At least New York isn’t the only financial hub trying to hurt its lead.
The chairman of Britain’s financial watchdog has plainly expressed contempt for the financial sector, calling it “socially useless”.
AFP: “If you want to stop excessive pay in a swollen financial sector you have to reduce the size of that sector or apply special taxes to its pre-remuneration profit,”
He wants to increase taxes on companies in order to rein in bonuses, and overall just seems bent on making the industry smaller. Sure, we can’t argue against the fact that a smaller economy takes less risks… but it’s also, well, smaller. This comes as Mr. Sarkozy goes after banker pay across the channel and American expatriates flee Britain in droves.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.