RIP Ted Kennedy.
If all goes according to plan, the French could help resolve the current impasse in the US regarding Wall Street compensation.
French President Sarkozy is about to take his Wall Street compensation message to the good folks at the G20 meeting next month in Pittsburgh.
Sarkozy, is his native fiefdom, is willing to among other things deny government underwriting business to firms who do not follow his guidelines, which include 3 year deferrals on 2/3 of bonus payments, limits on total bonus payments per firm and limits on individual bonuses.
Sarkozy wants to set an example and standard for the rest of the world. I hope the American public is paying attention because following French example is not something that Americans have been doing a lot of.
According to Bloomberg, France has done one debt offering this year and Barclays and HSBC were lead underwriters, not Paribas and SocGen. I wish we could fast forward the debate because I can't imagine a large US Government deal not having a US bank on the cover.
If a US institution owes US taxpayers money, the government should have some say on compensation. For all other players - bankers, athletes, musicians, artists, entrepreneurs - let the market decide.
Let the French bring the outrage. We're not going there.
Futures and oil are down a little. Not a ton going on.