Europe is united – something unusual – in sending a message to banks concerning bonuses. Britain and France’s leaders are embracing a one-time tax on large bonuses paid by bailed-out banks. This is something that goes far beyond what banks are doing here in the United States.

Noting how the money to bailout banks came from taxpayers, British Prime Minister Gordon Brown and French President Nicholas Sarkozy both came out in favor Thursday of slapping higher taxes on performance pay. Is this something our government is willing to do or will lobbyists prevent [wink] it from happening. I’m not sure, but some American banks are doing the right things on the surface.

Goldman Sachs, the elite investment bank that repaid its $10 billion in bailout funds earlier this year, said it will not give cash bonuses to its 30 top executives. Instead, the executives will be given stock that cannot be cashed in for five years. To me, if bailout money propped up Goldman Sachs and indirectly caused stock prices to rebound, what is the difference? I guess they can’t buy their husbands and wives that Lexus with the big red bow on it like the commercials.

Regardless of direct or indirect payments to executives, Goldman Sachs is a force on Wall Street and their actions will put pressure on other banks to follow suit or do something similar. Still, things have recovered fast enough to allow those executives to breathe a sigh of relief. The house in the Hamptons is safe.