French Government to Ban Bonuses for Executives at Banks Receiving Government Aid

In an effort to avoid the same controversy and outrage that arose following news of bonuses paid to executives at the failing insurance giant AIG the French government has announced plans to ban such payouts as well as share options to any executive at banks receiving government aid.

The governmental ban was designed following the refusal of bank employees to draw up their own code of conduct related to bonuses.

According to presidential official Claude Gueant “A decree will be issued next week to set conditions under which the distribution of stock options or other advantages like bonuses is forbidden for companies that have benefitted from state aid.”

Banks throughout the U.S. and Europe have been the main beneficiary of government aid following the credit collapse yet many of these banks have continued to payout bonuses, drawing the rage of taxpayers and politicians who have argued that public should not be responsible for such payouts.

The action of the French government would be the first in which an outright ban was instituted.

Click here for more World News

About YourFINDit

YourFindit Community is a business, music and social networking community. YourFINDit provides members with a wealth of applications that enable them to create an in depth profile within YourFindit. Profiles include an About Me, Background and Lifestyle, Videos, Photo sharing, News, Music, Blogs, unique URL and networking with other members inside the YourFINDit community. YourFindit provides ADit to each member providing them the opportunity to have an exclusive profile (no outside advertising) displaying only banner ads they upload to their pages. Members can run their own ads or give or sell their ad space to advertisers at prices the member sets.

To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.

YourFindit is owned and operated by TransWorldNews, Inc. a news and press release distribution service.