stay the fuck out of our business" because it is not just OUR business. So what if bulk of the securities business is still in the US? We OBVIOUSLY don't know what the hell we're doing and lead the path into this global mess. This is a GLOBAL finanicial crisis that needs anyone who is willing to step up (regardless of country) to lead the effort. Obama and our fellow congressmen are too busy sucking up to wealthy corporations to do what is truly best for the economy over the LONG RUN.
We Americans need to get over ourselves as being the "smartest" and "brightest" and having the "best economy" in the world and all this other Larry Kudlow/Dennis Kneale bullshit.
Clearly you didn't read my post. I did state that it is a global economy and others do deserve their fair say. The point of the post was to say that someone with a relatively insignificant chunk of the global securities market should not be allowed to dictate terms. I agree, other countries should be involved and it should be a unified effort. I just don't think the President of France should have such an overpowering voice in this whole thing.
"I don't think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature." -John D. Rockefeller
Haha, not even close... I'm just being honest.
how are the french ibanks in general? do they have any ibanking presence in the US? If so how are they percieved?
do the big french banks have a presence in the US? How are they percieved here for I banking? I never hear anything about them in on any deals in the states.
http://au.news.yahoo.com/thewest/a/-/world/6102660/french-banks-sue-for…
The WSO Guide to Understanding TARP
hmmm this could have something to do with it.
"I don't think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature." -John D. Rockefeller
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