French president Nicolas Sarkozy on the recent financial crisis, including the SocGen rogue trader.
“We must stop with this system that has gone haywire and that has lost track of its aim.”
It appears to be time to… inject a bit of common sense into all these systems.”
Sarkozy is right wing, no leftie reformist. Legendary investor Warren Buffett says financial derivatives are WMDs. Bill Gross of giant bond management firm Pimco believes stronger governmental regulation is needed and will be forthcoming.