Davos: Sarkozy says banks must be reined

Banks must be reined in and regulations overhauled, but no country can go it alone, French President Nicolas Sarkozy said Wednesday, while pressing a call for a global crackdown on executive pay and accounting standards. In the keynote speech at the annual meeting of the World Economic Forum, Sarkozy said U.S. President Barack Obama's proposal to stop banks from trading for their own accounts or running hedge or private equity funds was correct, but that such a move can't be decided by a single country.