France Joins Britain in Move to Curb Big Bank Bonuses – NYTimes.com

Another significant move here …

France has agreed to join Britain in levying a supertax on banking bonuses in a combined assault intended to step up pressure on other nations — including the United States — to follow suit.

On Friday, President Nicolas Sarkozy of France plans to announce a windfall tax “equivalent” to the 50 percent levy just unveiled in London by the Labour government of Prime Minister Gordon Brown, said Christine Lagarde, the French finance minister, in an interview Thursday in Paris.

“We have been advocating this for a long time, and we are delighted to see that Gordon Brown is taking that stand,” Ms. Lagarde said. “The president,” she added, “thinks he is brave to take on the City.”

via France Joins Britain in Move to Curb Big Bank Bonuses – NYTimes.com.

via France Joins Britain in Move to Curb Big Bank Bonuses – NYTimes.com.

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