Seems like a rebuke to austerity measures sanctioned by Sarkozy: BBC News – Nicolas Sarkozy’s turbulent time as French president.
The Netanyahu fan club didn’t know that they were being recorded…
Picking up chatter from live mics and then recounting to the public is no different than what WikiLeaks does:
A staff member reportedly explained that the headphones to go with the translation sets were not yet being handed out because this would have allowed journalists to listen in on the private conversation still going on. Half a dozen journalists immediately plugged in their own headphones and caught three minutes of the private exchange.
The conversation apparently began with Obama criticising Sarkozy for not warning the US that France would vote in favour of the Palestinians’ application to join Unesco, the United Nations agency for culture and education.
One French journalist told Arrêt Sur Images that the conversation was broadcast for around three minutes before officials realised the mistake. Another told the website that the reporters agreed not to publicise the remarks because of their sensitive nature.
WikiLeaks had it’s problems (namely protecting sources), but they just focused on this type of journalism: getting people with access to information hidden by the powerful to release documents that eliminate the truth.
Shorter Jamie Dimon: “Don’t hate the playa! Hate the game!”
Jamie Dimon, credited with having steered JP Morgan through financial turmoil in 2007-08, had earlier in the day lashed out at persistent bank bashing nearly three years after the global credit crisis began, saying it was “unproductive and unfair”.
But when he rose at a later session of the World Economic Forum to ask Sarkozy to get the G20 to avoid overregulation of banks, the French president launched into a broadside accusing financiers of behaviour that he said had caused the crisis.
Dimon praised governments for intervening to save the financial system in 2008. But he said the G20 group of major economies, which Sarkozy chairs this year, should take a deep breath before imposing more regulation.
Sarkozy chair of the G20 this year, apparently knows the game:
“The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything,” Sarkozy said to Dimon. “It caused a lot of anger.”
The French leader also renewed his call for a financial transaction tax to fund development but acknowledged that many G20 countries opposed such a levy. He suggested a small pioneer group of states might go ahead with a tiny levy or some other form of innovative financing to lead the way.
“The world was stupefied to see one of five biggest U.S. banks collapse like a house of cards,” he told a plenary session of the Davos Forum.
“We saw that for the last 10 years, major institutions in which we thought we could trust had done things which had nothing to do with simple common sense. That’s what happened.”
However, Federal Reserve Chairman Ben Bernanke told a U.S. investigative panel last year that the credit crisis surpassed the Great Depression of the 1930s in severity and put 12 of the 13 most important U.S. financial firms at risk of failure.
“If you look at the firms that came under pressure in that period … only one … was not at serious risk of failure,” he said in comments disclosed earlier on Thursday.
“Even Goldman Sachs (GS.N), we thought there was a real chance that they would go under,” he said. [ID:nN27132640]
Sarkozy said bankers were wrong to resist tough rules. “There is an ocean between flexibility and the scandal we saw,” he said. “So if people present me as obsessed with regulation, it’s because there is a need for regulation.
“I don’t contest the principle of securitisation, but when one offshore country guaranteed 700 times its GDP, are we in the market economy or in a madhouse?”
Finally, the French president took aim at bank bonuses.
“Bonuses don’t bother me, provided there are also … draw-downs when there are losses. When things don’t work, you can never find anyone responsible. Those who got bumper bonuses for seven years should have made losses in 2008 when things collapsed.”
Dimon and his peers believe they have suffered enough, and they are in Davos to literally yell it from the mountaintops.