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Newyork, Sarkozy France "Fat cats" must be punished, Merkel Germany no way to pay in US Bad Bank

by SOLARLIFE | September 23, 2008 at 04:23 am

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"We must provide them with clear answers. Who is responsible for this disaster. That those responsible will be held accountable and punished and that we government leaders will assume our responsibilities."If we don't speak clearly, we won't create a stable world," Sarkozy said at a dinner where he was awarded the Elie Wiesel Foundation's Humanitarian Award

Meanwhile, French President Nicolas Sarkozy is calling for those responsible for the crisis to be punished.In a speech in New York on Monday night he said: "Today millions of people around the world are fearful of losing their nest eggs, their apartments, their savings in banks.

America wanted to force the European countries to pay into the Bad Bank Fund. Incredible demand, say the europeans. first they steal our money with fake rated mortgage junk sold to european banks. Now they want that we pay for "Fat cats US", no. Merkel said US did not do homework, game over. Germany no bad bank system, was always commercial banks, only 30% esposure to investment bank crisis; not like London.

TheEuro back to high, "the dollar down 20% compared to oilprice 20% up". Inflationary bad bank $700 bn has already failed to convince investors to stay in US. Markets down on fear over $ 700 bn bailout plain

Markets in Europe and Asia tumbled on Tuesday as uncertainty grew in the U.S. over a $700 billion financial rescue plan.

In Hong Kong, the Hang Seng index was down 3.9 percent. In Europe, London's FTSE index fell 2.0 percent, and the Paris CAC 40 was down 1.4 percent.

The falls follow losses Monday on Wall Street. The Dow slid 373 points -- 3.3 percent -- as investors worried about the bailout plan and oil prices.

Crude prices dropped below $108 a barrel Tuesday in Asian trading, a day after volatile trading saw prices spike by $25 at one point.