The U.S. should never follow the "French model" when it comes to capitalism and commerce. I think I've heard that before, you? After all, hasn't part of that country's demise been - you know, the 35 hour work weeks and quasi-socialist political structure, etc.
So, it's interesting that President Sarkozy has this to say regarding ceilings on executive pay:
Mr Sarkozy refused to follow President Obama in setting a ceiling for the
salaries of bankers whose firms had been bailed out by the government. He
said that successful managers deserved their pay but that he was shocked by
the system of pay enjoyed by financial traders. Story here
Successful managers deserve their pay - well, not that all executives are worth the some $20 - 30+m. in salary, but that's what the market calls for I suppose; and what the respective boards allow. How many of those executives will now simply leave and join firms not accepting government money? How many of the rank-and-file will follow them there or to their own, new firms?
This is a competitive move for France; now they can not only boast their beautiful cities and attention to the built environment, but...are a beacon of capitalism? Shocking to say the least.
