Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Exclusive: Israel's US ambassador speaks to FRANCE 24

Read more

#THE 51%

World War One: The war that changed women’s lives

Read more

FRANCE IN FOCUS

Ségolène Royal goes for green

Read more

THE OBSERVERS

A look back at some of the Observers' best stories

Read more

DEBATE

Argentina Defaults: Kirchner Cries Foul Over 'Vulture Funds' (part 2)

Read more

DEBATE

Argentina Defaults: Kirchner Cries Foul Over 'Vulture Funds'

Read more

AFRICA NEWS

Ebola death toll tops 700

Read more

AFRICA NEWS

Dozens of youths trampled to death on Conakry beach

Read more

MEDIAWATCH

Renault's women drivers ad deemed sexist

Read more

  • Exclusive: Israel's US ambassador speaks to FRANCE 24

    Read more

  • Live: Israeli soldier feared captured, ceasefire 'over'

    Read more

  • Ugandan court strikes down anti-gay legislation

    Read more

  • Regional summit to tackle deadly Ebola outbreak

    Read more

  • French hospital to open wine bar for terminally ill patients

    Read more

  • €2.5 million in cocaine ‘disappears’ from Paris police HQ

    Read more

  • Appeal court keeps French rogue trader Kerviel in jail

    Read more

  • Air France ground workers to strike on August 2

    Read more

  • Interactive: France’s new plan to counter jihadism in Africa

    Read more

  • Ukrainian army suffers losses in separatist attack

    Read more

  • Dozens killed and injured in Taiwan gas blast

    Read more

  • Argentinian markets plummet following default

    Read more

  • French Jews speak of growing fear in Paris amid Gaza conflict

    Read more

  • Video: Inside Hamas ‘terror’ tunnels in Gaza

    Read more

  • Sierra Leone declares state of emergency over spread of Ebola

    Read more

Business

IMF chief "appalled" by the return of large banking bonuses

Text by NEWS WIRES

Latest update : 2009-07-29

Dominique Strauss-Kahn, Managing Director of the International Monetary Fund, told FRANCE 24 that he was "appalled" to see large bonus provisions being set aside at banks, which he warned could lead to new "dramas" in the financial sector.

AFP - The return of the big bonus culture for top banking executives will trigger new "dramas" in the financial sector if tougher regulation is not applied, IMF chief Dominique Strauss-Kahn said Wednesday.
  
"I am appalled at what I see," the Fund's managing director told France 24 television in reference to multi-billion-dollar bonus provisions set aside at the likes of Wall Street's Goldman Sachs and top London firms.
  
"The fact that... one of the causes of (the crisis) -- the lure of profit, this easy money, the taking of huge risks to make money -- is returning so quickly... that appalls me," Strauss-Kahn said.
  
He also expressed his sadness at a failure by leaders to "put in place regulations preventing this, stopping a small group of men and women drawn to profit from dragging the entire world economy into catastrophe."
  
While Strauss-Kahn said it was "not the job of the IMF" to press for such regulation, he said the bonus culture "is something that has created dramas (for the financial sector) and which will create more again if we don't put the brakes on."
  
Goldman Sachs and JP Morgan have reported record profits for the first half of the year, while Europe's biggest bank, Santander, on Wednesday reported the second highest quarterly profit in its history.

Date created : 2009-07-29

COMMENT(S)