About This Video
G-20 Pittsburgh: EU Tries to Tame Wall Street Bulls
Script:
This statue in Europe’s capital Brussels symbolizes the myth of the Goddess Europa and the bull.
The bull is also seen a symbol for the billions in profits that have been generated on Wall Street and in the rest of the global financial sector.
These excessive profits and the global meltdown that followed two decades of greed now are leading to stricter regulation on a global scale.
Ahead of the G20 talks on the financial crisis in Pittsburgh, the 27 European countries united in the European Union propose to cap excessive bonuses that bankers started paying again in recent months.
Reinfeldt
Buzek
Europe wants the financial watchdogs worldwide to be able to retroactively slash bonus payments and to force managers to keep high-risk speculation under control.
Merkel
The European proposal is likely to meet resistance in Pittsburg. The White House already has ruled out a fixed cap on bonuses.
At the same time, Europe’s presidents and prime ministers want the US to pump extra money into the fight against climate change ahead of crucial United Nations December talks in Copenhagen.
It all means the European bonus plan will become part of a complex mix of diplomatic trade-offs and international political dealmaking during the coming weeks.
But for now at least, it’s clear that the EU is ready to act, and grab the Wall Street bulls by the horns, or elsewhere....
Raymond Frenken, EUX.TV in Brussels. Distributed by Tubemogul.
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