SO, WHERE WILL THE AMERICAN MOTU GO NOW?

Some wingers argue that we shouldn't interfere with banksters pay because that may drive them out of the country and a good reply now is "Where are they going to go?"

Cap on Bank Bonuses Clears Hurdle in Europe
By LIZ ALDERMAN
Published: July 7, 2010
NY Times

PARIS — As Wall Street drags its feet on reining in bonuses, the European Union is forcing its banks — by law — to show some self-restraint.

Bankers in the 27-nation bloc will be barred from taking home more than 30 percent of their bonus in cash starting next year, and risk losing some of the remainder if the bank’s performance erodes over the next three years. Banks that don’t curb the salaries of their biggest earners will have to set aside more capital to make up for the risk.