Obama gets mad with US bankers, but Europe hangs back
- Obama's new tax will hit the leading US banks
- European leaders aren't keen to follow his lead
"We want our money back, and we're going to get it." Those were the tough-talking words from US President Barrack Obama that sent the American banking community into a tailspin as he hit out at the payment of “obscene” bonuses.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more